The benefits of studying bookkeeping for small business owners
If you're running a small business, you should be across all the functional elements. Sometimes it's not enough to have competitive nous. Often the real achievers are those who aim to expand their skill set to establish strengths in the most essential areas of their business.
Being successful is not just about the 'sexy' parts of business: product design, service and marketing. Arming yourself with crucial skills in accounting and business planning could provide the long-term focus that sets your small business ahead of the pack. Often, these tasks are outsourced or given to someone who doesn't have a full understanding of what bookkeeping is about and how it can contribute to the success of an enterprise.
The Australian Government recently put new laws in place to make sure that the quality of bookkeeping in this country reaches very high standards. Your bookkeeper plays a vital part in this, so you need to know that person can fulfil your company's needs. After all, how can you manage what you don't measure properly?
Failing to educate yourself about accounting is even more absurd when you consider that courses such as the Certificate IV in Bookkeeping, can take less than two years to complete. Contemporary educators are also offering Business Activity Statement and bookkeeping courses online, giving working people the advantage of studying without the need to attend classes or lectures.
Skills in finance can be a great supplement to a small business, where managers should have a good all-round knowledge of their business framework, particularly in those crucial early years. Understanding basic accounting principles, such as the difference between cash flow and profits, can literally save your business from bankruptcy.
Andrianes Pinantoan is part of the team behind Open Colleges, an accredited online training provider based in Sydney.
We'd like to thank Andrianes Pinantoan for writing this article for Business Tasmania.