Accounting Basics for Small Business Owners [By a CPA]

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Learn the basics of small business accounting from a CPA. Today you will learn the role of accounting in small businesses.

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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 to grow the businesses in which they invest.

But it's worth noting that 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 poor financial management of their business.

Their poor financial management can cause them to fail to make decisions to grow their business, to meet financial obligations like paying employees or their rent, to miss tax deductions that can save them money, or to fail to not pay their taxes in full.

Listen, I understand. As a CPA who studies and practices accounting, I know that accounting isn't the most exciting thing in the world. And that's probably not why you decided to go into business in the first place.

You probably have a really good product or service that you're really excited about. And your offering will delight customers and beat the competition.

However, eventually you will be confronted with the reality of accounting. And it's best that you prepare for it now so you don't suffer the consequences later.

That's why in this episode I'm going to simplify the basics of accounting for small business owners.

Outline:

Introduction: (0:00)
What is accounting? : (2:02)
Why is business accounting important? : (2:30)
The accounting process for small businesses? : (5:17)
Small Business Accounting Summary: (14:01)

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Disclaimer: The information provided in this video is for informational purposes only and is not intended to replace professional legal, accounting, or financial advice. If you have any legal questions regarding this video or the topics discussed, or any other legal matter, you should consult an attorney or tax professional in your jurisdiction (i.e. where you live).