* current income
* cash flow
* accounts receivable
* accounts payable
* taxes due to local, state and federal authorities
Many entrepreneurs rely upon a bookkeeping service or an accountant to keep their financial records in order. For entrepreneurs without knowledge and expertise in basic accounting hiring an accounting professional is a good idea. However, that does not excuse the entrepreneur failing to get the reports from the professional on a regular basis and become familiar with the information. If you have hired an accounting professional to keep these things in order for you, that is a good start.
However, you must go further than just a good start. Take the time and spend the money to have your accounting professional or someone on her staff explain all your accounting records to you so that you understand them. Keep in mind, accounting professionals are paid for their time. This means if you want them to sit and go over the reports with you in detail and to teach you what you need to know to use those reports, you will be asked to pay for that time. This is not an area to be stingy, pay the money and get the understanding.
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