Essentials Accounting

Hiring a bookkeeper can save you time and costly mistakes. It can take hours to get bookkeeping done on your own and can be confusing. Bookkeepers save time and have the knowledge to offer insights on your finances.

There is much more to being an accountant than most people think! The exact definition does explain the main premise of accounting, but in practice, accounting is a broad industry. There are many different accounting practices ranging from tax accounting to forensic accounting, but all of them just as important.

It sounds super cliché and obvious, but one of the first things I would tell anyone who wants to open a business is to stay organized from the beginning. Opening a dedicated business account is the best and easiest way to keep personal and business finances separate, making it easier to file taxes and track the business's performance.

While most people would argue D is the right answer after talking with their accountant, the main purpose of accounting is B! Tracking the financial health of a business is our main purpose. This allows business owners to make informed decisions, helps prepare them for filing taxes, and gives an overall view of how their business is doing. The big words are just a bonus.

Robert Plant, the lead singer for Led Zepplin, very briefly studied as a chartered accountant but left to pursue his music career and Mick Jagger attended the London School of Economics pursuing an accounting degree until his music career took off!

In a similar idea, Kushim (Sumerian:KU. ŠIM) is the earliest known recorded name of a person in writing and it turns out he was an accountant. The name “Kushim” is found on several Uruk period (c. 3400–3000 BC) clay tablets used to record transactions of barley.