Tax compliance and accounting errors pose risks to SMEs

Small and medium-sized enterprises (SMEs) face significant financial risks due to common tax and accounting errors. In Peru, experts identify five critical mistakes to avoid: recording expenses without proper documentation, omitting monthly tax declarations, failing to use banking systems for transactions exceeding S/2,000, errors in RUC registration data, and submitting declarations after the deadline.

In Colombia, businesses facing overdue accounting and notifications from the DIAN (National Directorate of Taxes and Customs) are advised to seek professional accounting services to regularize their status. Proactive measures, such as early diagnostic reviews and professional assistance, are recommended to prevent more severe consequences like bank account freezes or asset seizures.