The most expensive finance mistakes don’t always make a noise.
They are not dramatic.
They are subtle, recurring, and often go unnoticed until they have already done damage.
Here are some of the most common (and costly) finance mistakes we see in professional services firms:
🔹 Invoicing manually: invoicing recurring retainer fees late means delays in getting paid = tighter cash flow
🔹 Not invoicing for out-of-scope time: = giving your team’s time away free of charge
🔹 Invoicing without offering your clients a DD or Card payment option: = tighter cash flow and higher bad debt risk
🔹 Not reconciling bank accounts regularly: leads to errors, duplicates, and confusion
🔹 Failing to review management accounts: missing the full picture of your business
🔹 Ignoring budget vs actuals: decisions made on gut feel, not facts and new trends
🔹 Treating finance as admin: when it should be a strategic driver
🔹 Failing to record costs correctly for tax purposes: losing out on deductions you’re entitled to
Individually, they may not seem critical.
Collectively, they cost businesses £thousands in lost time, tax relief, and poor decision-making.
✅The good news? Every single one of these can be fixed with better processes, digital apps, automation, insight, and the right support.