• Home
  • About
  • Advertise
  • Contact
  • Policy
  • Guest Post
  • Archive

One Cent At A Time

A Personal finance blog to get rich

  • Email
  • Facebook
  • Pinterest
  • RSS
  • Twitter
  • Beautiful Life
  • Becoming Rich
  • Beginners Guide
  • Extra Income
  • Productivity
  • Saving Money

Learn Accounting for Free to Run Your Home Based Business

June 20, 2014 5 Comments

Share this:

  • Tweet
  • Email

With the growth of Internet and social networking sites, there are more and more home-based businesses that are mushrooming all across the globe. These home-based businesses can range from small-scale to medium-scale, and there are many home-based businesses that have grown to larger proportion.

Accounting

When you run a home-based business, it’s more often than not a one-man show. You run everything from the ground up. Some people tend to have a natural knack at business and some of them don’t. But with the prolific growth of home-based business, there are many things a home-based business owner can do to make sure that he or she gets the right tools and help in running their business.

One of the most important things about running a home-based business is to know how to manage your accounts. Often dubbed as “the language of business,” accounting is important for it tells you the state of your business in terms of how well or how poorly you’re doing. It reviews your budget, your expenses, your gains and losses. It can also help to determine how you can move your business to a higher level.

It’s not impossible to manage your own accounts even if you have never had any experience or knowledge of accounting before. Granted it takes practice and discipline to learn it, as while it’s not impossible, it can be quite complicated.

Here are some basic steps on what you can do to learn accounting for free in order to manage and run your home-based business:

  1. Start at entry-level: If you have no prior knowledge or experience of accounting, it’s wise to read as much as you can on the basics of accountancy. There are many websites that offer free accounting lessons such as accountingcoach.com. From these websites, you can download their programs and/or systems to get you started. Books like Accounting for Dummies is a good start as it lays out the terms and principles of accounting in layman language. Familiarize yourself with accountancy through quizzes and exercises to break into the idea.
  2.  Enroll in an online university: The great thing about the Internet is, you can learn practically about anything. There are online universities that offer accounting courses such as the Indiana University, Massachusetts Institute of Technology and University of Michigan. Some of them are free. You can find out more on their official websites and get in touch with the department to learn how you can enroll in their free online courses.
  3. Try free software: Many of the websites on accounting offer trials on their accounting software. After you’ve equipped yourself with the basic knowledge of accounting, you can download this software and try to use its features. Having first hand experience in handling accounting tool will reaffirm and enhances what you have learn in theory.
  4. Watch tutorial videos: Just as there are many websites offering free accounting lessons, there are also tutorials videos on YouTube that you can watch. This is helpful, especially if you’re not the reading type of person. One of the best tutorial video websites on accountancy is freeaccountingschool.com. The videos will guide you on step-by-step on the things you need to know when it comes to accountancy. The videos are in simple language and easy to understand so have no worries even if you’re a noob in accountancy.
  5. Apply the knowledge: As mentioned, nothing works better than hands on experience. Once you’re comfortable with what you have learnt, begin applying your knowledge in your own business. Identify the areas of your business based on your accounting knowledge and try making the switches in your booking that are necessary to your business.
  6. Get involved in bookkeeping job: You can look for part-time job that requires light bookkeeping to enhance your skills. Since you’re running a home-based business also, make sure this job doesn’t interfere with your business or that you let your business gets in the way of your job. This step is not necessary, but if you feel you could use more exposure, then it’s something to consider.

Once you’ve acquired the necessary skills and knowledge to run your own home-based business, don’t stop learning.

Always be hungry to know as much as accounting as possible by reading on anything relating to accounting, especially the “What Not To Dos,” or “Common Mistakes Made by Home-Based Business Bookkeepers,” and the likes. You can also continue to read up on financial success stories to inspire you in your business endeavors. These can go a long way in maintaining the dedication and discipline you need in being your own business owner for no matter how small is the business, as long as you’re dedicated and constantly looking to improve yourself, you will be on your way to success.

Readers, as a small business owners how did you first learn accounting? In my case, I learnt it in college. It was part of the computer application curriculam. Then for this blog I maintain a simple spreadsheet on Google docs for accounting.

LIKE THIS POST?
I agree to have my personal information transfered to MailChimp ( more information )
Join our community of 8000+ subscribers to increase your net worth and build wealth
We hate spam. Your email address will not be sold or shared with anyone else.

Share this:

  • Tweet
  • Email
The tool that changed the way I manage my personal finance - Personal Capital, The Best Free Personal Finance Tool

Want to start a WordPress blog now? The onecentatatime.com blog is hosted by Siteground Web Hosting. For only $3.95 a month, Siteground can help you set up and host your website/blog quickly and easily.

About the Blogger Hi I am SB, a personal finance enthusiast with a career in software development. I am an immigrant to the USA since 2005, after being born and brought up in India. This 40 something technocrat lives and breathes personal finance whenever he gets time from the day job, job as a husband and a dad

Some links on this page may be affiliate links, if you make a purchase following the links, I may earn a commission. Read affiliate disclosure here
« 21 Do It yourself Frugal Pet Toy Ideas
Electric Cookers: How to Lower your Electricity Bill »

Comments

  1. 444 says

    June 20, 2014 at 11:54 AM

    I would like to help you, and you can feel free to erase this comment as soon as you read it.

    You left a typo in the post title. It reads “larn,” when it should say “learn.”

    Also, I have never heard anyone using the word “accountancy,” and I believe you meant to say “accounting,” which is the commonly-used term applied to tracking money in relation to business.

    Good luck with your blog. It is full of great, sensible advice, and I enjoy reading it!

    Reply
    • SB says

      June 20, 2014 at 11:36 PM

      Thank you very much for your comment. I won’t delete it. I corrected all the typos and obvious errors. the part of the world I grew up in, it’s called accountancy. But the blog is targeted for Americans so I made the correction from accountancy to accounting.

      Reply
  2. Bob Berchtold says

    June 23, 2014 at 2:14 PM

    As a CPA – I’m thrilled that more business owners would want to learn accounting.

    But as a small business owner, I would argue that most small businesses would be better served if they spent their time learning sales/marketing, and just hired a bookkeeper. Do you think accounting is a more important skill for business owners to master?

    Reply
  3. ubl properties says

    September 27, 2020 at 4:39 AM

    Hi, Thanks for this informative blog. Have got a lot of insights about Learn Accounting for Free to Run Your Home Based Business. Surely it will help all to learn accounting in simple way and apply on small scale home based business. It will motivate many to learn accounting in simple steps with faster.

    Reply
  4. CArunway says

    October 9, 2022 at 11:40 AM

    Hi,
    Thanks for the detailed options to learn accounting. I really liked the idea of learning from online university.

    These days options have been increasing day by day. So, I would say we are lucky to born these era. I hope this motivates many of the accounting aspirants and serve as good start point.

    Thanks.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Create your own blog in 20 minutes and $20

Personal Capital, a free tool to change your financial health today

I use and suggest Upstart, for your personal loan need

CreditKarma, a free tool to check your credit scorey

I use Coinbase, for my crypto investments

101 Cents at a Time

101 Ways to Earn Extra Money on the Side
201 Frugal and Perfect Birthday Gifts
101 Ways to Save Money Everyday
101 Ways to be Better and Successful at Work
101 Ways to Save Environment and Energy
101 Frugal and Romantic Anniversary Ideas
101 Low-Cost Men's Fashion Ideas
101 Personal Finance Tips
101 Ways to Reuse Household Stuff
101 Things to Do, When Nothing to Do
101 College Graduation Gift Ideas
100 Tips for Ecommerce Startup
101 Ways to Enjoy Indoor During Winter
101 Ways to Beat Procrastination

Popular Posts

Quick Cash - How to make $100 legally, in a day
Living well on less than $15,000 a Year
Top survey sites for side income
What to do when auto repair goes wrong
Where should I invest my money now?
20 Ways to be productive and happy at work
51 Ways to get out of debt
Be a better person in 15 days, 15 ways
Income ideas for retirees and senior citizens
51 side jobs for college students
Urgently need a large amount of money?
Should I buy or should I rent?
Best Personal loan providers
25 Ways to save environment
25 DIY car repairs to save money
How to decorate office cubicle
How to show your wife you care
50 Financial Rules for Success
51 Frugal weekend family activity ideas
Become Rich By Saving 1 Hour Of Daily Wage
How much do I need to save for retirement?
How to negotiate your salary

Follow us on FaceBook

About Author

SB

Blogger by choice and IT manager by profession. Finance is my passion and gardening is my greatest satisfaction. Born in India, settled in US, Husband and a father. I created this blog in 2011 with a vision to help others. Thanks for your patronage. More info on my "about" page.

View all posts


Subscribe

Join our community of 5000+ subscribers to increase net worth and build wealth

Advertisements

Personal Stories

How I got a new HP computer replaced
Was COVID circulating in USA in fall of 2019?
How my credit score went up 800+
Why I didn’t invest in Bitcoins
How I controlled impulses to buy things
Why this blog is named One Cent at a Time

Subscribe via Email

Site Disclaimer

Disclosure of Material Connection: Some of the links in this web site are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
Read full Affiliate disclosure


One Cent at a Time is published by SB. The opinions expressed herein by him are his own and not those of his employer or anyone else. All content on One Cent at a Time is for entertainment purposes only. By reading this blog, you agree that SB and/or One Cent at a Time is not responsible for any actions taken after reading this blog. For the full disclaimer, click here .

Major Media Mention

One Cent at a Time Media Appearances

Copyright © 2023 One Cent At A Time · Designed by Nuts and Bolts Media