Top 5 Accounting Mistakes Businesses Make
Most entrepreneurs have no problem coming up with innovative ideas for their business, but they do face problems in managing the day-to-day financial aspects of running their business. That is the reason why nearly 70 percent of all businesses fail in the initial years. In the end, the business is not about the idea or the products, it is about financial viability, and by ignoring this highly integral aspect of their business, entrepreneurs tend to slim their chances of survival. As your local accountant in St Ives and greater Sydney , we can assist small business owners by identifying some of the key accounting mistakes businesses make in their day-to-day operations. Blur the Line Between Personal and Business Finances It is important to keep your accounts distinct from your business accounts, and that you never cross that line, despite how much it might make sense at the time. This is because keeping track of a business’s performance is dependent o...