Small Business Accounting – NetWorth2B Theory Meets Practice: Learn By Doing with Accounting Software

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(as of May 28, 2024 09:20:03 UTC – Details)

If you run a business, you need to understand accounting; after all, you can’t make data driven decisions without data. Here’s an easy-to-follow guide, written for anyone who wants to learn accounting. This includes students who are studying accounting; educators who teach accounting; and business owners who want to understand and/or take control of their accounting. It’s also a handy reference book for bookkeepers and business consultants; because it provides insights and short-cuts that I’ve learned over the years. While the focus is small business accounting, it is important to note that the content is relevant to all businesses, regardless of size.

Topics are introduced with a step-by-step approach: (1) Basic Accounting Concepts; (2) Chart of Accounts; (3) Nature of Accounts; (4) Cash Receipts; (5) Cash Disbursements; (6) Journal Entries; (7) Data Aggregation; and (8) Financial Statements. Each chapter ends with a simple quiz designed to reinforce data comprehension. This allows the reader to perform a self-assessment and identify subject matter areas that require a closer look. The final chapter wraps up with a discussion about accounting systems. Specific coverage includes but is not limited to:Double-Entry vs. Single-Entry BookkeepingCash Basis vs. Accrual Basis vs. Modified Cash Basis AccountingCash Receipts, Cash Disbursements and Journal EntriesEmployee Paychecks, Payroll Tax Calculations, and Payroll Tax ReturnsCapital Expenditures, Asset Book Value, and Depreciation MethodsUsing the General Ledger and Trial Balance to Identify and Resolve DiscrepanciesReconciling Bank Statement Balances with General Ledger AccountsUnderstanding the Income Statement, Balance Sheet, and Statement of Cash FlowsThroughout the book, common transactions are used to show how everyday business activity is translated into accounting entries. These transactions can be recorded in the NetWorth2b StoryBooks accounting app to support a learn-by-doing approach. The reader can then track each entry through the general ledger, the trial balance, the balance sheet, and the income statement to gain immediate depth of knowledge, instead of spending time finding arithmetic errors that are inherent in a manual process.

The NetWorth2b StoryBooks app runs on android devices and on Windows 11 devices. It is available in the Amazon Appstore and the Microsoft Store. Download links can be found on the networth2b.com website, along with instructions that explain how to load the app on different devices.