Common Bookkeeping Mistakes

Author: Ingram Events Centre | | Categories: Business Centre , Conference Centre , Event Venue

Blog by Ingram Events Centre

As a Corporate Rental Space, we interact with different types of business owners from various industries. The one thing they all have in common is that they must keep their books in order and file their taxes on time.

To assist with accounting processes, a bookkeeper can help to file tax returns accurately, save time and improve cash flow. However, if one doesn’t take expert advice, mistakes can get made, causing a threat to business survival.

So, to help you avoid basic errors that could prove costly, Ingram Events Centre has put together a list of the most common mistakes people make with bookkeeping.

1. Doing the books in-house
Start-ups assume they can save money if they take care of bookkeeping themselves. However, often the costs are higher as an accountant will have to correct the errors later. Remember, you’re not a qualified bookkeeper if you don’t have the requisite education, credentials, or experience.

2. Assuming tax deductions
Entrepreneurs often think that all business expenses are income tax deductible. They are not! Unfortunately, most data entry clerks and business owners don’t understand income tax rules associated with such costs. 

3. Not recording transactions
Many business owners feel it’s a waste of time to record transactions and believe that the bank statement should be enough to prove income and expenses. However, in Canada, businesses are required by law to prepare and retain records. 

We hope these tips convinced you to seek professional guidance from an experienced bookkeeper. 

If you’re scaling up your enterprise, and require corporate rental space or a party venue, contact the experts at Ingram Events Centre.

We offer rental space for events, conferences, private functions, general usage, business meetings, and training. We receive bookings from all over Northern Alberta and British Columbia. 

Get in touch with us today!

For a complete list of our services, please click here. If you have any questions about our corporate rental space and party venue, we’d love to hear from you. Please call (780) 876-9700 or email