Accounting. Bookkeeping: The very words conjure up images of dusty ledgers and drudgery. Despite accounting’s boring reputation, however, it can’t be emphasized too much how essential it is that your business follow accounting’s best practices right from the start.
In fact, financial mismanagement is an oft-cited reason for business failure: An influential study by CB Insights of 101 failed startups found that cash flow was the No. 2 reason why some of those small businesses failed, and was second only to businesses trying to sell a product that their market didn’t need.