Cambodia Tax Updated

5 Common Mistakes of Bookkeeping

Common bookkeeping errors that can significantly affect financial accuracy and business decision-making include:
1- Mixing personal cash/bank, spending, and fixed assets without distinguishing business transactions.
2- Waiting until month-end or year-end and then just keying in business transactions.
3- Taking care of paid invoices, which they are Ignoring unpaid supplier invoices.
4- Never keep supporting documents for business transactions such as sale/purchase invoices, payroll, inventory, fixed assets, and other expenses.
5- Forgetting to back up accounting records or reports from the system, which could be reviewed later.

TipTakeaways

  1. When you don’t mix the personal and business accounts, the real company transactions may transparent and cross check easily.
  2. Better to connect accounting system to company bank account to minimize human posting errors.
  3. If you do not review and cross check accounts every week, you are easily found the errors such as miss recording, double posting.
  4. While you don’t want to lose tract on supporting documents, you can scan those as electronic files.
  5. If you reconcile accounts receivable regularly, you can control the AR collection well and improve company’s working capital and good cash flow position.
  6. You may precaution about tax deadlines, so you can reserve enough money for tax payments.
  7. When you check monthly financial reporting, you can use trend analysis for making a smart decision.
  8. Unless you are a skillful accountant/bookkeeper, the professional firm can provide a outsource service to minimize noncompliance risk.

How We Can Help
We will continue to closely monitor developments and provide the latest information promptly from the Ministry of Economy and Finance (MEF), the Ministry of Commerce (MoC), the General Department of Taxation (GDT), and the Ministry of Labour and Vocational Training (MLVT), the Ministry of Industrial and Handicrafts (MIH), the Ministry of Mines and Energy (MME), and the Council for the Development of Cambodia (CDC).

Accounting or Bookkeeping Outsource Services to be implemented by Cam Accounting & Tax Service Co., Ltd., a member firm of Kreston Global, holding a GDT tax agent license, Accounting, Auditing, and liquidator licenses from ACAR, and accredited by the National Bank of Cambodia (NBC) and Trust Regulator (TR).

Our Corporate Secretary Services, Audit, Tax & Accounting Expert|
Ms. Haing Sivtieng, MIPA, MBA                                 
Accounting & Tax Partner                                          
Chinese Line: +855 89 777 589
English line: +855 93 33 5158

Mr. Keat Heng, ACCA, CPA, FCCA
Partner
Mobile: +855 12 753 257
E-mail : info@krestoncambodia.com
Website: www.krestoncambodia.com