Top Five Mistakes in House Accountants Make

To maintain the accounts of a company is a serious task. In case of a small mistake, the company can lose millions of dollars as well as the time and effort which is required to rectify the error. Who will be responsible for such a lapse? The company on the whole or only the accountants

The financial health of any company depends on the accurate and prompt accounting solutions. Over a period of time, wasteful bookkeeping frameworks incorporated with repeated mistakes may lead to the untimely demise of the venture.

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The Top 5 Mistakes Accountants Make

1. Many companies decide to go alone in the complex field of book keeping and accounts. Most of their employees in the accounts department are self-satisfied as they have a secured job. However, many of them are ill equipped to handle the newer advancements in this field. A lot of advanced technologies have come up to help these employees in providing an error free result.
2. One of the key mistakes some accountants make is to envision a profit before meeting the delivery schedule. For instance, a company may have secured an order worth $ 100,000 which must be completed within a fixed time frame, say 3 months. During this period the company may have to bear expenses worth $ 40,000.
3. Many accountants have the tendency to overlook the minor expenses occurring on a day to day basis. They concentrate only on the major costs borne by the company. In the final analysis this is not an accurate record as even the small expenses can sum to large sizable proportions over a period of time. Later on, the true picture is distorted with serious repercussions.
4. Many of the top accountants of a company including the CFO fail to exercise their power. Often they lose focus of the objective of true accountancy. Few of them spend their morning valuable time in checking the e-mails. This process can be followed twice during the day by spending not more than 10 minutes for each time.

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