5 Accounting Mistakes Local Businesses Make In Oldham
Running a business in Oldham is rewarding, but it comes with its own set of challenges—especially when it comes to managing your accounts. At Carter Collins & Myer, we have seen first-hand how common accounting mistakes in Oldham can impact local businesses, from cash flow issues to compliance headaches. Whether you are a start-up or an established company, understanding these pitfalls is the first step towards building a stronger financial foundation.
If you would like to discuss your accounting needs or require tailored advice, call us on 01706 225 617 or email us at info@uk-ccm.com.
“Avoiding business accounting errors is not just about ticking boxes—it is about protecting your business, saving money, and freeing up your time to focus on what matters most. Trust Carter Collins & Myer to help you navigate the numbers and keep your business on track.”
1. Poor Record Keeping
One of the most frequent accounting issues in Oldham is poor record keeping. Many businesses still rely on paper receipts or outdated spreadsheets, leading to missing invoices, forgotten expenses, and incomplete records. This can cause missed deadlines, errors in tax returns, and unnecessary stress when it’s time to file accounts.
How to avoid accounting errors:
Invest in cloud-based accounting software. Tools like Xero or QuickBooks automate data entry, reduce mistakes, and allow you to store invoices and receipts digitally. Always include key details—like invoice numbers and payment dates—and keep all records for at least six years, as required by HMRC. For more guidance, check out our bookkeeping tips for Oldham.
2. Mixing Personal And Business Transactions
A surprisingly common bookkeeping slip-up is mixing personal and business finances. Using the same bank account for both can muddy your records, make tax reporting difficult, and even lead to compliance issues.
How to avoid accounting errors:
Open a dedicated business bank account for all business transactions. This keeps your records clear, makes reconciliation easier, and ensures you only claim legitimate business expenses. Regularly review your statements to catch any errors early.
3. Failing To Reconcile Accounts Regularly
Skipping regular bank reconciliations is a major business accounting error. Without matching your books to your bank statements, discrepancies go unnoticed—leading to inaccurate financial reports and potential tax underpayments.
How to avoid accounting errors:
Set a monthly schedule for reconciliations, or use accounting software that automates the process. Reconciling frequently helps you spot mistakes—like transposed numbers or missing transactions—before they become bigger problems. For more advice, see our guide on avoiding accounting errors.
4. Inaccurate VAT Calculations And Tax Reporting
Tax reporting mistakes are all too common. Whether it’s using the wrong VAT rate, misunderstanding HMRC rules, or missing deadlines, these errors can result in penalties and overpayments or underpayments.
How to avoid accounting errors:
Stay informed about VAT and tax regulations, and don’t hesitate to seek professional advice if you’re unsure. Our team provides expert tax filing advice to help you submit accurate returns on time and claim all allowable expenses. Always double-check figures and ensure you include all sources of income and relevant supplementary pages.
5. Overlooking Allowable Expenses
Many businesses in Oldham pay more tax than necessary by overlooking allowable expenses. Small costs—like parking fees or cash purchases—are often forgotten, especially if receipts are lost. Under-claiming means you miss out on valuable tax relief.
How to avoid accounting errors:
Use your business card for all purchases so every transaction is recorded. Keep digital copies of receipts and review your expenses regularly to ensure you’re claiming everything you’re entitled to. If you’re unsure what counts as an allowable expense, our accountants can help you maximise your claims.
Why CCM Is the Trusted Accountant In Oldham
At Carter Collins & Myer, we understand the unique challenges local businesses face. We offer a full range of services—bookkeeping, tax planning, payroll, and business advice—all tailored to the Oldham business community. Our team combines local knowledge with technical expertise, helping you avoid accounting errors and grow with confidence.
Discover more about Why CCM Is the Trusted Accountant in Oldham.
How We Help You Avoid Business Accounting Errors
- Personalised support: Every client gets tailored advice.
- Digital solutions: We use the latest software for accuracy and efficiency.
- Proactive service: We keep you updated on changes in tax law and business regulations.
- Long-term partnership: We’re here for you at every stage of your business journey.
Take Action—Protect Your Business Today
Don’t let common accounting mistakes in Oldham hold your business back. Whether you need help with bookkeeping problems in Oldham, want to streamline your tax process, or simply want peace of mind, Carter Collins & Myer is here for you.
Call us today on 01706 225 617 or email info@uk-ccm.com to book your free consultation. Let’s work together to build a stronger, more successful business in Oldham.
