4 Most Common Bookkeeping Mistakes to Avoid

Thanks to the proliferation of bookkeeping and accounting software, it’s now easier than ever for Denver businesses to keep a record of where the money is going. Unfortunately, although such tools have made accounting easier, they have also led to costly mistakes that have caused thousands—even millions of dollars in losses. In severe cases, these errors in judgment and practice can push a business toward ruin. You don’t want to mess up your financial numbers, as this can hamper the growth of your business. Here are some common mistakes that every business owner must try to avoid. Inputting erroneous data into an enterprise system. Inputting of incorrect data is a common accounting mistake. The occasional erroneous spreadsheet cell is bound to happen at one point or another. The key is to catch it in time, because one wrong cell may be enough to cause an IRS audit and penalties.
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