How can I learn business accounting quickly and cheaply?

[Volpina Vance]

<br><br>I want to start another business, and suddenly my skill set is sorely lacking.

What are your recommendations for a crash course method of learning business accounting? I'd love to receive input from a variety of sources.

I'm familiar with this Lifehacker page and can Google as well as the next person, but I'm really hoping for more focussed recommendations - anything that can make my search easier.


Thanks in advance!

 

[take8easy]

<br><br>I want to start another business, and suddenly my skill set is sorely lacking.

What are your recommendations for a crash course method of learning business accounting? I'd love to receive input from a variety of sources.

I'm familiar with this Lifehacker page and can Google as well as the next person, but I'm really hoping for more focussed recommendations - anything that can make my search easier.


Thanks in advance!

The best thing would be to hire an accountant. You are going to need one anyways to file your annual reports and taxes. He/she can train u best as you go. For software, I would strongly recommend QuickBooks.

Good luck.

 

[Volpina Vance]

Thanks, guys. That I didn't know to make the bookkeeping/accounting distinction = how little I know.

 

[sybian]

These guys are so right with that advice.
I run several businesses off the Ranch I own, and the bookeeping is enough of a job in itself.
If you run your books well, the accountant bill is inexpensive. At the end of the year, a good accountant thats schooled in taxes ,will pay for himself, get back taxes you otherwise wouldn't be aware of in the first place, prepare you for tax savings in the coming year, and know the limitations on write off expenditures, to keep you from being audited.
I know that when I did my taxes for one business it took me weeks, and it only takes my accountant 8 hours.....And the tax bill for a similar year ,was 7800.00 less when he did it.
I'm not an educated man, but it was obvious to me after seeing that....It was just common sense.

 

[MissingOne]

I agree with those who recommend paying to have the books and accounting done by pros, so you can focus on the core of the business. I'm self-employed, and I could do my books, but it's easier, more efficient, and way less frustrating to have others handle that. I can be earning money while the bookkeeper does the books.

Mind you, an introductory bookkeeping course isn't a bad idea. It makes it much easier to talk to the your bookkeeper and accountant if you understand the basics of what they're doing.

 

[sybian]

^...Yep
It took me years to understand the lingo he was talking....But I'm a slow learner.
Keep in mind that the more money you make, the higher the accountant bill, the less money you make, the less you'll pay the accountant to figure it out...Usually
It should remain relative to the gross income.
I have a small sideline business, other than my cattle, producing a consumable product that would gross from 30 to 45 thousand a year.
I email my accountant the totals of my expenditures making that gross income....He fills in the blanks and writes the stuff off that I'm entitled too...My bill from him is about 650.00 for filing.

 

[take8easy]

Mind you, an introductory bookkeeping course isn't a bad idea. It makes it much easier to talk to the your bookkeeper and accountant if you understand the basics of what they're doing.

That is a very very useful tip. There are so many places that offer these courses (many of them have flexible schedules too). I do have an accounting background and I remember the first subject was Bookkeeping. People often confuse accounting with bookkeeping. Don't underestimate the value of efficient bookkeeping. You should focus on that and let the pros do the accounting part.

T8E

 

[Lo-ki]

That is a very very useful tip. There are so many places that offer these courses. I do have an accounting background and I remember the first subject was Bookkeeping. People often confuse accounting with bookkeeping. Don't underestimate the value of efficient bookkeeping. You should focus on that and let the pros do the accounting part.

T8E

Very sound advice T8E.