Small business accounting is an organized process which helps in keeping track of the financial activities of a company. Bookkeeping, on the other hand, is a systematic process of keeping a record of every single company transaction. Both the processes are intertwined and important as bookkeeping offers valuable data and accounting empowers the company to make useful business decisions. However, in an attempt to handle accounting in-house, it is not uncommon for small businesses to make accounting mistakes. This article will discuss the mistakes of small business accounting and ways you can mitigate these risks. 8 Small Business Accounting Mistakes to Avoid Poor accounting habits often prove costly to the business because it leads to money loss and places a question on company administration. Read on to understand the mistakes that small businesses should avoid. Considering Profits as Cash Flow You have achieved a deal of USD 50,000. From this, UDS 15,000 is your cost pr