What goes wrong.
MIXING BUSINESS AND PERSONAL MONEY
Makes everything else difficult.
RECORDING ANNUALLY RATHER THAN WEEKLY
Produces errors and takes longer overall.
OMITTING COSTS
Particularly your own time, transport, and gateway fees.
Produces overstated profit and underpriced work.
NOT RECORDING CASH THE SAME DAY
Cash is forgotten.
RECORDING GATEWAY SETTLEMENTS AS INCOME
The gross sale and the fee are separate. Recording only the net understates both.
NOT TRACKING WHAT YOU ARE OWED
The most common cash flow problem.
DELAYED INVOICING
Delayed payment follows.
NOT RECONCILING THE BANK
Errors and unauthorised transactions go unnoticed.
NO BACKUP
Records are the hardest thing to reconstruct.
EDITING PAST PERIODS
Once closed, correct with a new entry rather than altering history.
ASSUMING THE ACCOUNTANT HANDLES EVERYTHING
Confirm what they do and what remains yours.
