Learn the basics of business accounting in this $30 course, plus 5 tips for newbies
TL;DR: This June, you can enroll in The Essential 2024 Business Accounting Basics online courses to study the fundamentals of business accounting for just $29.99. Learn the basics without breaking the bank or eating up all of your spare time.
Whether you're starting a new career in finance, running your own business, or simply looking to understand your personal finances better, mastering the fundamentals of accounting can be a beneficial. While you could certainly go back to college and earn your degree, there are less expensive ways to start your journey that don't require a commitment a full degree.
Building a solid foundation in accounting not only helps you make informed financial decisions, but also gives you the confidence to handle various financial scenarios effectively.
Right now, The Essential 2024 Business Accounting Basics online course bundle is on sale for just $29.99 (reg. $152). This bundle includes eight courses with almost 12 hours of instruction. Learn business accounting for beginners in these expert-led courses from Skill Success.
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Looking for more tips to grow your accounting knowledge? Check out these five tips to build a strong foundation in accounting fundamentals.
1. Get comfortable with basic accounting terms
Accounting has its own language, and familiarizing yourself with key terms is the first step in understanding the field. Here are some fundamental terms you should know:
Assets: Resources owned by a business that have economic value, such as cash, inventory, and property.
Liabilities: Obligations or debts that a business must pay in the future (e.g., loans, accounts payable).
Equity: The owner’s claim after subtracting liabilities from assets – also known as net worth or owner’s equity.
Revenue: Income generated from normal business operations.
Expenses: The costs incurred in the process of earning revenue.
2. Visit your local library
Libraries, often underestimated, are treasure troves of knowledge for all age groups. From engaging children's programs to a diverse range of adult courses, they offer more than just books. Most local branches even send out course calendars, making it easy for you to plan your learning journey. And if you prefer digital access, they likely have all this information online, just a few clicks away.
3. Check out accounting software
Modern accounting software simplifies many traditional bookkeeping tasks and helps you understand accounting processes more clearly. Tools like QuickBooks, Xero, and FreshBooks offer user-friendly interfaces to manage finances, track expenses, and generate reports.
It can also help to choose a popular accounting software and explore its features through online tutorials or trial versions. Focus on core functionalities such as recording transactions, managing accounts, and producing financial reports. Using software can help you see practical applications of accounting principles and get some hands-on experience.
4. Invest in an online learning resource
This digital world offers many more learning opportunities than we had years ago. You no longer have to enter a classroom to access expert instruction because much of it is available online.
For example, this Business Accounting Basics bundle includes eight courses totaling over eleven hours of content to get you up to speed on accounting fundamentals and beyond. You can pick it up right now while it's on sale for $29.99 (regularly $152).
All the courses in this bundle include multiple lessons. For example, Fundamentals of Accounting has 13 lessons that introduce you to proper recording and documentation of business transactions, tracking and categorizing accounts, and the principles of double-entry accounting, among many others.
Managerial Accounting Basics features 32 lessons to help you understand managerial accounting, its foundational concepts, and specifics like how to allocate costs between multiple products.
Other courses include Introduction to Payroll Accounting and Foundation of Carbon Accounting. Others cover cloud accounting, financial statement analysis, tax prep, and more. And the best part is that you can learn from the comfort of your own home or work space on a timeline that suits your specific life.
5. Look into an internship
While you may be wondering if an internship is a thing if you're not in college, it definitely is. A hands-on approach is almost always a quicker way to learn. If you are looking to amp up your current learning or curious about what a career in accounting might look like in reality, reaching out to some local agencies could be a game changer.
It doesn't mean that you'd be working there, and it doesn't have to be a big commitment. Even a few hours a week or month rolling up your sleeves with the pros could kick-start your understanding of this specialized world.
Grasping accounting fundamentals is a valuable skill that opens up numerous opportunities, whether in business, personal finance, or professional development. By familiarizing yourself with basic terms, learning to read financial statements, using accounting software, and investing in quality resources, you can build a strong foundation in accounting.