You have an accountant, a bookkeeper and didn’t go to school for accounting that is why you don’t do it. But you are a small business owner and understanding the basic principles of accounting is crucial. Understanding a balance sheet, cash vs. accrual accounting, after net income items, etc will be the difference between having a good business and a great business. Plus when you speak to your CPA having a basic understanding of accounting principles will make one of your key advisors more valuable. The best way to improve your knowledge of course is reading and as such we have suggested 3 good reads below.
- The Accounting Equation and why it’s so significant
- How to read and prepare financial statements
- How to calculate and interpret several different financial ratios
- The concepts and assumptions behind Generally Accepted Accounting Principles (GAAP)
Accounting for Small Business Owners covers the entire process of establishing solid accounting for your business and common financial scenarios, and will show you how to:
At IRx Consulting we are Accounting experts and offer a comprehensive Pharmacy Accounting service with a suite of complimentary services including Data Dashboards, Payroll & Human Resources and Pharmacy Management consulting.