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New companies often grow in a rapid, haphazard manner. One day, the one, two, three or so founders do all the work. The next, a dozen employees divvy up the daily duties. Work evolves and inefficiencies arise that stymie growth. A better option is creating best practices right from inception.

Entrepreneurs live in the immediate moment doing what needs to be done to get the company up and running. So, these corporations often operate in a slipshod fashion, and workflow evolves organically.

Understanding Finance 101 is Key to a Start-up’s Success

By PeiChun Chiang

Founders wear many hats. Financial accountability trumps the others but often is not one that they feel comfortable donning. Bringing in an expert enables them to focus on other company building tasks, without jeopardizing the firm’s future.

Entrepreneurs were hardware or software engineers, maybe a top salesperson, or a marketing guru.  Most of them don't have accounting or finance backgrounds, which is understandable. But they need to get one – or find outside help. Ultimately, how well they handle their money will determine their firm’s success or failure.