Do you understand your financial documents like your profit and loss?
Do you get your management accounts done monthly or do you wait for 6 months or a year until you get your year-end accounts to really understand what is going on?
It’s also really worth trying to get to grips with your finance processes and the documentation so that you can keep an eye on things yourself.
Despite using ‘top’ London accountants, we had a situation in our first year where our accountants overstated our profit by about £100K because they didn’t properly understand our business. Or maybe they just put a really junior person in charge of our accounts! Either way, luckily we spotted it and got it all corrected pretty soon after, but that was not good.
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