Hey ladies and gents,
We've got people from all walks of life on this forum so I thought I would see if I could pick the brains of a few of you.
I'm going to be starting my first business this year ( which I am proud of
). Now while I will be having an accountant/bookkeeper make sure my financials and paperwork is in order - I have been doing some reading online to get a basic understanding of finances involved when owning a business (i.e. cost, revenue, gross margin, payroll, taxes, operating expenses, net profit). I believe as an owner you need to make sure you know how your financials are looking (I'm shocked how many operators I've seen who 'leave it all to the accountant')
From your own experiences, as an owner/investor, what should I make sure I keep an eye on (everything isn't an answer), tips you could share on how you all keep things updated, identifying potential problems.
Any input or wisdom you all pass on is greatly appreciated.
Thanks in advance