If every detail is not recorded at the same time then the chances are that these financial transactions would be impossible to dig and track sometime in the future. It would be very useful if every transaction is completely recorded, right from those official dinners, parcels or couriers etc.

2. Failing to use the right tools

Startup entrepreneurs must figure out a way on how to track all expenses, there are various online portals which provide such benefits for a nominal charge. These websites ensure that the complete set up of incomes and expenditures are correctly maintained, the best advantage of such online cloud or software are it can be accessed from any place through internet. This reduces the usage of paper works and also reduces the risk of data being stolen or lost. Ensure that you pick up software or an application that would have all the potentiality to work with your system and grow with the growth of your company.

1. Flinching from paying quarterly taxes

Startups generally take ‘startup taxes’ on a lighter note which is a complete wrong notion. Every entrepreneur might get a little concession in time during the initial stages of his business while paying taxes but this must not be taken as an advantage. Quarterly payment of taxes is mandatory to ensure that your corporate title is not stripped. Some people have a misconception that they can be kept waiting, which might be true but at the end of the year you would be piled up with so much work that you wouldn’t even find a tax adviser for all your unkempt records.  Hence it is much advisable for all startup entrepreneurs to keep a track of all their transactions to avoid confusions and tensions.

Also read:

Why India has failed to Produce Great Tech Entrepreneurs?

India and China Tops the Investment List, Pushes America Down