Accounting for entrepreneurs | Inquirer Business

0

A reader, Kerwin Tiu, says: I run a small household enterprise in Quezon City. Can you advocate a web-based program instructing monetary bookkeeping and accounting to entrepreneurs?

My reply: One manner for household enterprise homeowners to reap the benefits of downtime within the pandemic is to hone needed abilities, equivalent to bookkeeping and accounting.

Though usually thought to be synonymous, the 2 usually are not precisely the identical.

As highschool juniors within the early Eighties, my classmates and I studied bookkeeping, the place we recorded monetary transactions equivalent to debit and credit score, balanced ledgers, labored on payrolls and familiarized ourselves with the fundamentals of file retaining.

In small and medium-sized household companies, members of the family usually carry out the bookkeeping function. Bookkeepers usually are not required to get authorities certification.

In highschool within the late Nineties, my son and his classmates realized enterprise administration, together with accounting fundamentals. No longer confined to only bookkeeping, they studied monetary statements, equivalent to revenue statements and stability sheets, managed operational prices and did case research on the impression of economic transactions on firms, large and small.

Several of my son’s associates went on to main in accounting in school, and are presently reviewing for their CPA (licensure) exams. Family companies want good accountants who might help them make sense of money circulate, together with monetary forecasting and tax planning.

If you have an interest in simply bookkeeping, take a look at Entrepreneurs Accounting Academy’s Tesda-certified “Bookkeeping Made Easy.” (eaa.edu.ph)If you will have the time and are prepared to expend the trouble, I counsel studying accounting fairly than simply easy bookkeeping.

For those that simply must brush up on sure subjects, take a look at Harvard Business School’s on-line weblog “Accounting for Entrepreneurs: 5 Skills You Need to Know.” (on-line.hbs.edu/weblog/put up/accounting-skills-for-entrepreneurs)

For entrepreneurs who’re intimidated by math and simply need to skim the basics, take a look at “Guide to Accounting for Entrepreneurs Who Hate Numbers” by US small enterprise proprietor and marketer Caron Beesley. (fundbox.com/weblog/new-guide-accounting-entrepreneurs/)

Nothing beats a strong course supplied by prime universities, a lot of that are free (or virtually free) of cost. The University of the Philippines Open University runs “Simplified Accounting for Entrepreneurs” (SAfE) on sure dates. (fmds.upou.edu.ph/lecturers/cep/entrep-cluster/protected/)

“While the focus is [on] service businesses (as this is the simplest), the concepts and the procedures are almost the same for … the merchandising and manufacturing/processing businesses,” says SAfE. “The course hopes to assist entrepreneurs who do not have accounting background in understanding … accounting … and how it can be used to … [make] financial [daily] decisions.”

The Massachusetts Institute of Technology Sloan School of Management makes use of a number of case analyses in “Management Accounting and Control” for small to large companies. (ocw.mit.edu/programs/sloan-school-of-management/15-521-management-accounting-and-control-spring-2003/index.htm)The University of Pennsylvania’s Wharton School affords “Introduction to Financial Accounting” on Coursera, which will be accessed for free as a part of a seven-day trial.

Since you might be operating your personal enterprise, take a look at Stanford University’s “How to Start a Startup,” together with a video on “Legal and Accounting Basics.”

At the center of Silicon Valley, Stanford is finest positioned to offer strategies on turning into an awesome founder, constructing merchandise that individuals love, hiring staff that match the tradition. This course is free on iTunes. (itunes.apple.com/us/course/how-to-start-a-startup/id951932247)Happy studying!

Queena N. Lee-Chua is with the board of administrators of Ateneo’s Family Business Center. Get her guide “All in the Family Business” on Lazada and the e-book model on Amazon, Google Books, Apple Books. Contact the creator at [email protected]


Read Next

Don’t miss out on the newest information and knowledge.

Subscribe to INQUIRER PLUS to get entry to The Philippine Daily Inquirer & different 70+ titles, share as much as 5 devices, take heed to the information, obtain as early as 4am & share articles on social media. Call 896 6000.

For suggestions, complaints, or inquiries, contact us.

FOLLOW us ON GOOGLE NEWS

 

Source

Leave a comment