We bring you the best content every week on accounting and finance for small businesses, to help you better manage your company.
Launching a company is usually a muddle of craziness. The owner is running between different activities, and trying to keep up with everything on his own. There is rarely an office location these days, which makes it even harder to stay organized in many ways. Those first sixty days of a business are pretty critical.
Making sure that the business owner can focus on growing his business without having to stop to focus on learning accounting.
However, before the business actually launches, it’s critical that the business person makes an investment in accounting or bookkeeping software. There are several that are good options and they vary greatly in price. However, picking one is very important to the long term success of any business venture.
Taking a few moments to set up the right software is important, and will help you in the long term. None of the programs referenced on this website are anything other than easy and intuitive to use. Just the same, give yourself an hour or so to set up the logos, connects securely to bank accounts and other items that could cause a breach of security.
Once you make those connections, you can go on to work and come back tomorrow! The software will set up the data it needs and next all you have to do is make sure you enter cash expenses and revenues. This will help you stay trued up.
Without this arrangement, your business will not be able to look back and determine who gets reporting documents like 1099s.
You will not be able to easily identify the clients who have been the most valuable to you all year long. And finally, perhaps most importantly, keeping your accounting system in a state that allows you to understand the business means you are far less likely to be taken advantage of.
Here’s James White take on the importance of bookkeeping for every small business:
When first trying to undertake an education in accounting, there can be a few different places to start. Depending on what your focus has to be, the starting place can make a lot of difference! Determining what your goals are for your accounting education, and how you will apply that information in the future, is part of what makes for a successful learning plan.
For a person who doesn’t have a background in accounting but knows they will need to approve payables, understand general ledgers and other reports, and collect on receivables ledgers in the future, there are great online courses at no costs.
The Accounting Basics series at AccountingCoach.com is one of the best programs to give a thorough but unintimidating overview that we have ever seen.
They also have enough ancillary content that if something is confusing, you will be able to research it and learn more right there on the same site.
The Wharton School also offers an Introduction to Financial Accounting course over at Coursera.org.
Available through courser, the content is spectacular and high level. If the necessity is an overview and broad understanding of a lot of different aspects of financial literacy, this is an excellent course to take. Learning to analyze business statements and financial reports is an important skill this course covers.
Accounting standards, compliance and how those items impact reporting and ethics decisions and management bonuses are also discussed. Students will learn how to make sure their transactions are recorded in the three main modules – General Ledger, Accounts Payable and Accounts Receivable – and are reported on the three main reports – Income Statement, Balance Sheet, and Cash Flow Statement.
Alternatively, there’s also ALISON. It provides both diplomas and certified accounting learning tracks in its online study platform. The claim ALISON has to fame is that it’s free online learning. The platform is easy to use, reliable and is focused on helping people develop worthwhile workplace skills. The platform has served over five million people so far, and counting.
All of these are great options to get you started. Please let us know below which one you liked the best, we love hearing from the community.