Tip #34: Business owners need to understand accounting!

assets and liabilitiesMany business owners aren’t familiar with the principles of accounting. They need to understand their profit and loss statements and balance sheets so they can make good management decisions. They also need to understand their financials when dealing with banks, taxes and negotiating for the sale of their company. If business owners don’t have a background in accounting principles, they should consider taking basic courses at a local community or technical college. It can make a real difference in creating profits and maximizing the value of their company!