Entrepreneurs should be aware of common mistakes that can occur in bookkeeping:
1. Not Keeping Receipts: Failing to keep documentation for all transactions can lead to errors and compliance issues. 2. Mixing Personal and Business Finances: This can complicate financial tracking and tax filing. 3. Ignoring Small Transactions: Even small expenses can add up and impact the financial health of the business. 4. Not Reconciling Accounts: Failing to regularly reconcile accounts can result in discrepancies and financial inaccuracies.