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By the way, if you can’t read a financial statement, don’t hesitate to ask your accountant for help. Reading a financial statement is a matter of understanding ratios. Your accountant can teach you which ones are necessary for you to get a good idea of how healthy your business is. (See chapter 12 for more information on financial statements and ratios.)

How do you find a good accountant? Ask business associates, your banker, your attorney. Look for someone who is a member of a state or national professional accounting association. Most of these associations require their members to subscribe to a code of ethics. They also require continuing education, which is crucial for an accountant who wishes to keep up with new accounting methods and the ever-changing tax code.

Accountants typically have a price list for various services. It’s a good idea to get that list before you begin a relationship. In fact, get the list before you begin making financial estimates for your prospective business. Budget enough money to hire a good accountant right from the beginning.