What’s the best way for me to learn intermediate to advanced business accounting?

by sdsquish. Posted on Sep 11, 2020    1    10

I’ve owned and managed a small service-based business for 7+ years. I’ve done well at the basics, like bookkeeping, ensuring we’re making enough to cover our costs, knowing when we have deficits or surpluses, and planning. I feel like I have the day to day (or even month to month) accounting down.

My business has finally grown to a size where I just feel like I need more insight on how to plan financially, project, set goals, etc. Our revenue and expenses are high enough where I no longer blink an eye when we have to spend money because a lot of cash moves in and out each month (I.e. sales, payroll, expenses, etc).

How do I learn the more advanced business finance stuff? Like how to make projections, know when I can safely invest back into the business, give raises or bonuses, long term planning, etc. I need to level up! Where do I learn how to do this?

TL;DR I’m good at bookkeeping, making sure our bills are paid, and top tier accounting. How do I level up and learn more advanced business accounting?


Suz1998 1

I highly reccomend the Intermediate Accounting textbook by Wiley alone with the solutions text. It has all of the info you need. It’s massive and covers 2 courses in college. I’ve been to business school- if you study this book and work the examples and answers you can learn cash flow projections, budgeting and all
About capitalizing vs expensing items. Best of luck learning more advanced accounting is a very worthy cause. I also did get a massive amount of knowledge from Business school and think it was well worth my time.

agcoustic 1

Personally I don't think you need formal schooling to achieve your goals here. You are talking about more like financial strategy than accounting. A formal education is great (MBA etc.) but it can be a huge time suck. If you already have a strong company, spending additional hours on that could be pretty rough.

There are a couple of books I like and use regularly. One is "Simple Numbers" by Greg Crabtree. It covers a lot of the financial metrics you can use to run your business. I've been to one of his lectures as well and it was fantastic. I use a lot of his metrics in my businesses.

Another one might be "Profit First" which a lot of folks here like. I work in a pretty accounting intensive industry (project construction) and while his methods are a bit simplified for what we need, I use some of the principles.

A good CPA is always immensely helpful with big decisions. Right now I'm debating creating another entity and I've been talking to both our CPA and lawyers despite me having a very solid grip on accounting principles.

DoctorDumay 1

Get a Quickbooks package and get started. Fill in the blanks with a “for dummies” book and some YouTube videos. Or take simple course on Coursera or Khan Academy or so. Most of the software packages are “guided”. Def no need to go to biz school ...

Scrummly 3

Go to business school....

  sdsquish 1

As self-taught business owner that’s been thriving for years, I see business school as totally unnecessary unless I wanted to go back into employed life and needed “that paper” to prove my skill set (ewe). I’m a firm believer that you can teach yourself just about anything if you’re dedicated, know where to look, and who to ask.

Scrummly 3

Night school helped me immensely. I wasn't in it for the degree but the learning on how to run my own books. The degree meant nothing.

  sdsquish 1

Aha. That I’m into, purely for the skills. Did you do MBA or selective classes at a junior college or something?

Scrummly 3

MBA. Was not easy to juggle while working full time but absolutely worth the knowledge as a small business owner. It also seems to impress prospective employees and help with their level of trust in me.

  sdsquish 1

I never thought of it as being impressive to employees. Interesting. Right now my business is still small, under 5 employees. I work a lot. I have no idea how I’d be able to afford it or juggle the time.

How did you do it?

Scrummly 2

Slept 4 hours a night. Eventually I never felt tired. After the first month it just became the normal. I also planned 3 years in advance on when and how I was going to attempt to accomplish it. Never looked back and very glad. Best of luck to you.