3 Most Common Bookkeeping Errors From Untrained Bookkeepers (And Why You Should Use A Professional!)

We know we often say that we are the best bookkeeper Essex has to offer, but when you read below about some of the common mistakes that amateur bookkeepers make, you’ll see why! We often have potential clients come to us who have been undertaking their own bookkeeping and have got in a bit of a muddle. Look, we understand. Just because we are bookkeeping experts and love shouting to the world that we are the best bookkeeper Essex can boast, we know how hard it can be for those attempting it themselves.

After all, even though many small business owners possess a variety of skills which help keep their business successful, quite often bookkeeping isn’t one of them. Hey, we can’t all be bookkeeping superheroes, eh? However, the problems that arise from inaccurate bookkeeping can be devastating to a business. This is why we would always recommend using a professional bookkeeper, regardless of the size of your business. But just to give you an idea of some of the more common mistakes that amateur bookkeepers make, we have highlighted our top 3 mistakes below so you can see why you should always use a professional, like 123 Easy Books, the best bookkeeper Essex can offer.

Inaccurate or poor record-keeping

This is by far the most common bookkeeping mistake we see when reviewing a business. On an average working day, there are a million distractions that can make you forget to consistently record every financial transaction. You probably mean to do it later in the day, but memory is a fickle thing and all it takes is one phone call and it flies from your mind. Before you know it, all of these discrepancies have piled up and your books are most definitely not accurate. But if you employ the best bookkeeper Essex has, 123 Easy Books, you can send any financial transaction to us straight away and leave it to us to add it to your books.

Bookkeeper Essex | 123 Easy Books

Mixing up business spending with personal spending

Although there are many things that you can use a business credit card to pay for, and then claim back against corporation tax, you do have to be very careful as to what actually qualifies as a business expense. You would be surprised at the amount of transactions we have seen in the past that are clearly personal expenses but have been added to the business records. By mixing personal and business spending not only do you risk losing track of an important transaction but you are creating unnecessary problems when the time comes to submit your accounts to HMRC. As the best bookkeeper Essex has, we would suggest always separating your personal and business spending.

Making late payments

Having lots of clients and customers is a wonderful thing, but unless they pay on time you could experience serious financial difficulties. Without a professional bookkeeper to keep on top of payments, you could easily find yourself facing a cash-flow crisis that could seriously affect your day-to-day operations. On the flip side of this is making sure that you pay your invoices on time, as late payments can lead to all kinds of negative consequences. Employ the best providers of bookkeeping Essex has to offer, 123 Easy Books, and late payment headaches will become a thing of the past.

Choose the best bookkeeper Essex can offer, 123 Easy Books!

So there you have it, these were the 3 most common bookkeeping mistakes that would be avoided if you choose the best bookkeeper Essex can boast, 123 Easy Books. We are not just the best providers of bookkeeping Essex has for businesses, we also provide a quality CIS returns online service, expert payroll solutions and VAT returns. Contact us today to begin your 123 Easy Books journey.

123 Easy Books, big enough to specialise, small enough to personalise.

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