Why Should I Care About an Accounting?

There are two reasons: (1) because it is necessary and (2) because it is lucrative.

A small business owner soon finds that having accounting information and understanding what it means are just plain necessary in managing the business. In addition, the bank will require a good set of financial statements before it will approve a loan, and the statements all come from the accounting records.

The small business owner can rely on his or her CPA to keep the books and prepare the statements, but even small town CPAs or bookkeeping services usually charge more than $100 per hour. If the business owner knows enough accounting to do some or all of this work, the savings can be substantial. In addition, the business owner will have in-depth knowledge of just what is happening in the business. Nobody knows what is going on in the business as well as the bookkeeper!

Accounting is also a great area for jobs. In study after study, accounting is ranked among the top professional areas in terms of future job growth. While those wishing to become CPA’s or CMA’s in the United States must transfer to senior institutions and complete bachelors’ degrees in order to do so, bookkeepers often find rewarding jobs after completing a two-year degree, a certificate program, or just a few courses in accounting. Current salary levels for entry-level jobs in accounting and bookkeeping can be found in various publications or on the internet. One good source of career information is the Department of Labor’s Occupational Outlook Handbook (see http://www.bls.gov/oco/ocos001.htm and http://www.bls.gov/oco/ocos144.htm), but a little time spent searching on the internet will uncover many more.

 

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