This series is about discussing how one step thinking can cause incorrect profits to be reported in a business. I want to deal with areas where incorrect recording of purchases can cause incorrect profit to be reported in a business.
1. Beating the Tax Man
There is a well known pastime by most business owners of trying to beat the tax man. This means that people try and write off items as fast as they can and therefore mis-match costs to revenue. Bringing costs forward happens subliminally and causes the Jekyell and Hyde which goes on a business owners mind.
2. Failure to keep up to date with book work
Business owners fail to keep their book work up to date and only records items when they PAY for them which can bear no resemblance to when they were purchased ( refer to part 1 of this series).
