Accounting and bookkeeping are two elements of running a business that most people dislike and distrust. This is mostly because they fail to understand the contribution that a good and efficient accounting system can make to the smooth running and ultimately the profitability of their business. This ultimately leads to errors in their accounting process and execution. In general there are a few common accounting errors that people seem to make and are not aware of. These types of errors can not only cost money but, they also cost a great deal of time. To help avoid these mistakes, this article has taken the time to look at precisely what they are, and how they impact on a business organisation.