One of the greatest mistakes any small business owner can make is going into his business without knowing enough about the art and science of accounting. Unless you have the funds to hire an accountant from the very beginning, you will need to at least know the basics before you get started. Time and again, new businesses have failed not because their products, services, or operations were poorly managed, but because the owner did not know the first thing about proper bookkeeping and accounting. Without these essential skills, you won’t know whether your company is doing well or poorly, what changes need to be made from a financial standpoint, or what to do come tax time. Having a basic groundwork of accounting knowledge is not only helpful, it’s absolutely necessary.