Accounting For Small Business Owners: Learn the Basics and Principles of Accounting (Even for Complete Beginners)

Accounting is probably your least favorite activity as a business owner, but it's one of the most indispensable aspects of a successful business.

Knowing if you're making money is the only way to know if you can stay in business--and doing your accounting is the only way to know if you're making a profit.

Money is the lifeblood of any business. It's what keeps it running, what it's working towards, and why it exists in the first place. Accounting makes sure every single cent of that money is tracked and taken into consideration.

In tracking your finances, accounting can help you do the following:

• Determine profitability and financial position
• Track income and expenses
• Detect and deter fraud by employees
• Plan where to best allocate your resources to gain the highest return
• Evaluate your company's historical performance to see if you're growing
• Compare your company's performance against competitors
• Figure out how much tax you need to pay
• Comply with statutory laws and regulations

However, if you're still grappling with how you should tackle accounting, you don't have to figure it out alone.

In Accounting for Small Business Owners, you will be guided through the basics of accounting. Here is just a fraction of what you will discover:

• The fundamental accounting terms you should know and understand so you can properly assess the state of your business
• The available financing options in case you need to supplement your funds, and how to choose what's right for you
• What depreciation is and how it can generate tax savings for your business
• How to read and analyze financial statements to gain valuable insight into your company's performance and potential for growth
• How to project your earnings for any given period by using this basic accounting principle
• The #1 mistake you might be tempted to do that may invite IRS scrutiny and bring you unnecessary headaches
• Fun and practical exercises you can do after every chapter to apply what you learned and check your understanding of each topic
• BONUS: A checklist of all the things you need to do to stay up-to-date and organized in managing your finances

And much more.

Even if you plan on hiring an accountant or relying on the advanced software available in the market, it is still important to know the basics of accounting.

An accountant or a software will manage the filing, bookkeeping, and reporting, but understanding what this means for your business is something only you can do. In the end, an accountant may be able to advise you, but it is up to you to make the final business decision.

By knowing what the numbers mean, you can then make smart, informed decisions based on hard facts. It will also allow you to ask precise questions about the direction your business is taking, and what the next power-move should be.

It's not as glamorous as bringing in millions of dollars in sales, but doing your accounting right can help you make sure you don't lose those millions.