We are reasonably clued up on accounting problem areas we come across. Some of these are so common we have decided to explain them here in the hope that some of these problems (and associated accounting headaches and costs) will be eliminated for those business owners who use their own accounting systems.
First, if you're going to try your hand at bookkeeping, you need to know some basic assumptions.
There are two issues that stand out apart from normal use. The first is wages, including PAYE and associated deductions, and the second is GST. This area, in particular, has seen so many errors and so much cost that it is the greatest single accounting burden faced by accountants and their clients today.