Accounting for Small Businesses and Entrepreneurs

This practical course is designed specifically for small business owners and entrepreneurs who need to understand and manage their business finances without necessarily having an accounting background. You will learn the essential accounting skills needed to run a successful business.

Starting with the basics, you will learn how to set up a chart of accounts for your business, record daily transactions, manage accounts receivable and payable, perform bank reconciliations, and maintain organized financial records. The course uses practical examples from various small business types including retail, services, restaurants, and e-commerce.

You will learn how to prepare and understand the three key financial statements: the income statement to track profitability, the balance sheet to understand your financial position, and the cash flow statement to manage liquidity. The course covers pricing strategies, break-even analysis, and key financial metrics that every business owner should monitor.

Practical business topics include choosing the right accounting software, setting up payment systems, managing inventory, handling employee expenses, and preparing for tax obligations including VAT. The course also covers common financial mistakes small businesses make and how to avoid them, when to hire a professional accountant, and how to work effectively with your accountant to maximize value for your business.