Accounting errors may mislead businesses. Some entrepreneurs prefer to keep the accounts by themselves in the initial stage. Prior preparation helps to avoid some common errors in accounting. Every single transaction has to be recorded and the supporting documents have to be filed or a digital copy should be maintained. Lack of this discipline is an error. Accounting is not a part time job. The business related activities may keep you busy. Failure to prioritise accounting is a commonly found error. In regular intervals the accounts should be reconciled with the bank account, otherwise it may cause financial confusions later. Neglecting small value transactions is a general mistake many entrepreneurs make. Every single rupee counts. Some people don't back up their data. What if something goes wrong with your data? Do back up. Failure to recognise the importance of an accounting software will be a costly mistake. Have one. Keeping the records up-to-date shows discipline. Please go through the slides for details.

Saranya R Kurup

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