You are an entrepreneur! You are passionate about your product or service; you are excited about creating your brand; you are working hard to grow your market footprint; you focus much of your attention on bringing in new orders.
The last thing on many entrepreneurs’ minds is bookkeeping.
Bean-counting is not for me; I’m an expert in my field, my job is to bring in new business. Success is about orders, deliveries and getting paid. All of that is true, but entrepreneurs who pay attention to their accounts succeed better because they keep their finger on the pulse of cash and profit.
Bookkeeping and accounting are easy with modern computerized systems. They are designed for ease, speed and accuracy. The downside is that it can be tempting to let an office assistant or an outside agency do the work, so you can just make sure you are prepared for tax time. It is good to look over the bookkeeper's shoulder so you know exactly where you are when it comes to cash flow (your business's life blood) and profit (your business's raison d'être). These are some accounting areas to know about: