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Publisher's Summary

Do you need to better understand basic accounting principles? Are you a small business owner who wants to take control of your financial accounting?

Are you usually confused by the reports that your accountant prepares for you? What if I told you that understanding GAAP, financial statements, and ledgers isn’t as hard as it sounds?

I can teach you everything you need to know about small business accounting basics while keeping it simple enough for anyone who is not comfortable crunching the numbers. It’s vitally important that you understand the financial dealings of your business so you can keep tabs on your money. Of course, you started your business because you wanted to make money! No entrepreneur wants to lose money or lose track of their finances. You can avoid undue interest payments, tax penalties, and excess fees by understanding simple business financial accounting.

In my book, DIY Small Business Accounting the Easy Way, you will start by learning the basics of accounting, such as maintaining the general journal, specialty journals, and the general ledger. Don’t worry, this is not a college textbook. I will show you what you need to know in easy-to-understand, conversational language. I came from an extensive accounting background, but that doesn’t mean that everyone understands the basics.

I have been an accountant for many years. In my time, I have helped small business owners to not only deliver the financial analysis and statements that they needed to effectively run their business, but I also always felt that those business owners should be taught how to make the most of my number crunching. I have personally taught dozens of small business owners how to create, read, and use the information I was presenting to them in financial statements.

In my book, you will advance your skills by learning to prepare financial statements. I will show you how to break down the meaning and contents of each financial statement systematically. This book has explained the information regarding these statements in a simple manner. I have outlined their benefits, uses, and methods of preparation for each statement.

After understanding your financial statements, I will ensure that you have a close look at accounting rules and analytical tools. You must learn to stay within the prescribed accounting boundaries for all your accounting duties (GAAP). Furthermore, you must learn to use analytical tools to be able to benefit the most from your financial statements.

Here is a quick look at what you will learn in this book. As I said, I have written this manual in casual language so that anyone who doesn’t already have an accounting background can understand it.

  • Types of accounting
  • Importance of bookkeeping
  • A comparison of accounting and bookkeeping
  • Definition of accounting terms
  • Accounting methods
  • Understanding subsidiary books of entries
  • General journal vs. general ledger
  • What a trial balance is
  • How to prepare financial statements
  • How to interpret financial statements
  • The four principles of financial accounting
  • 12 concepts of GAAP
  • What the accounting equation is
  • Analysis tools used in accounting
  • Accounting software pros and cons, so you can choose the best one

Finally, I will take you through some homework. I guide you through a real-world example project that will enhance your skills and allow you to practice what you know before you dive into your own accounting.

©2020 Lost River Publishing House (P)2021 Lost River Publishing House

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