Common mistakes people do with Bookkeeping Software

Many business owners saying I don’t need a Bookkeeper, because the software is so easy it does it for me.

I see many times when a client comes to me who has been doing their own books and entering data into the software and being honest, have completed excuse the expression ‘stuffed things up’.

People are allocating bank feeds to the corresponding income or expense account and saying I have completed my bank reconciliation but this is not a bank reconciliation you need to physically match your bank feeds to your physical bank statement to make sure the software says you have the same amount in the bank as your statement, without doing this you could be getting into a big mess.

I see many people coding incorrectly.

You  need to code your GST correctly as not every transaction attracts GST. Not every expense you put through your business account is a deductable business expense.

Another common mistake is not differentially between employees and contractors.

This one is another mistake, not going over your financial statements, the amount of times I see this happen, astounds me.

Not keeping receipts for business purchases, a simple but yet common mistake, so therefore what you are entering into your bookkeeping software is incorrect and people will then try to just put an approximate value, which is wrong.

Recording transfers as income is another big no no. Doing this can obviously inflate your revenue which in turn will increase the taxes you pay.

That is why outsourcing to a professional Bookkeeper is the only way to do business.

Call me today and let me explain how I can help you.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
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