Now for a change of pace! Accounting 101

I am starting the year 2011 by sharing some Practical Accounting information for you.

Accounting & Business Questions you should ask yourself

#1) Do I have What it takes to own/manage a small business?
          Am I a self-starter?
          How good am I at making decisions?
          How well do I plan and organize?
          Am I willing to make sacrifices?
          How will I handle stress?


#2) Which Business should I choose?
          Usually the best business for you is the one in which you are the most skilled and interested in.
          Remember, you will be the one responsible for these ventures; therefore, make sure that your selection fits your skills and interests.


#3) What is a Business Plan, and why do I need one?
          A Business Plan precisely defines your business, identifies your goals and serves as your firm's resume.
          The Business Plan helps you allocate resources properly, handle unforeseen complications, and make the right decisions.


#4) What do I need to succeed in a business?
          Sound management practices
          Industry experience
          Technical support
          Planning ability
          Investment capital (even pledging you home if necessary)
          Stamina / Endurance


#5) Do I need a computer and telecommunication equipment?
          Computer can assist the small businessman in general accounting and inventory controls, and give managers the tools to better measure the effectiveness of their activities in the company's operations.
          Business and accounting software programs (such as QuickBooks) can be customized to fit the specific needs of any type of business.
          Telecommunication equipment (phones, fax machines and network connections0 are necessary for all common business functions: Sales, Purchasing, Financing, Operations and Administration.


#6) How much money do I need to get started?
          Just the right amount for your start-up costs you have addressed in your Business Plan.
               The building & equipment needs
               The beginning inventory needs
               The money available to cover operating expenses for at least a year (Includes your salary, money to repay loans, and general start up expenses).


The get the details behind the questions you will need to buy the book (a reasonably price reference book - around $15).  "Cover Your Nut" later this week.  "Cover Your Nut" by RG Bud Phelps (me) is a great reference book (if I dare say so myself) that is 'Practical Accounting in Plain English for the Real World'.


I will cover the remaining 6 questions found in Section 1.1 - Accounting and Business Questions with Answers - from Section 1 - Accounting 101 - found in the book "Cover Your Nut".  


My book is available on Amazon, college book stores, AuthorHouse on line book store, can be ordered from Barnes & Noble, or found is some College Bookstores (Southeast Community College is one of them).