Sometimes in the rush to get a small business up and running entrepreneurs overlook critical areas that vastly improve their chances of success. These oversights can be just down to focussing on the grand vision too much without considering the finer details, or it can be a desire to minimise expenditure because most small businesses aren’t flush with capital in the early days. One of the most common, and potentially damaging, is not hiring an accountant from the off.

With the amount of off-the-peg accounting software available it’s understandable that new business owners will consider running their books themselves, but very few entrepreneurs have the time to dedicate to doing a good job of the business accounting and even fewer are genuinely accounts literate.…