Start up Accounting

When an Accountant is involved in start ups it is an area where there is uncertainty and a certain amount of guesswork. Quite often the skills of the orthodox accountant are stretched as the requirement for alternative ways of reporting become more demanding.
The Accountant should not abandon his traditional cautious approach and should be mindful of the four fundamental concepts, but at the same time accomodating the Entrepreneurial mindset that start ups demand. This is a difficult balancing act.

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Leaky Accounting

As in all walks of life, things dont always go to plan, and indeed quite often controls that are in place get abused , or just face plain denial they ever existed. This territory is difficult for an Accountant, just as he thought the numbers were solid, along comes new information, or indeed further denials and counter information that upsets the balance. This is leaky accounting, a Management information system is only as good as the numbers that are put into it, where there are leaks and contradictory information, accounting becomes fraught and difficult.... read on....

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