What are some basic accounting concepts for someone starting their own business?

Answer by  cupper3 (21)

Your best course of action is to obtain a copy of Quickbooks or Simply Accounting. They have great tutorials, and they will guide you through the accounting process. If you are creating any sort of revenue, it is better if you either take a bookkeeping course, or hire a qualified bookkeeper - it will save money in the long run.

Answer by  GeorgeH (179)

Here are a few basic concepts to keep in mind. Record revenue and expenses together if they're associated with each other, not just because they occur at the same time. Keep an eye on the depreciation of your fixed assets, if any. Always make sure that marginal costs are less than marginal revenue- otherwise you lose money with each sale.

Answer by  Kattie (598)

The most basic thing you need to know is " Debit " from a " Credit ". Debits are money going into the business and Credit is money going out.