Every small business has encountered accounting and bookkeeping challenges. In fact, even small accounting errors can potentially be a big problem. According to C.P. Morey, CPA and VP of AuditMyBooks in an AccountingWEB post, "One small mistake in recording a payment from a customer can lead to underpaid sales taxes ultimately resulting in unnecessary penalties and interest charges." "Approximately 60 percent of accounting errors result from 'simple bookkeeping mistakes or misapplication of easily understood accounting standards,' according to recent research by Indiana University," he said. However...


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