The Only Three Reasons Entrepreneurs Need Accounting and Finance
Source: Forbes | Repost QBScott 6/18/2020 –
Observing finance and accounting professionals— or the way academics at most business schools train them — might lead you to believe that finance and accounting is a complex and arcane language understood only by an initiated few. For an entrepreneur, the truth is that accounting and finance are only tools to accomplish three key tasks:
(1) To make predictions about the future;
(2) To help you make more effective commitments of time, energy and money to attract customers and deliver goods and services at a larger and more efficient scale; and
(3) To measure and reassess your progress, so you can reward and encourage profitable behaviors, report progress to third parties, and change directions when necessary.
Aspiring entrepreneurs must learn to grasp accounting and finance tools, rather than merely develop the ability to regurgitate formulas and reproduce financial statements in carefully controlled environments, in order to meet these three objectives.
Author: Scott Meister, CPA
I help small businesses, accountants, bookkeepers, office managers, and business owners with their accounting needs. I’ve used QuickBooks since 2002 and train folks on how to use it efficiently. I create high-quality video training tutorials for QuickBooks and post them on QBScott.com.
Certifications include: Certified Public Accountant (CPA) | Certified Bookkeeper (CB) | Advanced Certified ProAdvisor for QuickBooks Desktop | Advanced Certified ProAdvisor for QuickBooks Online | Certified ProAdvisor for QuickBooks Enterprise | Certified ProAdvisor for QuickBooks Point Of Sale