154 results for "basic accounting"

Basic accounting is the everyday financial transactions that a business undertakes. The basic accounting functions of a business involve keeping track of the money that comes into and goes out of the business and its bank accounts. It’s one of the most crucial regular functions of any business, and it includes recording transactions and analyzing cash flow, revenue, expenses, assets, and liabilities. As the business owner or employee who handles the basic accounting tasks, you’ll deal with bank statements and balance sheets, and you’ll report relevant transactions to tax authorities and government regulatory agencies. You may also prepare reports for stockholders or corporate boards.‎

Basic accounting is vital to the success of businesses, nonprofit organizations, and government agencies. Owners, investors, executives, and stockholders need to know how successful a business is, and understanding how well a company is performing financially makes business decisions clearer and easier. Tracking income and expenses provides you with insight into how much money your company has at any given moment. Proper accounting helps you to know how much to pay in taxes and whether your company is successful and profitable. Skills in basic accounting also prevent you from making mistakes that can cost the business money. Nonprofits need to be able to report accurate finances to key decision-makers, create and track funding streams, and ensure they maintain their nonprofit status. Government agencies need to be good stewards of taxpayers' money and be accountable for spending.‎

With basic accounting skills, you can find career opportunities in bookkeeping, accounts payable, and auditing positions. Small businesses often hire employees who can balance all of the company’s finances. Larger corporations everywhere need professionals to keep track of various facets of the accounting process, so you can find jobs handling specific tasks, such as keeping up with the income that comes into a business or paying its bills. Look for opportunities to prepare taxes or handle tax compliance for one or more companies or organizations. There are also jobs that allow you to audit a company’s finances or solve financial mysteries as a forensic accountant.‎

When you take online courses about basic accounting, you’ll have the chance to pick up the skills and knowledge needed to manage the financial transactions of a business or organization. Learn the foundational concepts and applications of business accounting with survey courses that show you the basics, and when you’re ready to dive deeper, unearth knowledge in more specialized topics like compliance with tax law, how information technology relates to accounting, or data analytics.‎