I’ve been working as a jack-of-all-trades accountant for over 25 years now and during this time I’ve picked up some hard-earned wisdom about about how the accounting job works. With that in mind, here are five quick things I think every business owner should know, right up front:

Tip #1: Every business needs a strong accounting function in order to be successful.

Many entrepreneurs pay little or no attention to accounting when they’re starting out, they think they can MacGyver things for the first couple years and then figure it all out later when they’re successful. While there’s some truth to that (all accounting problems are ultimately fixable), it’s a dangerous strategy because startups have very little margin for error, especially with their finances.

Tip #2: Building a solid accounting system is a lot harder than most people think.

You can’t just buy a copy of QuickBooks and hire a cheap bookkeeper on Craigslist (although I’ve seen many business owners try that exact same approach). It takes a lot more work than that.

Tip #3: The accounting job is now 50% accounting and 50% tech.

It didn’t used to be this way but it definitely is now. In other words, choosing the right tools and configuring everything correctly, right from the start, is crucial.

Tip #4: Running a business without looking at your financials is like driving in the dark without headlights.

I’ve met many business owners who “hate accounting” and “don’t have time” to look at their financials. If those phrases sound familiar, I encourage you to get over them as quickly as possible. When you’re a business owner or CEO, you need to get comfortable with some basic accounting concepts and terminology and learn how to read your financial reporting. (If you need help getting started, sign up for our free email series: 25 Accounting Terms You Need to Know.)

Tip #5: The secret to great accounting is repetition.

Accounting can be confusing as heck for newcomers and non-accountants, but it’s not brain surgery. Big picture, great accounting is mostly about getting consistent, well-designed processes in place and then executing the fundamentals (over and over again).