Running a small business isn’t easy. Between managing day-to-day operations, looking after customers and trying to grow, it’s no surprise that some things can fall through the cracks.

The good news? Most of these mistakes are easy to fix – and even easier to avoid with the right advice and support. Here are some of the most common ones we see, and what you can do to stay on track.

1. Mixing Business and Personal Finances

It might seem harmless to use your personal card for a quick stock purchase or pay a business bill from your joint account, but over time, these small overlaps create major headaches.

Why it matters:
It makes it harder to track business performance, can cause confusion at tax time and increases the risk of missing deductible expenses.

How to fix it:
Set up a dedicated business bank account – even if you’re a sole trader. It’ll make bookkeeping cleaner, clearer and more professional from day one.

2. Not Keeping Proper Records

Receipts in shoeboxes, invoices lost in email chains or simply not recording cash payments – we’ve seen it all.

Why it matters:
Poor record-keeping leads to inaccurate accounts, potential Revenue issues and missed claims on legitimate expenses.

How to fix it:
Use accounting software like Xero, QuickBooks, or Surf to keep everything in one place. Snap photos of receipts, track invoices and reconcile your bank account regularly. We can help you get set up and trained on these systems.

3. Waiting Until the Last Minute for Tax Returns

Many small business owners only think about tax when the deadline is looming, and by then, it’s a rush to pull everything together.

Why it matters:
You might miss out on tax-saving opportunities, face late penalties or file inaccurate returns.

How to fix it:
Treat accounting as an ongoing task, not a once-a-year panic. Touch base with us throughout the year to plan ahead, claim all entitlements and avoid unnecessary stress come October.

4. Underpricing Products or Services

Many start out by pricing low to attract customers, but forget to factor in overheads, time or the true cost of delivering the service.

Why it matters:
You can end up working long hours for little return, and your business struggles to grow.

How to fix it:
Take a proper look at your pricing strategy. We can help you calculate your break-even point, factor in overheads and figure out what you need to charge to be both competitive and profitable.

5. Ignoring Cash Flow

Profit and cash flow are not the same. You can be “in the black” on paper but still struggle to pay your bills if money isn’t coming in on time.

Why it matters:
Cash flow issues are one of the top reasons small businesses fail, even when they’re technically profitable.

How to fix it:
Monitor cash flow monthly. Send invoices promptly, follow up on late payments and plan ahead for quiet periods. We can work with you to create a cash flow forecast that helps you stay in control.

6. Not Asking for Help Early Enough

Sometimes we only hear from new clients after a Revenue letter arrives, or when they’ve gotten too busy to manage the books.

Why it matters:
Fixing problems is always more time-consuming (and more expensive) than preventing them.

How to fix it:
Don’t wait for something to go wrong. Regular check-ins with your accountant help spot issues early and give you peace of mind as you grow.

Read more: Should you outsource or hire in-house? Pros and cons for small businesses