Here’s a quick guide to avoid the pitfalls and keep your business finances healthy.

Mixing Personal and Business Accounts

One of the most common errors is using a personal bank account for business transactions. This makes bookkeeping messy, increases errors, and can trigger issues during tax audits.

Tip: Open a dedicated business account and route all business income and expenses through it.

Poor Record-Keeping

Missing receipts, untracked expenses, or incomplete bookkeeping is a recipe for confusion and unnecessary stress come tax season.

Tip: Use cloud-based accounting tools like Xero or QuickBooks, and update your records regularly.

Ignoring Provisional Tax Deadlines

Many freelancers and small business owners forget their provisional tax obligations until the last minute, resulting in penalties and interest charges.

Tip: Mark the key dates in your calendar and plan ahead — don’t leave it to chance.

Not Budgeting for VAT

VAT can sneak up on businesses that don’t plan for it. Paying VAT from operating cash instead of budgeting for it can create serious cash flow problems.

Tip: Treat VAT as a separate liability and set aside the funds as you invoice.

DIY Accounting Without Expert Review

Some business owners try to save money by handling accounting themselves, but mistakes can cost far more than professional fees.

Tip: Have an accountant review your books periodically. A small investment now saves headaches and penalties later.

🚀 Final Word

Avoiding these mistakes isn’t difficult — it just takes awareness and consistent financial habits. At Meerkat Accountants, we help Plettenberg Bay businesses and South African SMEs stay on track, compliant, and stress-free.

👉 Want peace of mind with your finances? Contact Meerkat Accountants today and let us help you run your business smarter.