Knowing how your business is performing, as well as foreseeing what the near future looks like; are two key questions every entrepreneur wants to get answer for. In our years of experience helping businesses manage their finances, we’ve come to a conclusion that answering those two questions are enough for a business to sail in its market wisely.
To answer first question, which is to understand how the business is performing, the owner needs to pay attention to the first part of the financial department: “ACCOUNTING”. Many founders overlook the importance of capturing data timely, and make sure that records have been processed correctly into their accounting system -assuming the business has invested in accounting system which may start as low as $100 per year. Assigning this task to experts is important, at least in the beginning then hiring fresh graduates who follow the discipline and structure implemented by experts is way successful than the other way around. No matter how small or big your business knowing your financial performance is the only way you will be able to navigate.