Warren Buffett, American business mogul and the second wealthiest person in the USA, once famously said that accounting was the language of business. This sentiment is echoed across the world of successful business, for example Robert Kiyosaki, American businessman and author suggested that:
‘The only way to get out of the “Rat Race” is to prove your proficiency at both accounting and investing, arguably two of the most difficult subjects to master.’
When you start up a small business there is a lot to think about and not all small businesses pay enough attention to their financial records. However, these records provide the only solid clues as to the success of your enterprise. The numbers in your accounting bookkeeping can sometimes tell a harsh truth about your financial situation but they can also give some useful clues as to where your products, services and marketing strategies are succeeding and, maybe more importantly, failing. Even if you delegate your accounts to someone else, some basic small business accounting training will help you to understand accounting regulations and give you sufficient skills to run your business more efficiently. Skillstalk offers 4 examples of why accounting training is imperative for all small business owners:
- Accounting training can help you to stay in control of cash flow
- With accounting training you can ensure a positive credit rating
- Accounting skills help you to measure the performance of your business
- An understanding of accounting will help you to discover financial inefficiencies
Why is small business accounting training so important?
Australia has a set of record keeping regulations set out for small businesses. Small business accounting training will help you to keep within the specifications of these and ensure that your company books are up to any forthcoming scrutiny. Even if you eventually choose to hand your company accounts over to an accountant, accounting training will help you to understand the financial position of your business and be prepared for any tax obligations that might come your way. Small business accounting will help you to deal with the following aspects of accounting law:
- Invoicing, payments and receipts
- Tax reports including GST and income tax
- Online financial reporting
- The legal format and storage of financial records
At Upskilled we have a wide range of accounting courses. Our entry-level course is the Certificate IV in Accounting, which covers most of the important accounting basics including:
- Payroll systems
- Computerised accounting systems
- Financial reports
- Operational budgets
We also offer 3 Diploma level accounting qualifications plus our Advanced Diploma of Accounting, which gives a comprehensive level of accounting training for more advanced practitioners. This Advanced Diploma covers a range of units including:
- Corporate governance
- Internal audits
- Corporation and trust law
- Financial performance
- Internal control procedures
The online accounting training courses above have been designed for those looking to enter the accounting industry as practitioners but they are also, particularly the Certificate level accounting course, suited to entrepreneurs and managers of small businesses. As well as our specific online accounting training courses, we also offer a Certificate IV in Small Business Management, which is ideal for anyone who is involved in the day-to-day running of a small business or who is looking to take the first steps towards a career in business management. Units for this Certificate level online accounting course include:
- Managing small business finance
- Undertaking small business planning
- Marketing a small business
- Managing a small team
So you can see that, if you chose this course, you would be gaining a wide range of useful business start-up skills as well as small business accounting training.
Which accounting fundamentals do small business owners need to understand?
As a small business owner you will need to understand a few accounting basics. Your small business accounting training will help you with these. Small business accounting fundamentals include:
- Keeping proper financial records (set aside regular time to do this)
- Invoices and receipts (get used to keeping a paper record of all transactions, both sales and purchases)
- Separating personal and business expenses (the best way to do this is through a separate bank account)
- Checking bank statements (helps you to see how you are spending your money and check for fraud)
None of these accounting fundamentals are particularly tricky to grasp but you will find, when you first start up your business, that you have questions about how you should keep certain records and when different reports are required by law. Small business accounting training can provide the answers to these questions and give you the confidence to conduct the financial side of your business, with or without the help of an accountant.
What is the course duration of the Certificate IV in Small Business Management?
One of the great things about online accounting training is that you don’t have to wait for a traditional course start date. The Certificate IV in Small Business Management has rolling start dates, which means very little waiting time. Start dates for individual courses can be found by contacting Upskilled. This online small business course takes 12 months in total with one unit being studied each month.
How can flexible learning benefit the small business owner?
Starting a small business is an exciting but very busy time. It can be easy to neglect the basics such as accounting fundamentals and be caught up in the frenzy of activity required to get your new enterprise up and running. The great thing about online, flexible learning is that it gives you the capacity to choose when and where you study. This means that you can be there when your new business needs you most, at the same time as making sure that you have the necessary skills for success.
Which course outcomes can I expect from the Certificate IV in Small Business Management?
The Certificate IV in Small Business Management has been designed to cover the basics that any small business owner needs to maximise success in their entrepreneurial endeavors. Each month this online course takes students, in detail, through different aspects of business management. From the necessary accounting training and business planning required before start-up to the marketing, team management and operations monitoring necessary to keep a small business running, this course offers all a small business owner needs to ensure a great start for their enterprise. Career outcomes for the Certificate IV in Small Business Management are not limited to those engaged in their own entrepreneurial endeavors, the skills provided are also suitable for anyone looking to pursue a career in business management.
It is easy to understand why a good grasp of accounting fundamentals is of benefit to any small business manager. What is maybe less clear is how these accounting skills can best be gained. Online accounting training offers exactly the comprehensive and flexible approach for which most small business managers are looking. Take a more detailed look at our range of online accounting and finance courses and talk to one of our advisors today.