Shownotes
In this episode of Make Business Personal, Nesha Pai, founder of Pai CPA, talks about the importance of accounting for small businesses. Nesha emphasizes the need to understand financial statements, use of accounting software, and having a well-organized chart of accounts. The conversation provides valuable insights for small business owners looking to improve their accounting practices.
- The range of knowing your financial statements content covered in The Accelerator program 1:08
- The top three things entrepreneurs need to know about financial statements when running their business 3:05
- One action you want all listeners to take right now in their entrepreneurial journey 8:25
- One bonus business tip about succeeding in entrepreneurship. 11:21
Quotes
- "Get QuickBooks, get a bookkeeper, or at least learn how to do it right." 8:39
- "The number one reason businesses fail is because they don't have a handle on their numbers." 5:08
- “The bookkeeper has to have theoretical accounting knowledge. That doesn’t mean they have to be a CPA. They don’t have to be, they may not even have gone to school for accounting but they have had accounting practice. They’ve learned on the job. They understand the theory behind it.” 6:13
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