In this article, we have put down the most common bookkeeping mistakes you should avoid committing at all costs.
Bookkeeping is the most essential yet the most error-prone procedure that you perform in the course of managing your business. Regardless of whether you are a professional or an amateur bookkeeper, you are bound to make some mistakes absent-mindedly.
To help you ensure you do not commit the most horrible mistakes, we have put down the most common bookkeeping mistakes you should avoid at all costs.
Mistake of Miscalculation
The process of bookkeeping needs you to make dual entries for all the expenses incurred and income made by your business. When you do it, the final balance will depict the same amount on both sides. But in some cases, the clerk doesn’t remember to make an entry or mention the double entry. In this case, the final balance sheet will have a contradiction at the end.
At that moment, locating the missing entries among the long list of entries will be a hard task. Here, it is essential to double-check the entries or keep evaluating the books from time to time.
Read the full article for more information: https://medium.com/@pasfirm11/7-bookkeeping-mistakes-you-should-avoid-committing-at-all-costs-74fe9bc38dbb