UNDERSTANDING YOUR ACCOUNTING NEEDS

Although many believe “accounting is a necessary evil,” it is none-the-less, the language of business. Your ability to understand how your management decisions will affect your Company’s financial statements and profitability is based on your knowledge of your Company’s accounting system. Simply having a “QuickBooks” or “Peachtree Accounting” system (or others) is not enough. Those systems are based on fundamental accounting principles.

When you prepare a sales invoice (or other document) in any of these systems, the system automatically (behind the scenes) makes the accounting entries necessary to generate the Company’s financial statements. You NEED TO KNOW HOW each of these entries affects your business and its profitability and how they are ultimately reflected in your financial statements!

Register for our “Understanding Accounting” workshop and if you need additional help, request a SCORE Management Counselor.