This paper presents a suggested approach for future research designs to substantiate the relationship between entrepreneurship and financial and economic benefits. While the financial and economic benefits of entrepreneurship are widely cited within the literature, an examination of prior research in this area raises several concerns with respect to the validity of the methodologies and research measures used, and the reliability and generalisability of related research findings. The limitations and inconsistencies identified are expressly addressed through three propositions, providing a framework to establish the financial (micro) and economic (macro) benefits of entrepreneurship. We argue the integration of accounting and entrepreneurship provides a useful and necessary framework to substantiate an association between entrepreneurship and financial and economic benefit by incorporating clear financial measures such as revenue, profits, cash flow and return on investment.