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Business By Design
Business by Design is the podcast for owners who want to start, scale or exit a business. Each week, Stuart Wemyss and Mena Abraham unpack the four things every business must get right: value, engine, reach and team. Using the VERT flywheel, they show how these fit together to build a business that runs without you, and how the choices you make inside the business flow through to your personal wealth, lifestyle and exit options. Every episode is short and to the point, with no fluff and no sales pitches. Go to https://www.vertflywheel.com
Business By Design
Ep 146: Common accounting errors to avoid
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In this episode, Stuart and Mena uncover the most common accounting errors that can quietly cost business owners thousands in tax, compliance issues, or poor financial decisions. They begin by highlighting why your accountant plays a critical role as your de facto CFO, and how to spot red flags if things aren’t quite right. One of the biggest warning signs? A bank reconciliation that doesn’t match your records. Mena explains how overlooked discrepancies here can lead to under-reported profits, incorrect GST, or even missed fraud.
From there, Stuart and Mena alternate through a list of common accounting mistakes they frequently see, including poorly recorded director loans, unreconciled GST, misclassified expenses, inconsistent bookkeeping, and journal entries that go unreviewed. They also flag year-end issues like unadjusted stock levels or bad debts that can distort your true profit and tax position.
Mena wraps up with practical advice: if something feels off, ask questions, get a second opinion, or consider switching accountants. A short review could save tens of thousands in future headaches. Stuart closes with a reminder—your accountant should simplify decision-making, not make it harder. If they’re not adding value, it’s time to dig deeper. A must-listen for business owners who want more control over their financial outcomes.
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Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.
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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.
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