“Revenue is usually the largest amount in the statement of profit or loss so it is important that it is correctly stated. US studies have shown that over half of all financial statement frauds and requirements for restatements of previously published financial information involved revenue manipulation.”

BPP Learning Media 

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“The usefulness of the financial statements of a business entity may be seriously diminished if its publication is delayed too long after the reporting period. For this reason, various national and industry-specific legislation impose specific timelines for the filing of audited financial with tax authorities, industry regulators and the stock exchange.

Edem Affram, Founder, Synergia Business Solutions

The “informal” nature of many SME business structures is hindering them from growing into global brands.

Philip Oti-Mensah, CEO of Omnibank Ghana (culled from a speech delivered at the International SME Business Network)

SMEs need to brace up, work with proper accountants and try as much as possible to formalise their business.

Philip Oti-Mensah, CEO of Omnibank Ghana (culled from a speech delivered at the International SME Business Network)

“You have to understand accounting and you have to understand the nuances of accounting. It’s the language of business and it’s an imperfect language, but unless you are willing to put in the effort to learn accounting – how to read and interpret financial statements – you really shouldn’t select stocks yourself”

Warren Buffet

“You have to know accounting. It’s the language of practical business life. It was a very useful thing to deliver to civilization. I’ve heard it came to civilization through Venice which of course was once the great commercial power in the Mediterranean. However, double entry bookkeeping was a hell of an invention.”

Charles Thomas Munger (Vice-Chairman of Berkshire Hathaway Corporation)