Accounting is the most important aspect of the back end of a successful business because it records all profits, losses, assets, liabilities, and cash flows. It allows you to view the business in terms of numbers, not words or concepts. As you learn what the numbers mean, what the accounting statements mean and the output of accounting analysis, you can make accurate decisions about the future direction of your company. A failure to learn and understand key accounting terms puts a business owner at a big disadvantage and the overall probability of success of the company likely will decrease significantly. Find resources to help you learn more about accounting terms at the Small Business Information Centre.
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