Entrepreneurs are the brain of any business, and they must know skills in accounting or marketing to run it effectively. They perform and wear multiple hats throughout the journey of a business. Being the owners of the firm, they cannot look to shy away from any responsibility, especially during the early stage when the manpower strength and available money to run the business is low.
Entrepreneurship is not just about conceptualizing the business model, choosing a brand name, designing the logo, and running of general day-to-day operations. Most business coaches and mentors would also scout for the importance of hnong skills like leadership and communication. However, many tend to ignore a critical function – accounting.
Accounting gives you a handle on your company's assets and liabilities and how they change over time, which lets you monitor the growth of your business. You can understand what services are driving the most revenue in your business, which can help you adjust your business model to further grow your profits.
Brian Hamilton, chairman of Sageworks, noted in a Forbes article, “Accountants can provide financial and strategic advice for your business, and they can help with services like estate planning or getting a loan. A startup tech company raising money might also need an accountant in some cases.”
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Regards;
Sanisah Hanim Jiman
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