I made a mistake. I was wrong. This problem we had is my fault.
Being aware when you fail is extremely important. Voicing it when communicating with your team is crucial. This is also true when communicating with clients.
Telling a client you failed and acknowledging your mistake is not only a question of honesty and transparency but also helps build trust.
When you build a record with a client of being transparent and accountable for your mistakes, it makes the relationship better. You avoid situations where they think you are making excuses when explaining some obstacle in the development of their project if you do.
Trying to save face when things do not go as planned by making excuses or being vague can severely damage your relationship with your client. It is even worse if you try to do that with your team.
It can be very stressful if you feel scrutinised daily. But if you take control of your work by being honest when self-reporting, this same transparency becomes empowering. You can learn more, set an example for others that is ok to fail, and find more empathy from your team while doing it.
At the end of the day, we are only human. There is no point in trying to hide this, and much is to be gained by not doing it.