In a world where technology is changing business finance, it is essential to understand the basic principles of accounting as a business owner. Without foundational accounting knowledge, it can become incredibly challenging to make sound financial decisions and run a profitable business. However, it isn't always clear where to locate the most helpful resources.
Plenty of books exist to help build your fundamental accounting skills - but where do you begin? Listed below are some of the best books to get you started. They are written with business owners in mind and are designed to explain accounting principles in a simple, intuitive way that makes sense to every level of ability.
From bookkeeping and financial management strategies through to company credit card policies and accounting software, these are our recommendations:
This book is a 'no frills' financial guide for business managers who want to understand the numbers that matter. Crabtree draws from his own experience as an Accountant and examines the critical financial indicators when understanding the status of any business.
Dawn Fotopulos understands that business owners find never-ending financial documents daunting. In her book, she dispels this fear by demystifying many accounting terms. Further to this, Fotopulos helps business owners get to grips with crucial concepts such as cash flow, net income and balance sheets. Her book is filled with real-world examples, and her writing is both empowering and accessible. This book is a must-read for any business leader feeling fearful of the numbers! Buy it here.
Described by Goodreads as an 'introduction to financial reports', Siciliano's book covers everything from financial language through to key financial health measures. It is thorough, easy to read and filled with practical examples which bring abstract theories and recent financial reporting news to life. Crucially, it will also equip non-financial managers with the confidence and tools that they need to tackle accounting and finance in their business. Whether grappling with a business's profitability or deciding how to manage company spending, there are plenty of helpful takeaways to get you started. Buy it here.
Darrell Mullis writes his innovative book from the perspective of a child setting up their first lemonade stand, therefore providing an engaging alternative to a standard accounting guide. Mullis has packed his book full of graphics, interactive charts and colour coding, helping even the most numerically-challenged understand the key accounting concepts! Buy it here.
Brief, concise, and clear, this book is designed to be absorbed quickly. Piper explains the purpose of the accounting equations and how to prepare critical financial statements. He also covers financial ratios and the essentials of Generally Accepted Accounting Principles (GAAP). Thanks to its accessible nature, this book can be used as a handy reference if you ever find yourself in an accounting muddle.
The books listed above are just five of the many relevant resources available. We advise you to take it slow and begin with the basics! As well as reading, stay up to date by subscribing to financial business journals and publications. For those who want to take their learning further, there are also plenty of online learning qualifications that offer more in-depth study. Buy it here.
Once you're familiar with the simple accounting principles, it may be time to consider how Soldo can help you with your expense management.