- Transactions entered twice, or not at all
- Transactions entered with the incorrect date, sometimes by decades believe it or not
- Business bank accounts that are not even showing in your business accounts
- Payments to a creditor being entered as an expense rather than paying off the creditor
- Payments from a debtor being coded to income rather than paying off the debtor
- Missing credit cards
The above list could go on and on but they all have the same effect – your financial records are not accurately reflecting reality and so you are not making decisions for your business based on fact.