Here are some of the most frequently asked questions about accounting that may help you out:
1. What records should I keep?
Balance sheet: assets, liabilities, and equities
Income statement: your business’s income and expenses
Keep your eye on business expenses you might need to claim on your tax return
Keep all your financial statements up to date to make filing easier
3. What are common mistakes people make when it comes to their personal and business accounting?
Mixing personal and business accounts
Lack of communication between the client and the accountant
Not keeping your accounting up to date
Forgetting to save receipts
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