“Daily, thousands of businesses around the world are set-up in the hope that these business would make profit and deliver services to the market. Entrepreneurs get involved in
all aspects of the business set-up such as getting a license, registering the business name, promotions, networking, and even hiring employees.
Most owners get so excited by the image of their business that they spend more time on creating an image, designing a logo or even doing a door-to-door campaign in the community. Although these activities contribute to the start-up, they are not as important as setting up an accounting system for the business. Why is small business accounting important? There are many good reasons why an entrepreneur must pay attention to this aspect of the operations because for the first obvious reason: money is the medium of exchange.