CNN’s money.com recently published a list of business-killing traps that every entrepreneur must avoid, and sloppy accounting topped the list. They provided a tip I found compelling: understand your ratio of sales to expenses that will result in profitability. You want to be able to say, "This business needs to gross $800K for me to have a $100K profit," as opposed to merely saying, "I hope I can make $100K one day." 

As a recovering accountant, I know how much information about your business can be gleaned from your accounting. In the July issue of NY Report, our experts explain how your accounting can help you improve your sales strategies and lower expenses, among other things.


Link to original post