Select Page
Clear all

Can you identify bookkeeping risks?

Active Member

Hello everyone..i am new here, i am in the business of party supplies. It will be a good time...

party supplies
birthday parties

Posted : 23/08/2011 10:59 pm
Estimable Member
Points: 445

Risk is a fact of life in business. There are basic risks that apply to every business, but certain industries face unique risks in their field. Can you identify bookkeeping risks?

Topic starter Posted : 15/01/2023 3:53 am
Estimable Member
Badge Earned
Points: 435

Common Small Business Bookkeeping Problems:

  • Unsuccessfully applying for bank funding.
  • Accounting reveals that you can't cover payroll. 
  • Out of compliance with loan covenants. 
  • A lack of clear, repeatable monthly closing processes.
  • Monthly financial statements not completed timely. 
  • Hearing excuses instead of getting deliverables.
Posted : 22/01/2023 2:58 pm
Estimable Member
Points: 422

Accountants, tax professionals, and audit firms, are example, all gather, process, and store sensitive client data. But they don’t just crunch numbers. They must also contend with individual and corporate clients who may be anxious or worried about tax liabilities, a myriad of federal and state regulations, increasingly dense and ever-changing tax codes, and immovable deadlines that can ratchet up the stress factor and make for very long workdays (and nights) at certain times of the year.

This post was modified 2 months ago by gienius
Posted : 21/04/2023 1:50 pm
Estimable Member
Points: 445

Common Accounting Mistakes That Put Small Businesses at Risk:

  1. Trying to manage everything on your own
  2. Going for the cheapest methods
  3. Not knowing the difference between cash flow and profit
  4. Mixing business with personal finances
  5. Not using software or cloud technology
  6. Not performing regular backups
Topic starter Posted : 16/05/2023 4:28 pm