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Accounting Basics for Small Business Owners [By a CPA]
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- Опубликовано: 15 авг 2024
- Learn the accounting basics for small business from a CPA. Today, you will learn the role of accounting in small business.
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As Warren Buffet says, accounting is the language of business.
He and other savvy business owners use accounting to make investment decisions and decisions to grow the businesses they invest in.
But interestingly enough, many small businesses often neglect their accounting until tax time, or don’t do it all.
9 out of 10 small businesses that fail, fail due to financial mismanagement of their company.
Their financial mismanagement may result in their failure to make decisions to grow their business, meet financial obligations like paying employees or their rent, miss tax deductions that can save them money, or fail to pay their taxes all together.
Look, I get it. As a CPA that studies and practices accounting, I know that accounting isn’t the most exciting thing in the world. And, it’s probably not why you decided to go into business for yourself.
You probably have a very good product or service that you’re very passionate about. And your offering will delight customers and beat the competition.
However, eventually, you will be faced with the reality of accounting. And it’s best that you’re prepared for it now so you don’t suffer consequences later.
That's why in this episode, I’m going to simplify the accounting basics for small business owners.
Outline:
Intro: (0:00)
What is Accounting?: (2:02)
Why is Business Accounting Important?: (2:30)
The Accounting Process for Small Business?: (5:17)
Recap of Small Business Accounting: (14:01)
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
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This content is incredible for small business owners who have no knowledge of accounting. I will be sending this to all of my customers for their review!!!
Wow thank you so much Courtney 😊😊😊
i guess Im randomly asking but does anyone know of a tool to log back into an Instagram account?
I stupidly lost the account password. I appreciate any help you can offer me
It’s only distracting in my opinion because they’re too loud compared to the voice and they’re also not lined up properly, I also feel like not all the sound effects matched up with the graphics as well
@@SnowyBlizzard I beg to differ for me the qualitative information was most helpful.
Accounting software/system recommendation??
I teach Small Business and Entrepreneurship to high school students. Your video is straight-forward and approachable. My students and I are very grateful!🙂
Starting a small business, and I am trying so hard to learn to like the accounting side of things rather than dreading it. I appreciate the persuasive overview. I am beginning to see that it's crucial to start good habits in case my business scales up one day. This was super for an absolute beginner. I first just needed to learn the terminology in a straightforward way. It's a lot more interesting when you own the business.
Thanks for sharing Denelle, yes starting a business is hard in general. I would say that don't get to worried about the accounting side until your starting to spend some serious money or make at least 5 figures in revenue
Update?
I love the content, only feedback is to maybe reduce the frequency of the sound effects. They get a little distracting at parts. Great vid!
Thanks for the feedback, we've dialed in down in our latest videos, let us know how those sound?
Keeps me from falling asleep
@@LYFEAccounting Smart choice :) Great vid though
@@marcusjonesphotography2846 😂😂
@@lyingcat9022 Thank Nick! Hope you consider subscribing
If y'all are hesitant about continuing on RUclips, don't be!! The content is great and is bound to grow. Keep it up.
Appreciate it!
I am seriously about to study this entire channel. I am in the makings of running and owning a auto detailing business and these videos have just opened my eyes to a whole new world that’s out there for small businesses. Thank you in my highest regards and keep making amazing content!!!
You can do it! I hope we don't let you down :)
Accounting software/system recommendation??
Nice video. Not only do you explain what accounting is, you also talk about the importance and how it can help with business decisions. And you provide some good financial analysis. Good job.
Thanks for watching.
Good breakdown. A lot of these pointers I teach in my class of entrepreneurship students, such as accounting is the language of business, its value / purpose, and how to record and categorize transactions. You simplified it and made it easy to understand!
Thanks for sharing!
Accounting software/system recommendation??
Love IT! I know nothing about accounting and own a small language business… omg every month I am so scared to look at my account if I can or can’t get everything paid, now I know why ❤
You are simply amazing. My high school teacher could barely get me here in 6 years but you did in 14 minutes. 😂❤
I was actually looking on information regarding becoming a CPA and if it worth the extra schooling to do it but ran into this channel. I didn't find my answers but I feel like I just struck gold with y'all.
This is soooo good! I've been in business for more than 25 years. Accounting has always been the weakest area of my business skillset. This was extremely helpful! I love how you presented the information in a clear, concise, and simple way. I didn't even like accounting when I was in college. That's probably why it is one of the most neglected parts of my business. But, not for long...
Me too... to be honest, all of this accounting stuff kinda drives me nuts. My business is low profit margin and tough to keep afloat as it is so hiring an accountant isn't realistic... but learning all of this myself is making my brain hurt and stressing me out. Maybe I should just come up with the cash to hire an accountant?
Accounting software/system recommendation??
As ALWAYS, "The Best of the Best" information provided with basic and complete instruction. 👌 Thank you for the Wisdom, Guidance and Knowledge! 👍🙏
AMAZING! This video was extremely helpful! Just a few days a go, I had no idea what the difference between bookkeeping and accounting was. This has helped me understand a lot better!
You're so so welcome! Thanks for the feedback :)
This is great. I'm going to listen to it until it sinks in. Thank you 🙂
I am not new to budgeting, or finance and yet, still learned something new and was glued in, while looking for information in starting my new business. This was a well made video and thank you for sharing.
I am really extremely so happy with this video. and knowing the difference between Accounting and Bookkeeping. It is very useful. Thank you so much.
I LOVE LOVE LOVE THIS CHANNEL....THE graphics are cool and well laid out! Catching up on all your content. 😇
Thanks so much!! Hope you consider subscribing?
I hit the like button before I even hear your entire video. I absolutely LOVE the way to explain things. You're so simply detailed yet perfect in your delivery. I learn so much from you and your partners. I'm thinking about giving you guys a call because I have a few questions concerning my business I recently started.
You, sir, need more views and subs. Great info and presentation! Easy to understand!
Yay! Thanks!
Thank you for this video, it's very helpful! Well detailed, as a small business owner I've been feeling very overwhelmed with the accounting side of the business.
This video have a great amount of information.
Thank you!!
Thank you, Mar. Good luck to you!
Excellent work! One of the best, if not the best videos I have seen about accounting!
Mr. Nameless CPA does a great job presenting. Why do you not ever give his name? NAME HIM. Allow us to know who he is. Give the man a credit.
Here's my name
@@shermanstandberry Thanks. Nice to meet you, Sherman. I'm Lee. I like your style.
You all are great I probably need you in my life or at least my business does lol 😆
This is great, very easy to understand!
Awesome
Hi.
Clear, simple as info to digest. Keep up the good work! Thank you, sir.
So nice of you
Great tips to those who are planning to start their small business!
I have been thrown into helping my son with his new business and it all seemed soo overwhelming and lose sleep. After listening to your video, I have a peace of mind that with your easy explanations, that I can do this:-) Thank you so much:-)
You got this! 💪🏾 Let us know if there is a topic you'd like more clarification on.
Love this video! Thanks for speaking slowly, and for explaining each new term you came across, because this is like a new language to me :) also loved the fruit ninja reference 😁
Thanks so much for the feedback! Very good to know
The Best Video for small business accounting.
Love it! Short, sweet, and to the point and very informative.
thank you for explaning the accounting system in such a clear way
It is my pleasure, thank you for watching!
Thanks so much for such an amazing and informative video! I am 21 years old and am trying to handle my companies finances correctly, so this video was very helpful. Do you perhaps have any suggestions on which platforms are best for financial bookkeeping? Platforms which are secure and helpful to record business transactions from business accounts?
Nice. Super Clear and Valuable!
Glad it was helpful!
Great video. I think the key ingredient with this channel is the structure of your videos. This one was outstanding.
Wow, thank you!
Wow thank you SO much!! Everyone needs to know about this stuff
Thanks Jessie!! Just curious, which part did you find most helpful?
Awesome video, thank you
Thank you!
I've had accounting but it's nice to have refresher! I still wouldn't trust my accounting skills. lol
Thanks Sherman! Been in the casino industry my whole adult life, and looking for a career change
My pleasure, this is a great career choice.
Amazingly valuable information very clearly explained, thank you!
I saw you at the Atlanta Game vs the Charlotte Hornets 11/20/2021. . . Love these informative videos!
Ha, you likely saw my brother Sean. We appreciate the support.
I really learned from this thank you
Happy to help, Charlie.
Please keep doing what you’re doing. Highly educative! Subscribed!
Thank you! Will do!
This was very simple to follow and broken down perfectly
Thank you so much ❤
I really appreciate your content!
It is my sincerest pleasure.
Very well organized and educational video. Easy to take notes for future reference. Thank you.
Love the information. It was very easy to understand.
I love this content, super useful ❤
Fantastic information! Very easy to understand coming from someone that knows NOTHING about business finances
Great to hear! Hope you consider subscribing?
Great video. I enjoy learning more about accounting basics for small businesses. Importantly, I understand payroll is a basic and essential function of business and the accounting within business.
What a great content! Thanks for sharing.
Thank you, Srey!
This video popped up in my list of recommened videos to watch and I must say I'm half way into it and already made the decision to subacribe. Thank you so much for the great info, because as a new business owner I do dread the accounting aspect of things. But if I want my business to succeed then I must embrace all areas of the business...including the financial part. So thank you for helping us to understand the importance of financial and for making it enjoyable to learn.💕🙏
I enjoyed this video simple to understand the importance of good accounting business practices
Great video 4 new business owners. Now I can start fresh with keeping up with accounting
Glad it helped! Feel free to check out our playlist on how to help business owners manage their money: ruclips.net/video/bJTZbfq7amQ/видео.html
This life changing! Awesome!!
It really is!
thanks this was so helpful I taught me a bunch
Great video. My accounting classes from 15 years ago needed brushing up.
That's great!
Another invaluable channel, will definitely explore more videos from you, sir, thank you!
Great content . Thank you. You are great Teacher.
I appreciate that!
This is SO good - I went to UT Austin supposedly the best accounting program in the US, but they weren't able to make learning about accounting this engaging. Big thanks for making this and will be watching the rest of your videos!
You get a like and subscribe from me because 1) you did NOT ask me to like your video for no reason at the beginning like other content creators and 2) you created a well scripted presentation that explains this topic so well.
Great job breaking it down! I will watch more of your videos!! Thank you!!
THANKKKKK YOUUUUUUUUUUUU 😫😫😫😫😫😭😭😭😭😭😭😭😭😭😭😭😭😭😭 NOW I KNOW. UGH YOURE A LYFE SAVER (lol get it,? LYFE saver… LYFE accounting??) hehe.. but thanks to everyone who worked on this video ❣️😘
Explained very well 😊
Great video - thanks for sharing and I will certainly share with others who are unsure or are completely new to this subject.
I still do everything myself 10 years banking 145k in 30 days hanging lights 😁
Niceeee, can I have a dollar?
Wow this video has opened my eyes! Thank you for this valuable information.
I have a reasonably hard head and the video took me (I'm not going to tell a lie) 1 hour. So much information and a lot to unpack. Please stick with this and keep us informed.
If you keep watching and taking notes, omg you're going to be a superstar
Thank you for the brilliant video
Thanks a lot great content and tips
Glad you like them!
Always great helpful applicable info
Very useful. Very clear and organized. Thank you very much indeed!
Glad you enjoyed it!
thank you so much
Great video, so easy to understand. Thank You!
You are welcome!
Great video! Your explanations were easy to understand while still providing a multitude of info. Much appreciated 🙌
Glad it was helpful!
Awesome, glad it helped and thank you for your comment. =)
What software to use? Solo, service... I use to be independent contractor but IRS changed this law. I have no idea quickbooks seems to only want invoices.? Freshbooks or Zara money???.. What if I do no use invoices? all though 2021 , I had a contract but no invoice, cash or paypal, venmo? Lost
Hey guys, great content! I can’t wait to see you grow. :)
Thanks so much and thanks for watching!
Excellent presentation and very informative!
well explained, thanks
Thank you for the informative video! So easy to follow.
The video is packed with a lot of useful information and it is in a digestible format. Well done!
One small critic:
Leave the "matrix" typing sound out. It gets a bit annoying to listen to.
Who is heading direct to all his videos like me😊
So helpful!!
Thank you 🙏
You're very welcome!
Appreciate your efforts and info 🙏🏾
My pleasure
Great content!
thanks, hope you consider subscribing
Outstanding job, very informative.
Fantastic and simple way to explain accounting basics. I would like to know if money in your business account after deducting for liabilities is considered as an asset?
Very insightful
Very good information! Thank you for sharing.
Thanks for watching!
Fantastic video. Thank you!
Great video man 👍
This info is amazingly laid out and explained. Good job. Liked and subbed.
Welcome aboard! Glad it helped. Looking forward to seeing your comments on future uploads =)
I’d like to be added to your wait list for accepting new clients! 😊 The landing page isn’t loading.
Such a wonderful video thank you so much!!
Thanks for the content very thorough 👍🏼👍🏼👍🏼
Explained with clarity👍
Glad to hear that!
Excellent content superbly presented. 🎉🙏
You guys are awesome!!!
So are you. Thanks!
What an amazing channel you have!