When you start a business, you will soon discover that it is not just about having a product or service and moving heaven and earth to make sure that people know about it and are actually buying or availing of them. You might be successful in your marketing but you might find that deliveries are delayed, invoices are not getting paid on their due dates, and receivables are piling up. All of these problems could lead to cash flow problems which can be a major disaster. These are problems related to accounting. It can be solved by keeping careful, well organized records.
A competent accountant will be able to help you set up an accounting system that will work for your business. He will know how to draw up business forms, order business checks and prepare Income Statements and Balance Sheets that are important requirements of the government and the banks. Let him explain how the General Ledger works and why it is the core of your company’s financial records. In due time you will get the hang of things and you will be able to make decisions that will make your business grow even more.