How comfortable are you with doing your own accounting? If the thought of having your tooth pulled sounds more exiting than balancing your accounts, read on. There are seven great resources that will help you become fearless as a your own home-based business CFO:
Subscribe to a newsletter or magazine. Newsletters are short and concise which is perfect for the busy entrepreneur. This allows you to digest snippets of relevant financial information in bite-sized chunks. You can start by signing up for a general accounting newsletter or one of the blogs at Inc and Entrepreneur.
Attend a financial workshop. Non-profit organizations such as the Small Business Association (SBA) host free and low cost training. The workshops are designed to help the novice grow. You can learn more about these sessions by visiting the SBA website.
Get a book from the library. Another way to get money smart in business is by reading. There are many books by experts on the topic of small business accounting and finance. Take some time out to peruse library shelves. One book to keep handy is “Keeping the Books” by Linda Pinson. This is a great resource if you have very little experience in bookkeeping or records management.
Watch videos on YouTube. If you are not a reader or if imagery is more your speed, try the freebies on YouTube. There are countless tutorials by experts in the accounting field that you learn from online. It is also a great way to get added instruction to clarify the not-so-simple accounting topics that you read.
Listen to podcasts online. Similar to YouTube, you can also enhance learning by listening to internet podcasts. With this option, you have the ability to download sessions to listen to later on. These are especially good for when you want to maximize time exercising or driving in a car.
Take classes at a local college. Many universities and colleges now offer lifelong learning courses for people in business. These will take a bit more of your time and commitment but the one-on-one access to an instructor is often what you need to really understand how to manage money in business.
Invite an expert to train you in-house. Ask a business colleague if they work with an accountant who makes house calls. Some will come to your place of business or, with the use of technology, can train and answer your questions by internet or phone. On-site training is a convenient way to get up to speed on bookkeeping methods and technology. It is perfect for teams of employees and when you work alone.
Learning how to manage daily finances is key to building confidence as a do-it-yourself CFO. If you who have been in this role for awhile, I’d love to hear how you sharpen your skills in small business finance.