Except for accountants, everyone’s least favorite subject. Nevertheless, accounting is a critical element in the success of a small business, and leaving the details to an outside accountant without understanding what accounting means is a prescription for disaster. John Thompson, chairman of KMG Main Hurdman, explains what the entrepreneur must learn about accounting: the sources of cash flow, the nature and control of expenditures, monitoring collections, creating and maintaining adequate and accurate records, cash versus accrual basis, husbanding cash, and reviewing and understanding financial statements. (30 minutes)