How to learn accounting on your own

Accounting is a very meticulous recording of all the financial transactions. It is a very curious process which requires you to succeed in business. The large businesses will usually employ a sizeable department to make sure that they are managing their own finances better. There are certain tips that can help you get started.

Understand the difference between bookkeeping and accounting

Bookkeeping and accounting are terms often used interchangeably. The skills and responsibilities required to be different. Try to keep a better record of sales to make sure that you have your day to day work completed on time. Also, make sure that you can create and analyze financial statements which requires accuracy and proper reporting.

Become familiar with creating spreadsheets

This is one of the most valuable way to keep the track of numbers in a graph. This creates you to have a proper finance spreadsheet. All you have to do is learn the basis, to help you create a good spread sheet. If you want to brush up on your accounting skills, pearson myaccountinglab answers is your best solution.

Read books on accounting

One of the best ways to learn accounting is to make sure that you can read up on as much as you can. Start with an entry level books which can be a stepping stone for you. This gives a very good information which is well researched and informed.

Practicing accounting basics

This is one of the easiest ways to make sure that the knowledge you have gained can come to good use. Try understand certain steps and you be able to record your transactions much better.

• One of the best ways to make sure that you have the right transaction is to make sure that you understand dual entry bookkeeping.
• Generally these dual entry records can be made by practicing debits and credits.
• It is a better idea that you start with a general ledger where you can record any transaction.
• Try to understand the type of trade which will give you a better idea into the right payment.

Learn financial statements

Learning financial statements will reflect on your current account and healthy of the business. These Financial statements are created to make sure that the information contained is not lost.

• Learn how to create an income statement and record the profits from the revenue, expenses, etc.
• A balance sheet is important to make sure that your business is moving according to the plan.

Generate a statement of cash flow to make sure that you are creating a good financial activities over a specific period of time.

Perhaps you’ve got a small business going and now you’re wondering if you can handle the accounting all by yourself. Follow these 5 steps as a guide to accounting success.

NOTE: FreshBooks Support team members are not certified income tax or accounting professionals and cannot provide advice in these areas, outside of supporting questions about FreshBooks. If you need income tax advice please contact an accountant in your area.

1. Open a Business Bank Account

You want to keep your personal and business banking separate. This may not seem critical at the beginning, but down the road, it will save you a lot of time when you have more business transactions to manage. Banks offer a wide range of accounts specifically for business, some are designed for very small companies that have few or no employees.

Before you visit a bank to open an account, best to consider your finance needs first. Look at how many transactions you’re going to have in a month and compare that with what the bank will charge you. If you’re a small business with few deposits or expenses, it may be worth considering an account that charges you per transaction. Some banks have business accounts that will waive the monthly fee if you carry a minimum balance from month to month. You’ll also want to make sure you choose the overdraft protection option for when you need it.

In your meeting with the bank representative, don’t get distracted by offers of business credit cards with rewards or other incentives that are designed to get you to sign up. You can consider them but decide if they are worth the extra costs involved. What you really want to know is if this bank will offer a convenient service with easy online tools, at a reasonable price, and will be able to help you in the future with loans or extra credit if you need it.

2. Establish a Bookkeeping System

Are you going to go with a single entry system of accounting or a double entry?

A Single Entry System of accounting is a form of bookkeeping in which every one of a company’s financial transactions is recorded as a single entry in a log. This process is usually used by new small businesses because of its simplicity, cost effectiveness, and the fact that it requires no formal training.

A double entry system requires a much more detailed bookkeeping process, where every entry has an additional corresponding entry to a different account. Consider the word “double” in “double entry” to stand for “debit” and “credit”. The two totals for each must balance, otherwise there is an error in the recording.

A double entry system will provide complete records and allows for the creation of proper financial statements. There are many software options available today that make a double entry system of bookkeeping easier to manage.

3. Categorize Your Expenses

Categorizing expenses will be helpful in keeping your company organized, for budgeting purposes as well as totaling the expenses that can be written off at tax time.

Popular category headings you can create include:

Meals & Entertainment Expenses

Rent, Utilities & Phone

Due to the introduction of the Tax Cuts and Jobs Act by the Trump administration in late 2017, the laws regarding tax deductions for meals and entertainment expenses for businesses in the United States have changed. Business owners can still deduct 50% on meals if the expense meet certain conditions. Entertainment expenses, such as sporting events or concerts, no longer qualify. The act went into effect on January 1, 2018.

Looking for resources to help you manage your business during COVID-19?

4. Establish a Budget

Now that you’ve categorized the expenses for your business, determine your budget for the year. This is particularly important if you have employees authorized to make purchases on behalf of your company. This is so that they understand your expectations and don’t overspend.

Determine a total figure, then break it down and assign amounts to the categories listed in the previous section. It is very likely that in the first year or two of business these numbers will need to change a lot. But establishing a budget at the outset gives you a great place to start, informs your staff of spending limits and allows you to better plan for the future.

5. License Accounting Software for Invoicing and Payroll

Invoicing and Payroll are two of your most important accounting processes. Let’s have a look in detail.

Invoicing

You will want to ensure that you have a proper system in place for invoicing. The cash your business will generate from invoices paid by clients is what will keep your company going.

Today there are software and app solutions that will allow you to build a templated invoice with your company’s standard information. This software will automatically generate a new invoice number every time you create an invoice, set payment terms and notify you when a client’s payment is overdue. The top ones offer online or phone support too. Read over the first invoice you issue a few times before you submit it to the client, to make sure it’s a good template going forward.

Payroll

Payroll is simply the process by which you pay your employees. A reliable payroll process is important for two reasons. The first is that depending on the size of your business, it could be your largest regular expense. The second is that a proper payroll system will keep the employees you hire satisfied. If you do not pay consistently and accurately, employees will look for work elsewhere. Getting a payroll system in place at the outset can save you years of grief.

Typically, a payroll system will deduct taxes from each check before the employee is paid. These taxes include Social Security, Medicare and federal and state income taxes (some states, like Florida, do not deduct income tax).

Because payroll can be a time-consuming process, most businesses today use a software system that handles the tax deductions and directs the net amounts into employees’ bank accounts automatically. Depending on the software, some systems can also calculate wages for hourly paid staff, and generate summaries based on the business owner’s needs.

Other Considerations for Doing My Own Accounting

The tasks of an accountant vary but typically they oversee and work in the following areas: data management, financial analysis and consultation, financial reports and regulatory compliance. What we have outlined above is the basics for being your own small business accountant, but you may find you will need to contact and enlist the help of a professional accountant as your business grows.

You will need to open a business bank account, establish a bookkeeping process, categorize expenses, establish a budget and license accounting software.

Published Saturday, Jan. 27, 2018, 1:41 pm

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It is a known fact that the easiest way to learn anything is through practice. Accounting is a very important procedure for businesses whether it is a big business or a small business. Businesses that are big may require more than one employee to record the massive financial information and settlements of the businesses. For small businesses, they do not require many employees. A bookkeeper is enough or even the owner of the business is able to manage and record their own financial transactions. Therefore, having this accounting skill is important. This article will review ways in which one can learn accounting on their own.The first step one should make is being informed on the basic concepts of accounting and learning about the 10-Ks.

These Basics of Accounting Include

• Book keeping. In business, there have to be transactions. These transactions have to be recorded in a system. This can lead to the creation of several accounts. Therefore, one also has to be conversant with dual entry.
• Creating spreadsheets. This helps accountants to keep records of numbers in graphs and charts. They can also do their calculations using the spreadsheet.
• Debiting and Crediting. If there is dual entry, debiting and crediting has to be done.
• Ledgers, financial statements, balance sheets, income statements and cash flow statements. All these are some of the important concepts in accounting. One has to learn how to create them as well as how to maintain them.

The concepts above are commonly applied in accounting. One can learn them by;

1. Reading Accounting Books

Accounting books can be found in the library, in the book stores and even online in sites like Amazon, eBooks, and Text Book Centre.

Some of the best books to learn accounting with are;

• Intermediate Accounting written by Kieso, Weygandt, and Warfield. This book teaches one to leverage programs of accounting that are used each and every day in accounting like GLS and Excel.
• Principles of Accounting written by Needles, Powers and Susan are also a great book to use. It uses illustrations that are applied in real situations to teach the accounting principles and this helps a learner to think censoriously. A learner is able to know how some of the decisions made in businesses lead to the different financial statements that these businesses record.
• Financial & Managerial Accounting, The Basis For Business Decisions written by Jan Williams, and Mark Bettner is also a great accounting book. It expounds on the basics of accounting. It also covers in length accounting standards like Financial Reporting Standards (IFRS).
• It is also important to be aware of the common mistakes and errors that are made in accounting. One can get this information from these two books; Financial Fine Print written by Michelle Leder, and Financial Shenanigans written by Howard Schilit.

2. Registering for Online Accounting Courses

One can also opt to register for accounting courses and be taught accounting by skilled professionals. Learning accounting from online classes saves one’s time and also extra costs.

3. Use of Softwares

One can also use accounting software to learn accounting on their own. They only need to download a software, sign up for it and then use it with any company of their choice. Some of the best softwares include QuickBooks, Zoho Books, Accounting By Wave, and Dynamics. Learning accounting using software is faster than reading accounting books.

In conclusion, the options discussed above are some of the methods that one can use to learn accounting on their own at the comfort of their homes. It saves one’s time and also expenses. The more one practices accounting, the more they perfect their accounting skills.

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Start-a-Business 101: Learn how to start your own business.

The field of accounting offers plenty of opportunities for advancement, and many accounting professionals consider opening their own practice to be the pinnacle of their career efforts. If you’re seriously considering opening your own firm, there’s a variety of aspects you need to keep in mind and challenges you should be prepared to face.

Which Type of Practice is Right for You?

You’ll need to determine which type of practice is best suited towards your resources and aspirations. If you’re hoping to start an accounting firm from scratch, you’ll get to avoid the frustration, headache, and legal vulnerability that you might encounter through legacy issues. These can include issues with your former employer, problems with pricing schemes and issues with old software.

For some, it can be too difficult to start from scratch, so many choose to go into part-time practice. This involves picking up side clients outside of your current employer. Generally, this is a good period to feel it out and determine if running your own practice is actually what you want. You may also consider buying a practice that comes with its own set of clients; however, this option has its drawbacks. Because this option is so tempting, there is often fierce competition, which can make this an extremely expensive endeavor.

Consider the Requirements

The requirements for opening your own practice vary by state, but accreditation as a CPA is vital in most states. You may also need to purchase a business license, and check in with local rule-making bodies to determine whether there are any particular requirements may apply to the services you plan to offer. There are also zoning stipulations to consider; whether you’re opening your firm in your own home or leasing a space, ask your local governances about any legal issues regarding use of the space.

Taking Costs into Account

Make sure you have the right financial resources before embarking on this endeavor. While the overall startup costs of an accounting practice are dependent on your area, clients, entry strategy, and goals, it can cost upwards of $50,000 to start your own firm. Begin by looking at your revenue goals, and then determine where your office should be located. Whether you work from home, use shared office space or invest in an entire office, consider what your clients will prefer and what you can actually afford.

Understanding the Ideal Roster

If you’re looking to hire employees at the onset, understand that you’ll likely want to look towards those just entering the field who are looking for qualified experience. Many who start their own accounting practice find they can’t afford the salaries of multiple employees, especially those who come with their own certifications.

Generally, it’s best to hire young professionals; you can invest in their abilities, train them in the necessary functions, and, most importantly, be able to handle their salary needs on your startup budget. You can also choose to invest in their abilities, grooming interns into professional employees that do your company a great service. Consider encouraging employees to pursue their CPA certification by purchasing courses from a site like Beatthecpa.com. Pay for their exam fees, and offer promotions and salary hikes for those who do. Because the accreditation process can take several years, you’re investing in your business’s long-term future.

Embrace Technology

Long gone are the days of seeing accountants hunched over at their desks, scratching away furiously with ledgers, pens, and paper. Technology is the future, and you’ll find it’s essential that you embrace advanced software options in order to remain abreast of the trends in the industry.

As more technologies are introduced to the world of accounting, the landscape of the field is shifting. As you hire, it’s important to consider the technical aspects of the position, and you’ll want to invest in related technology courses for your existing employees who don’t have experience in accounting software or cloud computing.
Starting your own accounting firm is a road rife with obstacles and challenges, but with the right strategies in place, a bit of foresight, and plenty of tenacity, you’ll be well set for success in your own practice.

Accounting, the study of sales, overhead, and purchases, is considered the lifeline of all businesses. However, since it involves numbers and formulations, it can be quite tough to learn for some students, even for some professionals. If you need to learn accounting, you need not spend a lot of money over refresher courses and lectures anymore. You can learn now learn it online – free of cost – with these top 10 online resources:

1) MIT Open CourseWare

With the MIT Open CourseWare (part of MIT’s MOOC experiment), you can learn from one of the best American universities without having to apply for student loan. The website offers several accounting courses, right directly from the professors of the institute’s esteemed Sloan School of Management. Courses include Introduction to Financial and Managerial Accounting, Management Accounting and Control, to name a few. Resources range from lecture notes and assignments to solutions and examinations.

2) NJIT Open CourseWare

Like that of MIT, the New Jersey Institute of Technology also offers free accounting lessons through its own Open CourseWare website. The course, Acct 615, was created by Dr. Asokan Anandarajan. It offers important accounting concepts for effective decision-making. NJIT has a total of 17 lectures, all delivered through interactive video lessons. The website includes courses on basic accounting concepts, accounting equations, accounting laws and regulations, analysis of financial statements, internal decision making, transfer pricing and performance measurement, to name a few.

3) The Open University

The Open University’s Money and Management section, aiming to fulfill its commitment of providing distance learning for all, features free accounting lessons for people from all walks of life. The website offers a wide range of course, from fundamentals, such as introduction to bookkeeping and accounting and financial accounting, to more complex studies such as accounting for strategy implementation, development of financial practice and management accounting, among many others. These lessons are delivered through lectures, course materials, and videos.

4) Accounting Coach

Accounting Coach is the best website for both students and professsionals, as it offers more than 1,000 lectures on the concepts of accounting. Founded by accountant Harold Averkamp in 2003, the website makes learning fun and easy with its practice questions, interactive drills and puzzles, all of which are warranted with immediate feedback by online instructors. Lessons featured in the website include accounting basics, equations, balance sheets, payroll accounting and standard costing, to name a few. Accounting Coach also features a blog where users can post questions and have their queries addressed instantly.

5) Coursera

Coursera offers a wide array of free online courses, with lessons coming from academicians from respected schools. Its Introduction to Financial Accounting course, which lasts 10 weeks, comes from Brian J. Bushee of the University of Pennsylvania’s Wharton School of Business. The comprehensive syllabus features concepts about balance sheets, cash flows, working capital assets and deferred taxes, to name a few. Lessons are usually delivered through interactive lectures and case study videos, which are followed by short homeworks and examinations.

6) Small Biz U

Small Biz U is an informative website hosted by the Kutztown University of Pennsylvania. It paves the way for distance learning with its easy-to-learn accounting lessons, all presented in attractive Powerpoint slides. Small Biz U covers everything you need to know about the fundamentals of accountancy, as well as sales accounting, cash sales, loans, income statements and accounts payable, to name a few. After going through the slides, you can test your knowledge by taking three quizzes, all of which cover the different chapters of the lecture.

7) Simple Studies

Another great website where you can learn accounting for free is Simple Studies, which focuses on all the aspects of bookkeeping. It offers tutorials and articles, as well as a dictionary for complex terms. With Simple Studies, accounting is definitely made easier. Unlike other websites, Simple Studies revolutionizes accounting with its bookmark topics, checkpoint questions, test questions and study notes. You can even track your progress with the use of the website’s study dashboard. After the completion of the lesson, you can get an accounting certificate as a proof your mastery on the concept.

8) Principles of Accounting

Principles of Accounting is a repository of knowledge for those who wish to learn financial and managerial accounting. The website features seven categories: the accounting cycle, current assets, long-term assets, liabilities and equities, using information, managerial and cost, and budgeting and decisions. Apart from textbooks and supplemental lectures, the website also provides video lessons through its same-named YouTube channel. Additionally, the website offers supplemental learning for students and professionals and transferable college credits that give learners an opportunity to enroll in the Utah State University – John Huntsman School of Business, should they wish to further their studies.

9) Accounting World

Accounting World provides you with all the information that you need to know about accounting and its related disciplines. The category Accounting Explanation covers many topics, such as introduction to accounting, bank reconciliation statement, accruals, prepayments, and capital and revenue expenditures, to name a few.

If you have any questions, you can post your queries in the site’s Q&A section. You can learn more about accounting abridgments in the abbreviation section. Truncations for business and stock exchange are available as well. Finance and accounting formulas, time values of money tables, and a list of accountancy governing bodies are available for access, too. After browsing through the lessons, you can test your proficiency by taking Accounting World’s exams. The website also offers job openings for qualified applicants.

10) Miss CPA

Miss CPA is another efficient accounting website you ought to visit. It provides lessons and lectures that can help students, bookkeepers, and accounting professionals learn more about the important concepts of accountancy. Miss CPA offers a treasure trove of number knowledge. It covers the fundamentals of accounting, such as bookkeeping, managerial accounting, financial accounting, business and finance. Apart from tutorials and articles, the website also features illustrations and exam questions which can help you learn the basics immediately. Apart from lessons, Miss CPA also makes recommendations of the best books to learn accounting.

Options for Learning Accounting

If you simply want to gain an understanding of basic accounting principles, you might consider stand-alone courses. If you would rather pursue accounting as a career, you’ll need to earn a certificate or degree.

Individual Courses

While stand-alone courses are offered at 4-year universities, you may be able to take courses at a community college without completing an entire degree. You can also learn the basics of accounting by checking out the following Study.com course:

Certificate and Associate Degree Programs

Certificate programs can be completed in as little as one year and generally prepare graduates for entry-level employment as bookkeeping or accounting clerks. While prerequisites aren’t common for undergraduate certificate programs, those designed to update individuals’ accounting skills may recommend previous accounting courses. In addition to accounting coursework, these programs can include topics in business and computer information systems. Similar courses and career outcomes are also available through associate degree programs in accounting, which take around two years to complete.

Bachelor’s and Master’s Degree Programs

Bachelor’s degree programs are for students interested in working as accountants or auditors and may be offered in accounting or as a concentration within a related major, such as business. Some programs offer further concentrations within specific areas of accounting, like financial or managerial accounting.

Earning an accounting degree can also prepare students to earn the Certified Public Accountant (CPA) designation. According to the American Institute of CPAs, many states now require 150 hours of coursework to sit for the CPA exam. This often makes enrolling in graduate-level coursework necessary.

Master’s degree programs in accounting are typically two years in length. These programs may include a mixture of finance and business coursework to supplement the accounting courses. Unlike bachelor’s degree programs, master’s degrees offer more flexibility, especially with electives.

To get an idea of the topics that might be covered in one of these programs, check out the following course:

Image by Daniel Fishel © The Balance 2019

Bookkeeping in a business firm is the basis of the firm’s accounting system. Bookkeepers are responsible for recording and classifying the accounting transactions of the business firm and techniques involving recording those transactions.

If you are a small business owner, you either have to set up your own accounting system or you have to hire someone to set it up for you. If you are self-employed and it is a one-person business, you will do it yourself. If you are hiring staff and anticipate a lot of growth, you may hire a controller to handle your financial management and accounting. If your business is going to grow but you anticipate slow growth, you may simply hire an accountant or bookkeeper to handle the accounting system.

Accountant vs. Controller

Where the bookkeeper records and classifies the financial transactions of the company, the accountant takes the next steps and analyzes, reviews, reports, and interprets financial information for the company.

The controller is actually a company’s chief accounting officer. He/she is responsible for setting up and maintaining the company’s accounting system. The controller is responsible for financial and managerial accounting; in other words, responding to the firm’s accounting data in an appropriate and responsible manner. A controller is usually hired as a business gets larger.

Bookkeeping With and Without a Computer Program

This tutorial on bookkeeping teaches you basic bookkeeping without using a computer program. Why do you need to know that since there are so many computer programs out there you can use? Have you ever heard the saying, “Garbage in, garbage out?” You have to understand the basic bookkeeping behind what you enter into the computer program in order to enter in the correct information. A later tutorial will deal with using a computer program to handle bookkeeping for your business organization.

Should You Use Single or Double Entry Bookkeeping?

Single-Entry bookkeeping is much like keeping your check register. You record transactions as you pay bills and make deposits into your company account. It only works if yours is a small company with a low volume of transactions.

If your company is of any size and complexity, you will want to set up a double-entry bookkeeping system. Two entries, at least, are made for each transaction. A debit is made to one account, and a credit is made to another accounting. That is the key to double-entry accounting.

Should You Use Cash or Accrual Accounting?

One of the first decisions you have to make when setting up your bookkeeping system is whether or not to use a cash or accrual accounting system. If you are operating a small, one-person business from home or even a larger consulting practice from a one-person office, you might want to stick with cash accounting. If you use cash accounting, you record your transaction when cash changes hands. Cash can be anything from actual money to electronic funds transfer. Sometimes firms start their business using cash accounting and switch to accrual accounting as they grow.

If you are going to offer your customers credit or if you are going to request credit from your suppliers, then you have to use an accrual accounting system. Using accrual accounting, you record purchases or sales immediately, even if the cash doesn’t change hands until a later time, such as in the case of Accounts Payable or Accounts Receivable.

The Basics – Understanding Assets, Liabilities, and Equity

Before you set up your bookkeeping system, you have to understand the firm’s basic accounts – assets, liabilities, and equity. Assets are those things the company owns such as its inventory and accounts receivables. Liabilities are those things the company owes such as what they owe to their suppliers (accounts payable), bank and business loans, mortgages, and any other debt on the books. Equity is the ownership a business owner, and any investors have in the firm.

Balancing the Books

To balance your books, you have to keep careful track of these items and be sure the transactions that deal with assets, liabilities, and equity are recorded correctly and in the right place. There is a key formula you can use to make sure your books always balance. That formula is called the accounting equation:

Assets = Liabilities + Equity

The accounting equation means that everything the business owns (assets) is balanced against claims against the business (liabilities and equity). Liabilities are claims based on what you owe vendors and lenders. Owners of the business have claims against the remaining assets (equity).

Initial Bookkeeping Terms Related to the Accounting Equation

Let’s take a closer look at assets, liabilities, and equity so you will have a complete understanding of what comprises each one.

• Assets: If you look you look at the format of a balance sheet, you will see the asset, liability, and equity accounts. Asset accounts usually start with the cash account and the marketable securities account. Then, inventory accounts receivable, and fixed assets such as land, buildings, and plant and equipment are listed. Those are tangible assets. You can touch them. Firms also have intangible assets such as customer goodwill.
• Liabilities: The liability accounts on a balance sheet include both current and long-term liabilities. Current liabilities are usually accounts payable and accruals. Accounts payable are usually what the business owes to its suppliers, credit cards, and bank loans. Accruals will consist of taxes owed including sales tax owed and federal, state, social security, and Medicare tax on the employees which are generally paid quarterly.
• Equity: The equity accounts include all the claims the owners have against the company. The business owner has an investment, and it may be the only investment in the firm. If the firm has taken on other investment, that is considered here as well.

Income Statement Basics – Revenue, Expenses, Costs

The income statement, covers revenue, expenses, and costs.

Revenue is all the income a business receives in selling its products or services. Costs also called cost of goods sold, is all the money a business spends to buy or manufacture the goods or services it sells to its customers. The Purchases account tracks goods purchased. Expenses are all the money that is spent to run the company that is not specifically related to a product or service sold. An example of an expense account is Salaries and Wages.

A bookkeeper is responsible for identifying the accounts in which transactions should be recorded. For example, if the business makes a cash sale to a customer and your business uses double-entry bookkeeping, you would record the cash received in the asset account called Cash and the sale would be recorded in the revenue account called Sales. Here is another example of a bookkeeping entry for a cash sale. This one throws in another variable – what the bookkeeper has to do when sales tax is involved.

How to Use Access for Accounting

Creating your own accounting software can be a complicated yet rewarding challenge. The key lies in your initial design and your understanding of basic accounting. If you are weak in your accounting knowledge or lack strong programming skills it will take a little longer to complete this undertaking as you work to get up to speed in those areas.

Ensure you have a basic understanding of accounting. The AccountingCoach website offers some good free tutorials in accounting and they are highly recommended for review. Also, the term accounting software can be very broad. You need to determine which specific modules you need and the order in which you will develop them. For example, you may be developing general ledger, accounts payable and fixed asset modules. You would probably design them at the same time but develop them individually.

Determine your software programming tool of choice. Given the nature of accounting software the underlying table structure will most certainly be a relational database. Agile Data provides a good overview of relational databases. Two common and user friendly programming tools are MS Access and Visual Basic. Either one will work so use the one you are most comfortable with or a different tool of your choosing.

Download accounting system freeware and navigate through the system. These accounting software systems and will have more functionality than you are initially attempting to develop, but it will provide a sense of what basic functionality you will need and what the user will eventually see. Two freeware programs are GnuCash and NCH.

Design and create the control tables you will need. Control tables are those tables that have the values contained in the transaction. Two very generic control tables that all accounting software will use are department and account. For instance, when entering a journal entry part of the data will include department and account and the values available to use will prompt from the linked control tables when a user enters a transaction. Each control table you create will be accompanied by edits controlling the length of the field (for example, six characters) and the data format (all capitals, all numeric or alpha-numeric). Typically these tables will have unique values to prevent duplicate entries of the same field, such as duplicate accounts.

Design and create transactional tables. These are tables will details such as general ledger journal entries. Because you are working with a relational database you will be using a lot of tables with parent-child relationships in transactional tables. An example of this for a journal entry might be tables named JE_PARENT and JE_CHILD. The parent table will include fields such as company, journal number, date, account, department and total debits and credits. The child table will have more details and at least two separate lines, if not more, representing the details of the debit and credit amounts. The child table will contain the parent’s assigned journal number but also add detail line numbers for each sequential line.

Build front-end GUI forms around your tables. In the journal entry example, you would only build one form for the user but it would populate both the parent and child records so the user doesn’t have to know the complexity of the underlying table structure.

Build a table with user ids and passwords. A front-end form for logging into your accounting system should be created.

Build user reports. These will include the basic reports such as Balance Sheet, Income Statement and Statement of Cash Flows.

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Online classes can be a great way to quickly (and on your own time) learn about the good stuff, from technical skills like Python or SQL to basic data analysis and machine learning. That said, you may need to invest to get the real deal.

Below, we’ve outlined some of the highest rated and most popular free, short, and comprehensive courses you can take within the realm of data science—whether you’re looking for a serious deep dive or just a casual overview.

A quick overview of terminology: You’ll probably hear and see the term “machine learning” a lot when researching data science. While the two are closely intertwined, not all of data science (or data science roles) is comprised of machine learning. You may use it in some cases, especially when making predictions, while it’s not necessary for things like visualizing or pulling data.

One other note: In general, knowing SQL is a must for any data science beginner. However, starting with Python can make it easier to transition to other languages.

(Want to learn more about this field before jumping in? Read about why data scientists are so in demand, what you need to be successful as a data scientist, and what to expect in a data science interview.)

Learn Data Science Through. Free Classes

Free is always better! Of course, most of the best stuff doesn’t come for nothing—these courses will be a great base, but you’ll probably want to toss some money into more extensive lessons if you’re serious about a career in data science.

1. Learn Python and Learn SQL, Codecademy

Want a general overview of Python or SQL (two important languages used extensively in data science) before getting in too deep? Codecademy’s free courses are a great way to start learning the basics, for free.

Cost: Free!
Length: 25 hours (Python)/ 7 hours (SQL)

2. Introduction to Data Science Using Python, Udemy

If you’re looking to start at the very beginning, this is a good point of entry. The class covers the general information you need to know—what data science and machine learning are, what a job in data science looks like on a day to day basis, and how Python fits into that picture.

Cost: Free!
Length: 12 lectures (2 hours, 30 minutes)

Learn Data Science Through. Short Classes

You don’t want to spend too much time in front of your computer, and maybe you’re not too serious about data science just yet—but you want to understand the basics. Look no further than these options, which involve less of a time commitment!

3. Linear Algebra for Beginners: Open Doors to Great Careers, Skillshare

Yes, linear algebra is actually super important in data science. If you don’t want to go all the way back to school, this course should do the trick in just a day or two.

Cost: $15 a month
Length: 44 videos (6 hours, 51 minutes)

4. Introduction to Machine Learning for Data Science, Udemy

For a slightly steep price, you can complete a fairly comprehensive beginner course in just three hours—covering topics like AI, machine learning, computer science, and how they all come together.

Cost: $150
Length: 41 lectures (3 hours)

Learn Data Science Through. Comprehensive Classes

Maybe you’re trying to change careers or beef up your resume for a data science role. Either way, you’ll get the whole spiel with one of these classes.

5. Machine Learning, Coursera

According to experts at The Muse (a.k.a., our very own data science team), this is the perfect starting point for learning about data science in a comprehensive format. Taught by Coursera’s co-founder (yes, really), this course will dig deep into machine learning—what it is, how it works, and how you can apply it in a data science job.

Cost: Free to audit/ $79 with certificate
Length: 7 hours a week for 11 weeks

6. Data Science Path, Codecademy

Codecademy’s paths are awesome for a number of reasons. One, they go in depth into a specific field in a structured way, giving you all the tools you need. Two, they’re incredibly practical, helping you apply everything you learn to real-world situations and hands-on projects. Plus, they’re developed by real engineers (in this case, a real data scientist) who know their stuff.

Cost: $19.99 a month
Length: Self-paced

7. Data Science Specialization, Coursera

Similar to the machine learning class but in a longer format, this specialization is meant to cover the whole gamut. It focuses not only on data analysis, but also on the soft skills needed to be a data scientist—like making inferences and asking the right questions.

Cost: $49 a month
Length: 10 courses over 3-6 months

8. Programming for Data Science, Udacity

In addition to covering all the technical basics—including Python, SQL, and Github—Udacity’s “nanodegree program” let’s you work alongside experts and other students to ensure you’re on the right track and get your questions answered.

Cost: $50 a month
Length: 10 hours a week for 3 months

How to learn SAP for free? It is a good question and everyone who wants to find a job in SAP world should be asking this question before considering any paid training opportunities. The official way of learning SAP is SAP training courses provided by SAP Education (a division of SAP that is responsible for training and certification).

However, these courses are quite expensive and not everyone can afford them. Of course there are cheaper alternatives – non-official SAP training institutes that provide SAP training for smaller price. There are two problems with non-official SAP training providers: (1) they are still expensive, (2) there is a high chance of encountering a fraud institute that provides low quality training. So, if you decided that official training from SAP or from third-party institute is not your thing, than what you should do?

How to Learn SAP for Free

How to learn SAP for free? Hmm… Actually, there are many options and we will consider each of them in a separate section.

You should understand that since you don’t pay anybody for conducting the training, you need to be really disciplined and determined in organizing the learning process and achieving your goals because there will be no instructor or teacher who could encourage and motivate you.

Getting Started

It is recommended to first get some basic understanding of SAP for beginners. We published an extensive guide for complete beginners in SAP. It can be an excellent starting point for you:

SAP Websites

There are a million websites that are focused on SAP. The problem is that it is hard to find a good introduction for people who have zero knowledge of SAP and it is hard to find a coherent introduction where one concept builds on the next (training classes we mentioned in the beginning are better for this purpose). Naturally, the following list of SAP websites is not complete, but at least we strove to include all the most popular. It would be nice to update this list if you guys can write your favorite websites in the comments section.

• General overview of SAP ERP modules
  
• The most general introduction (Wikipedia links)
  
• Official SAP websites with documentation
  – the compete SAP documentation, however, somehow difficult to grasp
• SAP community website and SAP forums
  – large SAP forum, which is moderated by SAP employees
  – SAP user groups for various regions of the world
  – SAP section of the huge IT-related forum
  – SAP related forum
  – another SAP related forum
  – social network for professionals, which has many SAP groups and communities
  – it is a good idea to follow #SAP hash tag and other people who tweet about SAP, you can also follow us: 🙂
  – our Facebook group, just in case
• OpenSAP – Open online courses delivered by SAP. The idea of the website is great but it is geared towards experienced SAP professionals that only need to keep up with the latest product updates and new features of SAP program. If you are a complete beginner to SAP, it might be difficult to understand these courses.

SAP Books

Although books are not free, comparing to the cost of SAP training, their price is negligible. Moreover, you can use them later on for reference as well. On our website there is special section where good SAP books are collected and reviewed. Although now we only have SAP SD books, SAP FI books and SAP MM books, our collection will be expanding in the near future.

Overall, it is possible to find a way of how to learn sap for free, without investing a fortune into SAP training. We will continue publication of useful resources that provide information about all aspects around SAP. This article is only beginning 🙂

Hands-on SAP Practice

Besides theoretical knowledge you also need to practice with real SAP systems. Unfortunately, it is not possible to install SAP on a regular personal computer because this system has high hardware requirements. Also, you need to take care about expensive software licenses. The good news are that you can access SAP remote servers (running SAP IDES) for a monthly fee from a number of companies that offer access to SAP ERP servers with some sample business data. While their services are not free, you for sure can find some money to pay for them (they are not too expensive) and do some practice in realistic SAP environments! You can find our reviews of the companies offering access to SAP servers here: SAP IDES access.

Update 1!

We have written a follow-up post about 10 free SAP tutorials available online. They should also be helpful in learning SAP for free.

Update 2!

SAP has launched SAP Learning Hub that provides online access to SAP handbooks. It also has free edition. Make sure to check it out in more detail here: Free SAP Training with SAP Learning Hub.

Update 3!

We’ve launched a number of free courses for everybody who would like to learn SAP. If you ever wanted to learn SAP, this is the best time to join our course and study SAP together with us. The links to the free courses are below.

Maintaining your own financial records – AKA doing your books – can seem daunting when you’re new to it. However doing accounts is an essential part of being self-employed and running your business. Elaine Clark of CheapAccounting.co.uk gives her top five tips on bookkeeping

Keep self employed books from the start

As soon as you set up your business, start recording your all costs and sales you make. Keep receipts for any stock and supplies you have to buy. In fact, you may incur costs before you start up. These can still be deducted from your profits, which will reduce your tax liability.

Start recording everything from day one, keep up to date and make sure you know the dates your accounts, tax, VAT, PAYE, etc are due. Late payments and returns can incur heavy fines and penalties.

Get a bookkeeping system

Set up an accounting system from the start. This doesn’t have to be a sophisticated software package. In fact, you could start with a manual system, but it’s wiser to at least use a spreadsheet or easy accounting system.

If you intend to use an accountant, agree the system with them before you start your business. You will be surprised how much this can save on fees if you use one with which your accountant is familiar or recommends. You may even find that some of them offer a free, ready-made spreadsheet.

Claim for all business expenses

The general rule is, you can claim for any cost incurred ‘wholly and exclusively for business’.

Remember to keep all receipts for your business purchases – even the smallest costs, such as stamps, stationery, bus and train tickets etc. Consider using Pleo, to simplify and manage your business spending.

Record all your business trips and claim for these – even trip to the local post office in your car to send a business letter or parcel. In fact, you can claim for cycling to the post office. The allowed rate for cycling is 20p per mile – so get on your bike instead of using your car.

If you use your home as an office, you can claim for a proportion of your domestic bills – including lighting, heating, internet and telephone charges, even a percentage of your rent or proportion of your mortgage interest (although this can lead to you having to pay Capital Gains Tax if you sell your property).

Whilst there is no exhaustive list available of what you can claim, common sense should prevail when applying the ‘wholly and exclusively’ rule. If in doubt, speak to an accountant.

Get bookkeeping advice

Consider going on a free HMRC workshop. Yes, HMRC does give something away for free – and the workshops are very good.

There should be a free workshop in your area on:

• employer online filing and running a payroll
• becoming self-employed and self assessment for self-employed people
• Construction Industry Scheme
• setting up a limited company
• introduction to VAT
• introduction to international trade

HMRC also provides a free payroll solution, which has everything you need to meet all you employer-filing responsibilities.

Budget for tax

Although you may have made a profit (income minus costs), not all of this money is yours. Obviously, you’ll have to pay some to the taxman. Make sure you budget for this as you go, so you won’t get any great shocks at the end of the year. Open a deposit or business savings account and put money aside for your tax. Saving 25-30% of all income you receive is likely to mean you’ll easily be able to pay your tax bill.

Stay on top of your business spending – FREE trial

Automate your expenses and simplify your spending with a payment card solution from Pleo. No more expenses reports, piles of receipts or out-of-pocket purchases. Set limits, get notified of purchases in real time and seamlessly integrate with your accounting system.

Get a 14-day free trial and only pay £6 per user, per month thereafter.

Q. I want to strengthen my Excel and Word knowledge. Can you suggest some books and/or videos that would assist me with this goal?

A. CPE courses can be a great way to learn how to use Word or Excel, but once you know the core product, mastering the advanced functionality becomes more difficult because most CPE courses on these topics don’t necessarily focus on the advanced functionality you are interested in learning. To top off your Word and Excel knowledge, books and YouTube videos may offer the more efficient avenues for learning about their advanced capabilities, but there are other decent methods as well. Presented below is a list of proven methods for mastering Word and Excel on your own.

1. Explore each product’s menus. My favorite approach to mastering any product is to explore it by walking through every available menu option, setting option, and function key, and asking myself if I fully understand that specific feature (a process I refer to as “eating the product”). If not, I then practice that specific tool/setting/option using the trial-and-error approach to see what happens. If necessary, I continue learning about that specific feature by reading Word’s or Excel’s Help files on the subject to gain a better understanding. I continue this exploratory process until I’ve covered every possible option lurking in the menus, dialog boxes, and settings options. While this approach is very time-consuming, it’s my favorite method because it’s the only one that assures me I have completely covered Word’s and Excel’s every nook and cranny.

2. Read the Word and Excel Help files. Early editions of Word and Excel included indexed help topics that enabled you to read through the entire set of Help files like a book, which was a useful way to explore the product. Unfortunately, newer Word and Excel Help files are no longer indexed, so you can’t read through them from start to finish. In essence, Word’s and Excel’s Help files are now presented in more of a “treasure-hunt” format, in which you are expected to already know the specific topic you want to learn more about (as pictured below). In my opinion, this makes it more difficult to use the Help files as an exploratory learning tool.

3. Read the Featured help topics. Word’s and Excel’s new Help files do offer a few Featured help topics. For example, Excel 2016’s Help file menu includes six featured topics, as pictured below.

4. Word and Excel training. Word’s and Excel’s Help files now include an Explore training ­option, as pictured below. Selecting Explore training launches a menu of topics, which in turn leads to training videos to help you more fully understand Excel’s functionality.

5. YouTube clips. Another good way to learn Word and Excel is to turn to YouTube. It’s often been said that “a picture is worth a thousand words,” but today’s more relevant adage might be “a video is worth 10,000 words.” In this spirit, there seem to be many people with more available time than you or I willing to post detailed Word and Excel training videos online for all to enjoy. While surfing these videos can sometimes be a hit-or-miss proposition, I primarily find YouTube to be a good source for learning how to use any software application better. I can usually tell within five to 10 seconds whether the video will be useful or useless.

6. Educational books. As of June 2017, Amazon listed more than 7,000 Excel titles and another 7,000+ Word titles for books designed to educate you about those products. While I’m sure they all have merit, over the years I’ve found the Que books series (from Pearson Education) to be my favorite book source because advanced tips in text boxes are sprinkled throughout each book’s margins. Reading these advanced tip text boxes alone is usually worth the price of the book.

7. CPE courses and conferences. While a wealth of information can be gained by exploring products on your own, there is no substitute for attending educational courses when it comes to becoming proficient in these two products. Rubbing shoulders with colleagues who share your interest in learning the most they can about Word and Excel has value, and tech-savvy CPAs will likely employ a variety of the above-mentioned learning methods to master these products.

About the author

J. Carlton Collins ([email protected]) is a technology consultant, a CPE instructor, and a JofA contributing editor.

Note: Instructions for Microsoft Office in “Technology Q&A” refer to the 2007 through 2016 versions, unless otherwise specified.

Чему вы научитесь

Требования

This is not your typical accounting course!

Professor Turner has taught thousands of students basic accounting. He has developed shortcuts and analogies to make learning accounting easy. If you want to understand this subject in a simple, fun way then this brief introductory course is for you.

This course will show you the very basics of accounting. You can complete it in about an hour. The course includes videos of the instructor at the whiteboard. You will complete simple quizzes to reinforce what you have learned. This course is intended for business owners, business students, managers or anyone who wants to understand basic accounting. It presents the information in an understandable format. Even if you have taken an accounting course you will find the material insightful.

The course introduces

• The Accounting Equation (One you can understand!)
• Balance Sheets
• Income Statements
• Debits and Credits (And how to know which is which!)
• Why Profit Does Not Equal Cash!

If you have dreaded the thought of learning accounting, this is exactly the introduction you will welcome!

Why should take this course?

You are a business owner. You want your business to succeed and you know that you need a better understanding of how the numbers are put together.

You are a manager. You deal with accounting staff, bookkeepers, owners and subordinates. You hear accounting terms daily but you want to know more about what accounting means.

You are a business student. You dread taking your first accounting course. Or maybe you are in an introductory class right now. It all sounds so complicated. You want to find a simple explanation of what you are trying to learn.

You are an accounting student. You feel that you really did not get a firm grasp of the basics. You would like to start from scratch in an easy to learn format.

Streamline your accounting or bookkeeping practice with QuickBooks Online.

QuickBooks Online is packed with features you’ll love. and it’s free

We’re here to help you grow your practice. Access your very own free subscription to QuickBooks Online to manage your own books.

Your free subscription to QuickBooks Online includes payroll for up to 10 employees. Now you can save time as well as money on payday.

Setting up your own books

Setting up your very own free QuickBooks Online account is really quick and easy. It’s extremely powerful and fully featured but we promise you’ll love its simplicity and flexibility too.

1. Getting started

In QuickBooks Online Accountant, click Home (under YOUR BOOKS) in the left menu

From the Activity Feed, select “Personalise QuickBooks Online” and answer a series of questions to set up your books.

3. Company settings

You can always edit this information by accessing Company Settings from the gear icon.

Import data like your customers, suppliers, products, services and chart of accounts by selecting Import Data from the gear icon.

Managing access to sensitive information

The Practice Roles and Permissions feature enables you to assign tasks to employees efficiently without worrying about sensitive information. Choose from three access levels-full, custom or restricted-to ensure consistent and seamless client service.

Take a quick tour

Get to know how QuickBooks Online can help you manage you practice more efficiently.

The ability to crunch numbers is a valuable skill. As a result, individuals with accounting skills are highly sought after by employers. However, it is not easy to get through an accounting course, as it requires a lot of discipline and hard work. Like with any other field of study, success is dependent on the amount of dedication and work you put in. While studying towards a qualification in accounting, here are a few mistakes to avoid:

1 – Not previewing the material

Preparation is key. All the material that is taught in the course is important, and knowing how it all fits together will play a major role in how you engage with the material throughout the course. Not previewing the material (so that you know what to expect later in the course), and not working through it so that you grasp the concepts, could be detrimental. Always remember that taking good notes will help you in the long run when it comes to revision and examination.

2 – Not learning the terminology

Many fields have terminology that is specific to the industry. Accounting is no different. Not learning the correct terms and what they mean could cause confusion and lead to you not understanding the material you are learning.

“Read through these basic accounting terms, study them and commit them to memory. By the time you finish your accounting degree, they will be second nature to you and you will be on your way to a promising career.” – (Source)

3 – Not asking questions

Nothing is worse than sitting in front of your books feeling confused because you do not understand the work. The biggest mistake you could make is not asking your lecturer or tutor to explain. When you don’t understand something in the coursework, you run the risk of losing interest. On the other hand, your studies become more interesting when you’re fully engaged.

4 – Procrastinating

Procrastination is the thief of time. You can certainly not afford this when studying accounting. Time lost is time you can never get back. You want to do what needs to be done immediately so that you do not lag behind in your course and find yourself rushing through the work to catch up.

Escape the grip of procrastination by setting reasonable goals, sticking to your timetable, ensuring that your environment is conducive to studying, and taking breaks so that your brain can have a chance to work through the material.

5 – Not preparing properly for exams

Many students experience difficulties during the exam period. This is often caused by bad exam preparation or no preparation at all. How you prepare for the exam is as important as the exam itself. You can avoid unnecessary exam stress by ensuring that you:

• Stick to a regular study schedule from the beginning
• Ask for help when you don’t understand
• Learn how to apply the material
• Always make your own notes

6 – Not practising daily

A subject like accounting requires the discipline to constantly keep practising the work. The material you learn throughout the course is often interlinked. You need to get into the habit of going through the work daily so that you understand it and will remember it. Don’t finish a chapter and never revisit it again – chances are, it is likely to come up again in later chapters.

As an aspiring accounting professional, there is no room for mistakes that can be avoided. Remember to engage with your study material from day one. Take good notes, ask questions, and always be prepared for assignments and examinations. And make the most of this time to master your skills in this field.

Click here to start your career in accounting.

How To Use Xero in 13 Easy Steps

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Have you signed up yet?

Xero is an online accounting software designed for small businesses. If you’re new to Xero, then this guide to getting started should help you quickly get up and running.

Here are 13 steps to get you started using Xero to get a better handle on your finances.

1.Watch the ‘Xero Dashboard’ video

The first step to learning how Xero works is to watch the ‘Xero Dashboard’ video, which can be found in the top left corner of your Xero dashboard.

2. Set up your organisation details

If you have a limited company, ensure that you have a registration number and registered office address. This information needs to be displayed on any invoices you issue.

Go to Settings > Organisation Settings to input or update your business’s contact details, including:

• Display name
• Legal / Trading name
• Email
• Registration Number
• Organisation Description
• Physical address
• Registered address
• Organisation type
• Phone and fax numbers
• Logo
• Website

3. Set up your financial settings

• Financial year end: this will ensure you to have the right year-end for your reports
• Sales Tax / VAT Details: VAT scheme (flat, cash or accrual rate), VAT number and VAT period

4. Add your company’s branding

Next, you can set up your invoices with terms of payment, contract, and logo. To set up various branding schemes, go to Settings > Invoice Settings

Nailing down your terms of payment can help you to improve your cash flow. Having shorter payment terms can help you to get paid earlier.

5. Set up your chart of accounts

If you are switching from another accounting software, then you can import your chart of accounts into Xero, or modify the default chart of accounts.

If you have an accountant, you can seek their help with this decision. However, if you are your own bookkeeper then we recommend using Xero’s default chart of accounts. You can add, customise, or delete these accounts to match the needs of your business.

To make changes to your accounts, go to Accounting > Chart of Accounts . For more information on customising your chart of accounts, click here .

6. Set up your bank account feed

The next step is to set up your bank account feeds, including credit card and PayPal accounts, if you have them. This video shows you how to do that:

7. Reconcile often

Xero makes bank reconciliation easier than ever. Just a few minutes a week spent approving pre-matched items ensures your data is up to date. As Xero is connected to your bank, transactions are pulled through automatically. Xero remembers the last time you categorised a transaction, so you can simply click ‘OK’ if you want it to go to the same category.

You should reconcile weekly, if not daily, to ensure that your accounts are as accurate as possible.

Regularly updated invoices give you a clearer picture of cash flow. With a clear picture of your cash comes the ability to make better business decisions and avoid falling behind on outstanding payments.

Another benefit of regular reconciliation is that you’ll be able to use Xero add-on apps much more easily, as your data will be up-to-date.

Watch this video to find out more about Xero bank reconciliation:

8. Set up payroll

Xero Payroll can help you to monitor your staff costs. This function allows you to keep payroll costs in one place rather than having to pull in information from a separate system.

The payroll overview is a comprehensive guide to take you through each step of the setup.

If you are transferring payroll from another system in the middle of the financial year – don’t forget to add the opening balances.

This can be found at Payroll > Payroll Overview

9. Add payment services

You also need to link to any active payment services to your Xero account. These may include services like PayPal, Stripe, or GoCardless. With a larger variety of payment options, it is easier for customers to pay you.

This help video shows you how to set up a payment service that will allow you to create a ‘Pay Now’ button on your invoices:

To do this, go to Settings > Invoice Settings > Payment Services

10. Set up payment reminders

Getting paid quickly is crucial to any business. Setting up payment reminders and organising your credit control systems can help you to get paid faster.

Go to Settings > Invoice Settings > Invoice Reminders

Only set up payment reminders when you get into the habit of reconciling receipts daily. Chasing payment from customers that have already paid can tarnish your reputation. You can come back to this step once daily reconciliation is part of your routine.

11. Add users

You can add users at Settings > Users . Add your accountant, bookkeeper, and other necessary stakeholders. This video can show you the roles that can be assigned to your users:

You can find more information on users here:

12. Learn basic reports

It’s important to learn how basic Xero reports work. Initially, when you’ve input some data, look at your Balance Sheet, Profit And Loss, Aged Receivables, and Aged Payables.

Go to Accounting > Reports to see the options available to you.

13. Connect apps

Using Xero’s wide range of apps and add ons is a great way to streamline repetitive processes and save yourself some time.

Xero offers apps with a wide range of functionalities from cash flow forecasting , to document management, and many more. The Xero app marketplace is the best way to explore your options.

Finally, if you work with one, ask your accountant to check your set up. They may need to add year-end conversion balances and can ensure that your year-to-date figures are as expected.

Float is one of the highest-rated Xero apps available on the marketplace. It is an award-winning cash flow forecasting tool that creates accurate and visual reports for you, and your business. Float pulls through the bills and invoices from your accounting software, using them to populate your forecast on a rolling-basis. Float’s integration with Xero means no more manual data entry, and an always up-to-date and accurate forecast.

To learn more about how to use Float sign up for a free trial today.

Harriet Stevenson

Praline loving Marketing Manager at Float. Overly-enthusiastic novice gardener 🌱.

Powerful accounting tools for small and growing businesses.

Simple accounting tools with just the basics.

Answer a few questions to find the solution that’s right for your business.

See how to make your payroll STP compliant.

Manage your practice and your clients in one place

Smart, powerful and seamless end-to-end tax

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• Learn & Grow
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Get access to QuickBooks Online for Small Business from just $2 /month

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Extended hours of operation:

Introduction

QuickBooks Online Accountant for Accounting and Bookkeeping Firms

Less than 2.5 hours

This training is designed specifically to show you how to get the most out of QuickBooks Online Accountant, so you can manage your clients, your workflow and more.

Key benefits include:

Earn 2.5 CPD hours See course modules

Core
Certification

less than 2 hours

Gain the skills and confidence to setup and efficiently manage your clients’ books using QuickBooks Online.

Key benefits include:

Gain 200 ProAdvisor points See course modules

Specialty Modules

Approximately 2 hours

Take a deep dive into the specialty areas of QuickBooks Online. Each module explores advanced and complex aspects of the platform, allowing you to deepen your knowledge and keep up to date with the latest product tools and features.

Key benefits include:

Earn 2 CPD hours See course modules

This training is designed specifically to show you how to get the most out of QuickBooks Online Accountant, so you can manage your clients, your workflow and more.

Key benefits include:

Who Should Attend

Public and industry accountants who require training in accounting, auditing and other attest services

Lots of small business owners decide to do their own books, rather than employing an accountant. If you are self-employed, and have a knack for numbers, doing your own accounts can be a great way to keep costs down, and keep commercially aware of your finances.

While doing your own accounts can be perfectly manageable, it’s important to be aware of your legal obligations, and what you need to do to keep everything in check.

Why do you need to keep financial records?

If you’re going to be doing your own accounts, you first need to understand the rationale behind it all. You need to keep financial records for two main reasons.

1. Staying aware of your business performance: to be able to thrive, it’s essential to keep abreast of profits and losses.

2. Meeting your legal obligations: Her Majesty’s Revenue and Customs (HMRC) requires you to provide up-to-data financial information for tax purposes.

What you need to keep a record of

As soon as you start doing business, you need to keep a record of all your financial activities. This includes:

• Income made from sales
• Business expenses
• VAT records (if you are VAT registered)
• PAYE records (if you have employees)
• Information about your income
• What you are still owed
• What you still owe
• The value of all stock / incomplete work
• Your year-end bank balance
• Business investments
• Funds removed for personal use

What your accounts should include

All your records will be used to create a Profit and Loss Account, and a Balance sheet. Each of these will contain the following:

Profit and Loss Account:

You will also need to include a director’s report, and notes about the accounts.

Where to record information

Sophisticated accounting software allows you to easily keep track of your finances. Sage is one of the most widely used software packages in the UK. If you’d like to get to grips with using it, you can take a course.

If you would prefer to start off without software, though, you can keep your own records in Excel. Our accounts tutor, Pat, gives some great tips on using Excel for accounting here.

Building your confidence

Although you can begin doing your own accounts with no formal qualifications, it is a good idea to get some training first.

Our free Accounting Fundamentals for Small Businesses distance learning course is ideal for getting you prepared to carry out the whole process independently. If you’re still wondering about doing your own accounts, read our blog post about whether you should hire an accountant.

Purchasing your own accounting software would mean you can now have your very own computer program that will enable you to manage the financial transactions of your business. Some accounting software are programs that are designed to do bookkeeping while other programs are designed to manage the entire financial processes of the business. By purchasing your own accounting software, you or your company can use the resources in your accounting department efficiently, and can even reduce costly bookkeeping mistakes. There are many advantages in purchasing your own accounting software and we will discuss some of these advantages.

In accounting, accuracy in your records is very important. Having your own accounting software can help increase the precision of your recording and also help eliminate human errors in calculation. There may be incorrect calculations committed by manual bookkeeping since this process will involve a lot of mathematical calculations by hand. These incorrect calculations can have a big difference on the end balance of your financial statements. Accounting software, on the other hand, are incapable of making such errors. Although it should also be noted that an accounting software may also have human errors arising from wrong data entry and mistakes in interpretation but when it comes to calculation, they certainly have an advantage and exposure to human errors are minimal.

Having your own accounting software allows you to process you accounts faster than manual processing. This is because computers are able to process figures faster than the human mind. Accounting software also allows your company to increase your efficiency because of automation. In handling your tax affairs for example, it may take a long time for a staff member to work out the tax details but by using an accounting software, it can easily be configured to that automatically for each entry.

Savings in Cost

The benefits resulting from the efficiency and speed of the accounting software will reduce your overall cost. Since accounting software operates in automation you will need a smaller team to do the accounting program in lesser amount of given time. This will certainly reduce the accounting department’s salary expense and other administration costs. The cost of the software is totally lesser than the overall cost you will have to spend if you will do your accounting manually.

Real time statement of your company’s financial position

An accounting software will help you and your company’s staff to have access to real time accurate financial information. Therefore if in an instance the director of your company would need access to a cash flow to report in a meeting that will happen in one or two hours, such an information can easily be provided by an accounting software. Most accounting software systems already have a built-in reporting module that would enable the users like the director of your company, to simply click a button and the accounting software will then process the necessary form needed. This kind of system cannot be done by manual accounting since manual accounting is totally time consuming, which makes purchasing your own accounting software a necessity.

Course Description

Why is accounting important to understand?

If you work for a company and are currently managing any aspect of the company, or if you aspire to move up to management, then you need to understand what accounting is. Moreover, if you are an entrepreneur, or you ever plan to start your own business, you need to understand, at the very least, the basic principles of accounting.

This course is going to help you understand the basic principles of accounting so that you can read and understand the three main financial reports of a company: the balance sheet , the income statement , and the cash flow statement . Moreover, you’ll know and understand the basic accounting equation and how to factor in debits, credits, inventory, and taxes, which will help you to make the right decisions to increase your company’s wealth and profit .

In this course, we take everything in baby-steps. We assume you know nothing about accounting or any accounting terms. We strive to explain all accounting concepts in every day language, using real-life examples wherever possible. Additionally, we’ve set up the course so that you need to master all concepts in any given lesson before you can successfully complete the lesson and move on. As such, this course is built incrementally. You need to understand each previous lesson fully in order to understand the concepts covered in later lessons.

Learning accounting is like any new skill. There is a learning curve, and the skill needs to be practiced (or used in this case) in order for it to be effective. If you have access to your company’s financial statements, please take the time to apply our examples to your company’s financials. If you are an entrepreneur, a business owner, or plan to start your own business, copy our examples used in this course, using your own business relevant assets.

Those of us who are born as right-brain thinkers tend to be better at creative, imaginative, passionate activities. Then there are those of use who are left-brain thinkers–naturally adept at working with numbers, applying logical reasoning, and analytically solving problems.

Regardless of which category you fall into, the truth is that anyone can learn the basic principles of accounting and develop a knack for managing the financial aspects of a business. The upside of learning basic accounting principles is that, regardless of whether it is a large Fortune 500 company or a small entrepreneurial start-up, the same fundamental rules apply when working with the bottom line.

There are two things in life that are inevitable: taxes and death. Unlike the latter most people need help with taxes at one point or another in their lifetime. With so many forms, deductions, credits and yearly tax law changes it can be difficult to keep up. Luckily, there are many ways to learn income tax preparation. Whether you are looking to make some extra cash by working as a tax preparer or you just want to file your own tax return, taking the time to learn tax preparation can be extremely rewarding.

Step 1

Enroll in an accounting course at your local community college or other educational institution. Knowledge of accounting is extremely beneficial when learning to prepare taxes. Many colleges and universities offer beginner-level courses on accounting. In an introduction to accounting course, you will learn all the basics and fundamentals needed to prepare tax returns.

Step 2

Visit your local tax preparation service to enroll in tax course. Many tax services such as Jackson Hewitt and H&R Block offer courses in basic to advanced income tax preparation. The classes offered by these businesses can range from several days to several weeks depending on the level of material covered. Most even offer classes online and during evening hours to fit your schedule. As an added bonus, you may get a job offer after you have completed the course!

Step 3

Practice, Practice, Practice. The best way to become familiar with and learn tax preparation is to practice. Order tax forms from the Internal Revenue Service and prepare mock tax returns from scenarios of different tax situations. If you think you might want to get a job as a tax preparer ask a friend to pose as a client and interview him or her to complete a tax return.

When you tell your friends that you’ve signed up for an accounting class, you’ll likely get a reaction that sounds something like this: “Ugh, why?” Or, perhaps they will be slightly more sympathetic and say, “Oh, sorry to hear that.”

Accounting gets a bad rap, but it’s an incredibly useful subject to learn. Plus, it’s not as complicated as you might think! Hear me out—here are four reasons why everyone can benefit from understanding basic accounting.

1) So you don’t get ripped off!

Buying a car is a big investment. It can be overwhelming to try to negotiate a better price, so why not walk in with confidence, knowing you understand how a business like a car dealership is run and the ways you can get a better deal? If you’ve had an introduction to accounting, you’ll know that the car you’re about to buy is on the car dealer’s balance sheet as inventory. You’ll also know that in order to keep the car dealership operating, they must make a profit on the car (you can still talk ’em down; they don’t need that much profit).

Once you drive away, the car is taken out of the dealer’s inventory and payment received (cash or loan), as well as profit are recorded. You also know that most dealerships work on a monthly sales cycle and have quotas for the amount of inventory they need to turn over in the given time period. With this understanding, you can walk in at the end of the month, explain what you’re looking for, provide comps on similar cars at other dealerships, and walk out with a better price on your dream car (and probably the respect of the salesperson).

2) So you aren’t intimidated by your own finances.

Be honest, can you explain where all of your money goes after your paycheck gets deposited? Even if you’ve managed to find a job that pays the bills (collective sigh of relief from all of the parents out there), it can seem impossible to set aside money for savings each month. With some accounting knowledge under your belt, you will gain a much deeper understanding of what goes on with your own finances and learn important skills like how to effectively track expenses and work within a budget.

Many people use the excuse that they are “no good at math” to explain their reluctance to study accounting, but the math actually involved is quite basic. If you can add and subtract, multiply and divide, you are set! With your new savings savvy, maybe you can save up enough to send your parents on a cruise as a thank you for the many years they supplemented your meager earnings!

3) So you can make better sense of current events.

There is no shortage of scandal in the accounting world. You’d be hard-pressed to turn on the news and not hear about a recent manipulation of numbers that has caused thousands of people to lose their shirts. Just like any industry, there will always be people who play by the rules and people who don’t. Why trust the media to fully explain what happened in an unbiased way? With a basic understanding of accounting, you can understand what these companies have done wrong and why it matters. You can even explain it to your friends and sound really smart at cocktail parties!

4) So you can impress your boss.

Picture this: You’re in a staff meeting and the CFO wants to discuss the past quarter’s financials. If you’ve had an introduction to accounting, you’ll not only be able to understand what the CFO is talking about, but you’ll also be able to chime in with your own financial wisdom and impress not only the CFO, but also your supervisor and all of your coworkers who are nodding their heads blindly and hoping no one calls on them.

Want to learn the language of business and develop an essential understanding of financial accounting, business analytics, and economics for managers? You may be interested in CORe, an interactive online program from Harvard Business School!

Textbooks can be scary. By the time you have finished a chapter, much of the content you have read is blended into a broad, murky mess in your mind. This can be problematic when trying to study, or when trying to recall information while taking a test. One way to help yourself understand and remember the reading is to self-test yourself on the information as you go. But what does that really mean?

Here I give you a step-by-step guide that will lead you through reading, note-taking, formulating questions, and practicing retrieval. These steps can deepen your understanding of any text and help you study more effectively.

To follow along with these instructions, first read through this post, then download and print our template:

1. Select a small chunk (a few paragraphs at most) of your textbook. It’s important to determine a firm stopping point so that you focus on just that one chunk of information.

2. Read the section carefully, jotting down what you feel are the key points and important information to remember.

3. Form questions that would elicit these key points as responses. Write the answers in a separate list from the questions, so that you can practice answering the questions later without seeing the answers.

4. Make sure you’ve labeled the Question and Answer sections with the textbook and chapter / page numbers. Tear off the bottom of the Question and Answer page. Make two piles: questions, and answers. Put the answers away.

5. Repeat steps 1-4 with the next small chunk of the textbook. Keep repeating these steps on further chunks, and take breaks every 25-30 minutes.

6. At the end of the chapter, OR when you’ve reached a good stopping point for the day, feel good about all the preparation you’ve done for the next (most important!) part, and go take a big break! Maybe even get a snack!!

7. Shuffle the stack of Question pages, and pick one at random. Try to answer each question. When you try to answer the questions, actually say the answer out loud, or write it down.

8. After each set of questions, go back and check your answers with the answer sheet. If you got something wrong, review the notes or textbook if you need clarification.

9. Periodically go back to these questions when you are studying or before an exam. This will help you strengthen the pathways in your mind to this information, making it easier for you to recall during a test.

• Be creative. Not all questions need to be difficult, or of the same format. Using a variety of question styles, you’ll find which ones work for you!
• Get a buddy! Swapping questions with a classmate increases the number of pathways by which you’re practicing to retrieve this information, leading to a stronger effect on learning.