Accounting mistakes can cost businesses dearly in terms of lost profit and wasted resources. As a result, it’s vitally important for accounting departments to ensure that all financial records are accurate and complete. An accounting mistake is any error or omission in a company’s financial statement that results in incorrect information being reported. Common errors include miscalculating dates and amounts, overlooking transactions, or failing to properly classify expenses on the balance sheet. By staying vigilant and staying up-to-date with accounting best practices, you can help your business avoid costly mistakes and create a solid foundation for success.