Even if you hate numbers, this free guide will help you stay on solid financial ground.
Do you hate numbers? You’re not alone. Most of us go into business to pursue what we do best, and that’s not usually tracking paperwork and crunching numbers. But basic accounting skills (just like all the other hats we wear as business owners) are a key component of running a successful business.
What falls under the umbrella of “basic accounting skills”? Things like budgeting, recording business income, monitoring cash flow, managing accounts receivables and collections, payroll management, and even tax preparation.
With basic accounting skills, you can also more easily get an accurate picture of how your business is doing, whether your finances are trending positively, and what financial decisions you might need to make in the future. These skills are also important for preparing taxes correctly and longer-range financial planning that will help your business succeed and grow.
But, as your business grows, these basic accounting functions take on a complexity of their own. Something as seemingly incongruous as collecting payments from clients can become a major factor in business survival. When surveyed, 51 percent of small business owners (SBOs) said that it’s their top accounting challenge. Payroll preparation is another arduous task; 50 percent of SBOs outsource this function to an accountant.
Tactical accounting tasks aside, with so much to do and little time and propensity for number crunching, it also gets harder to make informed decisions based on what your numbers are telling you.
With these challenges in mind and to help you navigate this difficult topic, I teamed with Fundbox to develop this Ultimate Guide to Accounting for Entrepreneurs Who Hate Numbers.
In this easy-to-read ebook, we explain the basics, such as key accounting terms you need to know and accounting concepts you should understand. We also talk about when is the right time to work with an accountant, what an accountant can do for your business (and what they can’t), and tips on how to find and work with the right accountant.
In this guide, you’ll learn:
12 Accounting Terms Every Owner Should Know
Which is the Best Accounting Method for Your Business?
What an Accountant Can Do for Your Business…and What They Can’t
How to Find the Right Accountant for your Business