WHY SMALL BUSINESSES MUST TAKE ACCOUNTING SERIOUSLY
It is said that “Accounting is the language of business”. And this why small businesses must take accounting seriously! Well, since accounting is the language of business, then it means if you can’t speak the language of accounting then you should not start a business or even dream of owning or running a business!
It’s quite amazing that most entrepreneurs have the zeal and passion to do business as a result of the skills they have acquired for a particular activity or the availability of capital at their disposal. Unfortunately most of them are not able to use financial information to make business decisions. To most, the acquisition and manipulation of financial data is seen as a burdensome!
In an article published by All Business Editors on “Top 10 Reasons Why Small Businesses Fail,” three out of 10 reasons small businesses fail has to do with accounting and financial management: “Failure to Track your Expenses, Overspending and Lack of Reserved Capital.”
This again underscores the fact the reason why small businesses must take accounting seriously and invest in accounting training programs. As the business grows there is a need to invest in accounting software that takes out technicalities from accounting and financial management processes.
|Image Source: The Royal High School|
To make life simple and allow business owners the space to concentrate on running and delivering of their services, owners must invest in tools that will help track and manage the following:
· Where your cash is going so you can management it better
· Who you owe and who owes you
· Understand your customers buying pattern
· What stuff is selling the best , to who and where
· Your banking relationship
· Your month end tax nightmare.
These are just a few out of the many reasons why small businesses must take accounting seriously if they really want to survive, grow and thrive in the business world. If you need formal training in accounting and financial management for your small business, kindly send an email to email@example.com for more information and registration details.