Accounting for entrepreneurs | Inquirer Enterprise

A reader, Kerwin Tiu, says: I operate a compact family company in Quezon Town. Can you endorse an on line system teaching economic bookkeeping and accounting to business people?

My reply: Just one way for household small business owners to acquire gain of downtime in the pandemic is to hone required expertise, these kinds of as bookkeeping and accounting.

Nevertheless frequently regarded as synonymous, the two are not precisely the exact same.

As significant faculty juniors in the early 1980s, my classmates and I researched bookkeeping, exactly where we recorded money transactions such as debit and credit score, balanced ledgers, worked on payrolls and familiarized ourselves with the principles of file maintaining.

In smaller and medium-sized relatives organizations, family members users frequently conduct the bookkeeping part. Bookkeepers are not expected to get authorities certification.

In higher college in the late 1990s, my son and his classmates uncovered enterprise administration, such as accounting basics. No extended confined to just bookkeeping, they studied money statements, these as profits statements and stability sheets, managed operational costs and did situation studies on the impact of economical transactions on companies, huge and smaller.

Numerous of my son’s pals went on to big in accounting in university, and are now reviewing for their CPA (licensure) examinations. Family businesses need to have very good accountants who can enable them make feeling of money movement, such as economic forecasting and tax organizing.

If you are intrigued in just bookkeeping, examine out Entrepreneurs Accounting Academy’s Tesda-licensed “Bookkeeping Built Straightforward.” (eaa.edu.ph)If you have the time and are ready to expend the effort, I counsel discovering accounting fairly than just easy bookkeeping.

For those who just require to brush up on particular subjects, look at out Harvard Enterprise School’s on the net blog “Accounting for Entrepreneurs: 5 Techniques You Have to have to Know.” (on-line.hbs.edu/web site/publish/accounting-expertise-for-business owners)

For entrepreneurs who are intimidated by math and just want to skim the fundamentals, check out “Guide to Accounting for Business people Who Despise Numbers” by US modest small business owner and marketer Caron Beesley. (fundbox.com/site/new-manual-accounting-entrepreneurs/)

Practically nothing beats a sound course supplied by prime universities, a lot of of which are cost-free (or nearly cost-free) of charge. The University of the Philippines Open College operates “Simplified Accounting for Entrepreneurs” (Safe) on sure dates. (fmds.upou.edu.ph/lecturers/cep/entrep-cluster/risk-free/)

“While the concentrate is [on] assistance firms (as this is the simplest), the ideas and the treatments are practically the very same for … the merchandising and producing/processing enterprises,” claims Risk-free. “The study course hopes to assist entrepreneurs who do not have accounting history in being familiar with … accounting … and how it can be utilised to … [make] money [daily] choices.”

The Massachusetts Institute of Technologies Sloan School of Administration uses several case analyses in “Management Accounting and Control” for modest to large firms. (ocw.mit.edu/courses/sloan-college-of-management/15-521-management-accounting-and-command-spring-2003/index.htm)The University of Pennsylvania’s Wharton Faculty features “Introduction to Money Accounting” on Coursera, which can be accessed for free of charge as part of a 7-working day demo.

Given that you are jogging your very own business, look at out Stanford University’s “How to Start a Startup,” including a video clip on “Legal and Accounting Basics.”

At the heart of Silicon Valley, Stanford is best positioned to give suggestions on getting to be a great founder, constructing goods that folks adore, choosing workforce that in shape the culture. This class is no cost on iTunes. (itunes.apple.com/us/system/how-to-commence-a-startup/id951932247)Happy finding out!

Queena N. Lee-Chua is with the board of administrators of Ateneo’s Family Business enterprise Centre. Get her book “All in the Loved ones Business” on Lazada and the e book variation on Amazon, Google Textbooks, Apple Textbooks. Speak to the author at [email protected]

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