Learn the basics of accounting

Balance sheets can be a headache for some, especially those who are not gifted with numbers. But let’s face it, accounting is crucial for business and as a businessman, it’s a requirement to have an understanding of how cash flows in your organization, and how it can affect the decisions you make.

In today’s edition of Five Tips Tuesday, get the basics of accounting and some apps and tools to help you get a better understanding of how your finances work. After all, it’s all about the Benjamins.

1. Learning Tools — How important is accounting to business? Here’s how understanding the numbers can get you to be a better manager and decision maker for your team and your business. Check it here.

2. Must Read — Accounting has its special jargon that can be confusing for new entrepreneurs. Here are 24 accounting terms and their definitions to help make sense of the sheets. Check it here.

3. Apps — With today’s technology, it’s easier to keep tab of the numbers and help keep things organized for your business. The guys over at Proven blog has come up with the best apps you can use when you’re starting a business, from storing documents, managing expenses and organize invoices. See the list here.

4. Tips — A balance sheet, also known as a “statement of financial position” can give you insight on how well a company is doing. It can reveal a company’s assets, liabilities and the owner’s net worth. Check out how you can read a balance sheet and understand its contents here.

5. Books — If you’re new to investing and cash flow analysis, reading books would be a great way to make the concepts easier to understand. Here are six books for beginners who would like to make the best out of your cash and understand how you could create more opportunities from them. See it here.

Got more to add to our list? We’d love to hear from you!.

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