A good knowledge of basic accounting principles is essential to any business: Dragon’s Den contestants can rarely be questioned for their passion and enthusiasm, however, when it comes to the finances many a contestant has been publicly slain for a lack of basic financial acumen.
Failing to keep good financial records and making business decisions based on inadequate information can be fatal for smaller companies and often proves the downfall of even the best entrepreneur.
It is important for any business to remember that a company’s books and financial statements show how the organisation is progressing, as well as enabling the company to predict when and why things may be going wrong.
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