By D. Victor

Some accounting errors are so common that categories were created for them. Certain mistakes are input errors while others are procedural in nature. Accounting errors are material if they affect the economic decision taken by users of the information. As such, procedural errors, such as mistreatment of expenses are usually material and significant. There are three basic categories of errors in accounting: errors of commission, omission and principle.

Errors of commission

By Charles Cheow

Companies and individuals alike both need a good accounting service in order to keep their affairs straight. Some people choose not to do those things themselves, and leave it up to a professional, so choosing the right one for the right needs is mandatory. There are companies, and individuals that both have specific needs in an accounting service so making sure the service picked is the perfect service for the needs is something that should take time, research, and patience.

What is bankruptcy, and how does it affect you?

Bankruptcy! The actual word can bring fear to grown men and that sick feeling to the stomach.

The term bankruptcy literally means "broken bench". In days gone by, when a debtor couldn't pay his/her bills, they would break his/her workbench in two as a warning to other tradespeople and to punish the debtor.

Today, bankruptcy is a tool that can legally help your business to survive or allow you to discharge the debts of your business.

There are many factors to be considered when you are trying to select the accountant who is right for you. In other words how to find that good one. Better still, how to find that "great one". Make up a shortlist of at least 4 or 5 potential candidates. Compare what each has to offer. Come to a conclusion as to which offers the best service for the cost involved. You must find out about each accountant.

See if they are interested in your type of business. Are they keen on the size of your business and the work involved?

By Dave Grant

As a small business owner, you will always have plenty on your plate and very little time to spare. Nevertheless, there are some things that you must get right. Here are 6 of the most common mistakes that business owners make and how you can one of the few that avoid them.

Accounting for small business mistake #1: not getting the right accountant for your requirements.