Knowing the basics of accounting is fundamental to starting and managing a successful business. As the decision-maker for your business, you should understand financial reporting statements to make educated decisions, even if you hire someone to do your accounting.
By learning accounting principles, you can manage costs, capture earnings, understand cash flow and balance your budget, which are critical to the success of your business, no matter the size. Understanding fundamental accounting concepts can also help you in many other occupations and volunteer roles. You may even use the techniques you learn to manage your family finances.
"Introduction to Accounting" includes the following information:
- Defines and describes accounting and explains its importance to your business
- Explains the importance of accounting principles
- Describes the three basic financial statements for keeping track of your money — the balance sheet, the income statement and the cash flow statement
- Provides financial statement templates and instructions to get you started
Discuss your financial statements or any accounting questions you have with a business mentor, coach, banker or other experienced professional advisor. The Small Business Administration has a wealth of resources to assist you in starting your own business. The Entrepreneurship and Self-Employment section of MySECO can also provide you with helpful tips and resources for starting and building your business.
Visit SBA Local Assistance to locate SBA district offices, Small Business Development Centers, Women's Business Centers and SCORE volunteer networks. Mentoring for military spouse business owners is available through Blue Star Families programs.
Investigate accounting courses through a local university or online. Check with your installation employment assistance program for adult education courses in accounting. Call a career coach at 800-342-9647 to review your education options or discuss any aspects of starting a business.