Five easy bookkeeping mistakes to avoid
Once you’ve learned to look at bookkeeping with fresh (and hopefully more enthusiastic) eyes, the next step to making it less of a chore is to identify five common – but easily avoided – mistakes, and steer well clear of them.
1) Combining personal and business finances
In my experience, this is the number one culprit of bad record-keeping. So ensure there’s no room for confusion, and keep your personal expenses personal, and your business expenses attached to the business.
This means opening a separate bank account for your freelance work or business (if you haven’t already) and using the correct card or cheque book when making purchases or issuing payments related to your work.
Taking a few seconds to ensure you’re paying from the right account at the time can save hours of trying to unravel mixed-up bank statements later on..