June 19th, 2017.

Accounting is unlikely to be your favourite part of running a business but it is crucial to your survival.

Running out of money is the reason 29 per cent of startups fail, according to a survey run by CB Insights. So, how can you prevent yourself becoming one of them? Make sure you get to grips with some accounting fundamentals as soon as possible.

Don’t assume you can simply delegate your accounts to your bookkeeper or accountant. Understanding your finances will help you assess your performance and spot potential problems quickly, so you can act to prevent them.

It shouldn’t be something you pay attention to once in awhile either. You should always be able to answer crucial questions like are you borrowing too much, or is your revenue covering your expenses?

Here are a few key steps you can take to feel in control of your finances and make a success of your business.

Make sure you get to grips with key terminology
It can be daunting to get to grips with all the terminology associated with accounting but you can’t afford not to. Terms like your deductibles, liabilities and accruals should become part of your vocabulary, especially if you want to have a meaningful....

For the full story at CLICK HERE