4 things you have to know about accounting

Many small-business owners avoid issues related to accounting and bookkeeping, but "the mistake they make is not thinking about how they can use certain numbers as tools to better manage where their business is headed tomorrow," said Brian Hamilton, head of data-tracking firm Sageworks. Business owners have to understand the difference between debt and profit, how to manage receivables, the ins and outs of the company's expenses and know the moment they break even.

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