Basics of Accounting for Small Business Owners [by a CPA]

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Learn the basics of small business accounting from a CPA. Today you will learn the role of accounting in small businesses.

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As Warren Buffet says, accounting is the language of business.

He and other smart entrepreneurs use accounting to make investment decisions and decisions to grow the companies they invest in.

But interestingly, many small businesses often neglect their bookkeeping until tax time, or don't do it all.

9 out of 10 small businesses that fail fail due to financial mismanagement of their business.

Their financial mismanagement can cause them to fail to make decisions to grow their business, meet financial obligations such as paying employees or their rent, miss tax deductions that can save them money, or miss their taxes altogether pay.

Look, I get it. As a CPA who studies and practices accounting, I know accounting isn't the most exciting thing in the world. And that's probably not why you decided to start your own business.

You probably have a really good product or service that you are very passionate about. And your offer will delight customers and beat the competition.

However, eventually you will be confronted with the reality of accounting. And it's best that you are prepared for it now so that you don't suffer any consequences later.

That's why in this episode I'm going to simplify the basics of accounting for small business owners.

Overview:

Introduction: (0:00)
What is accounting?: (2:02)
Why is business accounting important?: (2:30)
The Small Business Accounting Process?: (5:17)
Small Business Accounting Summary: (14:01)

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Disclaimer: The information in this video is for informational purposes only and is not intended to substitute for professional legal, accounting, or financial advice. If you have any legal questions about this video or the topics discussed, or any other legal matter, you should consult an attorney or tax professional in your jurisdiction (i.e., where you live).