Accounting was an elective in high school. I was naturally very strong at the sciences, but very curious about what other courses were out there and what other career choices were there. So to make an informed decision about my career, I decided to take a business course, and accounting was one of them. I found it to be very natural for me because I'm very analytical, very detail-oriented.

Accounting is two-faced. There's a theoretical side and there's a practical side. So you can be really good at school and struggle when you get in the field. To become successful, you need a combination of both. You need to be very good at your theoretical side, because it's very much driven by regulations and different legislations - so you can't be too creative with accounts.

\Don't take your accountant for granted. If accounting is not your strength, make sure you have a strong accountant to help you. At the same time, you simply have to understand the basics of financial accounting. In order to become financially literate, you will need to understand income statements, income and expenditure, tax compliance and statutory compliance.

Ensure your accountant is a stickler for details. A good accountant will understand the laws and will stick to them. Do your research, look online, get referrals and ask for references.

Cash is king. Without cash, you have no business. Keep an eye on your debtors  - people/businesses that owe you money - and ensure they pay you on time. Watch your expenses and use smart tools to keep you in check. 

A balance sheet tells you the health of your business. A clear, strong balance sheet allows you to access funding, attract partners and get investment. A healthy balance sheet gives an entrepreneur and his/her partners a strong sense of security. 

Entrepreneurs should be careful to separate personal expenses from their business expenses - and should always be able to provide receipts to the tax authorities. Non-compliancy is a common bad habit: not paying VAT, not taking their accounts seriously, leaving accounts too late. 

Set up separate channels (bank account, credit card, loan facility) for your business expenses right at the beginning. If you mix up the personal and business accounts, it makes it extremely difficult to untangle down the line. This can have serious legal implications. 

Be hands-on with your finances - check-in daily and don't be afraid to ask loads of questions of your accountant. Keep an eye on the hotspots like your income statement, your expenditure, your debtors and your creditors.

Choosing the right accounting software package is extremely important. Automations are a great hack to keep your cashflow healthy - send out automated reminders to your customer base close to the time they need to pay.