Excellent information from the Accountinator!
In fact, every person in business should know and understand accounting because it is the very language of business. Doing business without understanding accounting is like trying to fix your car without tools, going to France without knowing French (and without a guidebook), or using a cell phone without a battery, or going to New Jersey without an automobile. It just won’t work.
If you are going to do business, you need to understand what a balance sheet is. What an income statement is. How profits are calculated. What assets are. How taxes are calculated. How to manage cash flow.
This is not to say that you need to keep your own books, or that you should be your accountant. That might not be the best use of…
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