Re:Learn accounting for free
by pkrotich on Monday December 20, 2021 @01:41PM
(#29628304)
It's absolutely your best interest to learn at least the basics as business owner. I did so myself - I still do QuickBooks, but I have a cautionary tale.
Learning account is great - it helps you to understand P&L and BS etc - but what you really need is managerial accounting knowledge. I made a mistake of thinking bookkeeping was accounting and ended up not doing good tax planning etc - let's just say I'm still paying for it. Painful lesson!
I would highly recommend still keeping a CPA around - make sure they're truly into Managerial Accounting.
Learning account is great - it helps you to understand P&L and BS etc - but what you really need is managerial accounting knowledge. I made a mistake of thinking bookkeeping was accounting and ended up not doing good tax planning etc - let's just say I'm still paying for it. Painful lesson!
I would highly recommend still keeping a CPA around - make sure they're truly into Managerial Accounting.