Although many believe accounting is simply a "necessary evil," it is none-the-less, the language of business. Your ability to understand how your management decisions will affect your Company's financial statements and profitability is based on your knowledge of your Company's accounting system. Simply having bookkeeper using a "QuickBooks" or "Peachtree Accounting system (or others) is not enough. Those systems are based on fundamental accounting principles that you need to understand.
When a sales invoice (or other document) is prepared in any of these systems, the system automatically (behind the scenes) makes the accounting entries necessary to generate the Company's financial statements. You NEED TO KNOW HOW each of these entries affects your business and its profitability and how they are ultimately reflected in your Company financial statements!
Taking a brief course in basic accounting (or bookkeeping) at a local community college will pay large dividends in the long run. Also be sure to attend our workshops that include a discussion of accounting systems. Finally, gaining the help of a SCORE Management Counselor (or a good CPA) is an essential requirement for successfully managing a small business.