Taking accounting seriously from the start might mean the difference between a thriving firm and one that must file for bankruptcy. This is why Lyndon Jeff Advisory has created an accounting and compliance handbook for small business owners. In this blog post will explain why accounting is necessary for entrepreneurs, how to use accounting as a growth tool, the accounting abilities that all entrepreneurs require, and how to keep your firm compliant. We look at cloud accounting and the advantages it might provide to your company. We can also help you choose the correct accountant or accounting firm for your company. What exactly is accounting? Accounting encompasses the financial and regulatory aspects of your company. Accounting, when done effectively, may help your small business prosper by providing insights into its overall financial health, providing a clear assessment of your cash flow, revealing development potential, and keeping you organized and accurate while filing taxes. Accounting is an unavoidable role for decision making, cost planning, and economic performance monitoring, regardless of the size of your company.  Accounting responsibilities include, but are not limited to: • Tax returns and tax structuring • Companies and Intellectual Property Commission (CIPC) returns • Department of Labor and Compensation Fund returns • Managing and enhancing cash flow • Creating annual financial statements, management reports, and management reviews • Managing payroll • Auditing • Providing business advice and support As a small business owner, you have the option of managing your accounting on your own or hiring a qualified accountant to assist you in setting up your company, preparing financial papers, managing payroll processes, and filing taxes. They’ll also eliminate or automate administrative duties that are diverting your attention away from your primary business. For a FREE consultation and advice of how to build and plan your business contact Lyndon Jeff Advisory today!