Studies reveal that about half of new businesses fail after five years due to cash flow problems.
In most cases, cash problems are not because the business is bad, but because the entrepreneur is ill-prepared to manage their business accounts.
If you are looking for a logical approach to acquiring new bookkeeping skills rather than looking for random pieces of information off the internet, you should consider taking an online bookkeeping course. This will enable you to learn everything you need to know about tracking income and expenses, interpreting financial reports, and managing business finances.
Think of bookkeeping as a magnifying glass into your business. With it, you can see where money is coming in and going out. With that information, you can cut spending where needed and watch your income and profitability grow.