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)


“In the long run managements stressing accounting appearance over economic substance usually achieve little of either.”

Warren Buffet

“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)