Knowing The Numbers
The biggest challenge for most first time entrepreneurs is book-keeping. Book-keeping has always presented a challenge for the entrepreneur. It is astonishing to see so many entrepreneurs even experienced entrepreneurs who have a hard time keeping their financial records in place. This is especially true for entrepreneurs who haven’t had a background in business.
First time entrepreneurs think, they can just outsource their accounting to an accountant and not worry about it. It is okay to outsource your book-keeping, in fact you should outsource your accounting to an accountant but you need to know what the numbers in your financial statements mean. If you have no idea how much money is coming in and how much money is going out then you are going to be in trouble. Remember, accounting is the language of business.