The bottom line is this: Whoever is making the decisions for the business needs to understand the basics of accounting and what each of the financial reporting statements mean.
If you are going to let the person taking care of your numbers make all of the decisions then you’ll be fine.
But let’s face it. You are most likely the one who’s going to make many of the critical decisions facing the business. This is probably why you got into business in the first place—to call the shots.
Therefore, you need to at least understand the numbers even if you let someone else keep the books for you.
Assets & Liabilities
The Flow of Money
Various Financial Statements