As an entrepreneur, you must have eyes for your business. One way to achieve this is to have systems in place. One of the systems that must be in place is The Accounting System.
The Accounting System
“Remember, if you don’t track your money, you will lose it.”
Your accounting system must have Chart of Accounts tailored to your business. The Chart of Account is a systematic listing of all categories of expense in your business such as salary, office supplies, repairs, rent etc. This will help you track where your money goes on a regular basis. You can benchmark your ratios with other businesses in your industry to determine your performance.
Do not leave this to your accountant alone. You have to be involved in it.
Remember, if you don’t track your money, you will lose it.