Business Owners: necessary to learn about bookkeeping (accounting)?

[Pistachio Nuts]

WOW! Thanks everyone for chiming in! So much excellent info. GTAM is the best! :cheers:

So, I've decided not to enrol in those courses. I just can't justify the time commitment involved in the whole school thing again (attending classes, commuting, homework, and studying for exams)--even if it's only on a part-time basis.

With that said, though, I hear what MurfSVR and others have said about the importance of knowing about bookkeeping. So, instead of taking classes, I'm going to learn it on my own. I found out what textbooks each of those courses uses, so I will either buy the books or get it at the library.

Anyway, thanks again, y'all!

 

[Brian P]

I'm a CPA - so not talking out my butt.

If you read my posts I said increasing cash/income without having to increase sales.

As a consultant I would think you could appreciate the concept of a subject matter expert.



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That depends whether the limiting factor is "time" or "money". If you have all the time in the world then you have the time to do the drudgery, and doing it yourself means you don't have to pay someone to do it. (lower overhead is a good thing, too). In my case I've been backlogged with real work, sometimes a month in advance, and don't have time for the accounting. My business partner is in pretty much the same boat. I don't want to add another 5 or 10 hours per week of invoicing, HST, income tax, insurance, WSIB, and the like.

 

[MurfSVR]

I never said the OP should do the bookkeeping. I said the OP should learn his way around a set of financial statements.


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[LiNK666]

+1 best advise in here. If you don't know what amortization is then you are in trouble.

I never said the OP should do the bookkeeping. I said the OP should learn his way around a set of financial statements.


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[crankcall]

+1 best advise in here. If you don't know what amortization is then you are in trouble.

amortization/depreciation/depletion ......... this is what you pay the CPA for. OP, you can learn on your own and the interweb is full of basics, pay attention to where you are vs. internet advice, What applies in the US for taxes ect may have no bearing here, and even a CPA can on occasion give you bad advice. Its your money, learn how to interpret basic financial statements.

 

[MurfSVR]

How can you allude to a CPA giving bad advice and then recommend the same thing that I am recommending?


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[Joe Bass]

How can you allude to a CPA giving bad advice and then recommend the same thing that I am recommending?


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I interpret it as "learn something so in case you get bad advice you can recognize it". He also stated that a CPA MAY give bad advice (not yelling, can't do italics on the phone).

Imo learning the basics and enough not to get screwed or ripped off and then paying someone who is specialized to do it. You wouldn't do your own legal work, right? And even the guys that are able to do car repairs themselves, would, I'd assume, send the company truck to the mechanics and spend their time making the company bring in $$$.

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