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You don’t need to be an accountant to understand finance

  • By Alan Knott-Craig
  • July 1, 2017

 

You may think your businesses finances must be outsourced to a professional accountant.

You’ve never studied accounting. You don’t like accounting.

There’s no way you can handle your own financial reporting.

Wrong.

Outsourcing your business finances is like outsourcing your sales.

A surefire way to lose your business.

You don’t need to be an accountant to understand the financial health of your company.

The equation is simple:

How much have you sold?

How much have you spent?

How much are you owed?

Keep checking these numbers and you’ll always be in touch with your sales, costs, profit, and most important: cashflow.

It’s no good growing sales 25% per month if your costs are growing 30% per month, or if your debtors book  (what people owe you) is growing by 50% per month.

 

By all means, outsource your accounting function to taxes and accounting Milton firm or any well researched local firm.

Never outsource financial management.

Overcome your aversion to numbers.

Numbers are the lifeblood of business.