Running a Small Business Is Tough Enough
Between managing customers, staff, and operations, bookkeeping often gets pushed down the list. But small mistakes can grow into big financial headaches. Here are seven common errors we see from small businesses in Port Stephens — and how to fix them.
1. Mixing Business and Personal Finances
One of the most common issues. Keep separate accounts and track expenses properly — your accountant (and future self) will thank you.
2. Ignoring Cash Flow
Even profitable businesses can struggle without steady cash flow. Regular forecasts help avoid nasty surprises.
3. DIY Bookkeeping Gone Wrong
Using the wrong software setup or forgetting to reconcile bank accounts can lead to inaccurate data. A professional bookkeeper saves time and errors.
4. Forgetting BAS Deadlines
Late BAS submissions can attract penalties. Mark your lodgement dates or let your accountant handle it for you.
5. Not Planning for Tax
Tax isn’t a once-a-year event. A proactive accountant can help spread the burden through quarterly planning.
6. Overlooking Deductions
So many small business owners miss legitimate claims — fuel, equipment, training — simply because they didn’t ask.
7. Avoiding Professional Help
Trying to do it all yourself might feel cheaper, but poor accounting can cost you far more in missed opportunities and fines.
The Fix? Get Help Before It’s Urgent
Your numbers tell a story — make sure it’s the right one.