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Common Accounting Mistakes Small Businesses Make (And How to Avoid Them).

Introduction:
Running a business in Finland or anywhere comes with countless responsibilities. One area many small business owners struggle with is accounting. Even small mistakes can lead to fines, cash flow issues, or even a tax audit. At GLZ Financial Services, we’ve seen it all and we’re here to help you avoid these costly errors.

1. Mixing Personal and Business Finances
One of the most common mistakes is using one bank account for both personal and business expenses. This creates confusion, especially during tax season.
👉 Tip: Open a separate business account, even if you're a sole trader (toiminimi).

2. Ignoring Receipts and Documentation
In Finland, proper documentation is essential—especially if you’re deducting expenses. Lost receipts = lost tax benefits.
👉 Tip: Use a cloud accounting system like Talenom & Netvisor to scan and store receipts in real-time.

3. Delaying Bookkeeping Tasks
Waiting until the end of the month (or worse—the year) can result in errors and stress.
👉 Tip: Set aside 1 hour per week for bookkeeping or hire a professional (like us 😎) to keep your books up to date.

4. Not Understanding Tax Deductions
Many entrepreneurs miss out on legal deductions because they simply don’t know what qualifies.
👉 Tip: Learn the basics or better yet, get advice from a financial expert.

5. Failing to Plan for Tax Payments
VAT, income tax, pension payments—these come fast. If you haven’t planned, you’ll feel it.
👉 Tip: Keep a separate “tax savings” account and transfer 20–30% of all income into it.

Conclusion:
Avoiding these mistakes can save your business thousands of euros each year. At GLZ Financial Services, we help you stay compliant, reduce stress, and focus on growing your business.
📞 Need help with bookkeeping or taxes? Contact us today for a free consultation.