A Chartered Management Accountant, Albert Nii Ayi Tagoe, is urging business owners and entrepreneurs to endeavor to separate their personal accounts from the accounts of their ventures to determine the performance of their businesses in terms of profits and losses.

According to him, doing this will help the businesses to understand their financial statements in order to adequately control their expenditure lines.

He was speaking on Joy Business Masterclass on developing business plans and financial statement for businesses.

With many youth and graduates venturing into entrepreneurship, it has become critical to identify the ways and measures by which this business can maintain and sustain their ventures.

The Chartered Management Accountant indicated that it is crucial for business owners to understand their financial statements to be able to adequately monitor and control their revenues.

“I think it is important for business owners and entrepreneurs to be able to have the basic understanding of what financial statements are. With a professional you will know how to control your revenue and expenditure lines”, he mentioned.

He also encouraged business owners and entrepreneurs to separate their company’s financials from their personal finances to monitor the growth of the business.