Main Points

 

• Learn about the subject - "Accounting"
• Don't go it alone, use a professional(s) to help you with this. At the same time,   don't let the professional go it alone.
• Don't make it more complicated by not listening / learning or having the right tools

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1.  Don't put accounting on the back seat. Accounting and financing are important parts of running business. Mistakes in this area can be very costly and can set you back (even break you)
2. Learn about taxation. Research this subject. Write doe tax questions to discuss with your accountant. Don't wait until tax filings are due to have the discussion (meet late October, early November)
3. Don't ever think you know it all. Always work together with your accountant. Accountants are more resourceful if you're familiar with the subject and questions. Then you'll get the best results.
4. Everything you sign and submit in regard to your personal or company taxation is your responsibility. That's why you want to talk with your accountant, so you understand what your documents say.
5. You must have a computerized accounting system in place - along with accounting procedures. Research the best system for you.
6. Shortcuts are not always short - they can be very costly.
7. Budgets and Projections - are so helpful, when followed.
8. Quarterly administration meetings, can sometimes mean the difference between surviving and excelling (there is a lot of "best practices" between those two words)
9. bookkeeping and paperwork because many of simple bookkeeping tasks are handled automatically making it easier to run your business.

Finally, run your bsuiness, like a business and have reasonable expectations.

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NOTE:

Your system and procedures will require you receive adequat training. You don't have to become and Accountant, just knowledgeable about the subject.

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Hope this helps and hope you'll give input on your own learning.