Bookkeeping is a complex process, and it needs attention to details along with consistency in recording and reconciling all transactions, negligence in doing so can lead to confusion and may also land you in trouble with the Australian Tax Office (ATO). It is crucial to observe & identify the signs of discrepancies and take appropriate action on it accordingly as soon as possible, make sure your bookkeeper or your outsourced bookkeeping service provider can identify such signs. Some of the tell-tale signs of discrepancies in your bookkeeping are –
The above signs are the result of mistakes or errors, which either were done during recording or reconciling of books of account. Let us have a look at some possible reasons for the above discrepancies –
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We hope this article helps you to tackle any bookkeeping discrepancies and help you not only survive but indeed thrive.