As a business owner, we sometimes don’t know what we should be paying attention to in our financials. It becomes even more frustrating when our accounting is not tracked properly and we’re not sure whether the decisions we’re making are helping or hurting.
One of the biggest weaknesses in a growing business is accounting. Accounting is under-appreciated and therefore, often underfunded. Many business owners would rather invest in sales and marketing, not accounting.
To address this weakness, business owners hire an accountant to be sure entries are made accurately and in a timely manner. Then when viewing reports, owners will look for help from a controller or business coach to interpret the financials for guidance on decision making.