Best Overall Book: Accounting All-in-One for Dummies
If you’re new to accounting or just need a refresher course, this book is the most comprehensive and easy-to-read guide. It covers the basics in a straightforward style to provide a strong accounting knowledge base. It’s comprehensive and accessible and contains nine “mini-books” in one volume. Author Kenneth Boyd will teach you everything from setting up your own accounting system to working with financial statements and income statements. There are also advanced sections on financial decision-making and fraud detection, as well as other accounting specialties. Whether you’re a beginner or a professional, you’ll find value in this book, whether it is used as a training guide or a handy reference. As a bonus, you also get access to online quizzes corresponding to each section of the book to ensure that the skills you’ve acquired stick in your mind.
Best Book for Small Business Owners: Accounting for the Numberphobic
The endless numbers in spreadsheets can be daunting to look at, especially when you don’t know what you’re looking for. This book “Accounting for the Numberphobic: A Survival Guide for Small Business Owners” by Don Fothopoulos comes to the rescue for those trying to avoid accounting at all costs and need some practical knowledge to deal with it. The book covers the most important accounting aspects relevant to your business, including how to understand the income statement, cash flow statement, and budget. Most importantly, it helps you answer key questions like the value of your business or how much revenue you need to become profitable.
Best Tax Book: Tax Savvy for Small Business
If there’s one key aspect of running a business that must be understood, it’s tax accounting. In “Tax Savvy for Small Business,” author Frederick Daily, who has 35 years of experience as a tax attorney, shares his insights on how smart tax planning strategies can help protect and grow your profits. This guide covers all the essential topics of business tax accounting, including how to know if you’re eligible for tax credits and how to take advantage of them, expenses and long-term assets you can deduct, and how to maintain perfect financial records. And while the last thing you want is an audit, this book covers how to handle that. This new edition also includes all the new tax laws, so you will stay updated.
Best Book for Entrepreneurs: Profit First
The book “Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine” teaches business owners how to prioritize profits. With an alternative accounting view (contrary to generally accepted accounting principles, or GAAP) and an analysis of four key accounting principles, readers will learn how to streamline their accounting and focus on paying themselves first. The idea is similar to what financial experts recommend when it comes to saving money – take some money directly from your income rather than taking what’s left. Along with unique accounting tricks and budgeting from author Mike Michalowicz, his straightforward language makes this book a great read. As a serial entrepreneur, Michalowicz also shares numerous case studies to help clarify his theories in practice.
Best Book for Accountants: Accounting Best Practices
Getting the correct data is essential for improving company processes and increasing profits. To understand accurate accounting, this comprehensive guide from financial expert Steven Bragg offers solutions, tips, and improvements for common accounting challenges. This isn’t for beginners, as most techniques presume a working knowledge of accounting. But for those working in the field, “Accounting Best Practices” is a solid resource for cutting costs, creating efficiency, and enhancing accuracy in accounting. The latest sixth edition includes 90 new practices and two additional chapters on credit and collections.
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A Beginner’s Book: The Accounting Game
Not everyone may be an accounting expert, but most people might be familiar with running a lemonade stand. This is the idea behind this simple yet genius accounting book, “The Accounting Game: Basic Accounting Fresh from the Lemonade Stand” by Darrell Mullis and Judith Orloff. Using the example of a childhood business, the book teaches the basics of accounting to anyone who needs a straightforward yet “sticky” explanation. It breaks down complex accounting terms and concepts into applicable language and step-by-step illustrations in just 179 pages. Each section ends with quizzes and worksheets with sample spreadsheets to help readers grasp each topic. Overall, this book is a great find for accounting students and anyone looking to understand their personal finances.
Best Book for Investors: Warren Buffett Accounting Book
Since Warren Buffett is known for his investment skills, the book “Warren Buffett Accounting Book: Reading Financial Statements for Value Investing” by authors Stig Brodersen and Preston George Pysh focuses on accounting concepts that must be known by the successful investor himself. This book presents the second part of a three-part series and includes strategies aimed at helping you select winning stocks. Most importantly, the book teaches you how to calculate a company’s value using two different methods. Furthermore, aspiring investors will learn how to read the income statement, balance sheet, and cash flow statement – all essential when making decisions about the right companies for your portfolio.
Best Book for Intermediate Accountants: Barron’s Accounting Handbook
Sometimes you just need a classic accounting reference book. “Barron’s Accounting Handbook” by four accounting experts provides everything financial professionals need to know about financial reporting and compliance requirements. It covers both U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards. The book includes over 1000 pages, including a dictionary of accounting terms, so it is not light reading in the literal sense. But for advanced accounting students, it is a solid addition to your library.
Best Book for Freelancers: Accounting Made Simple
The book “Accounting Made Simple: Accounting Explained in 100 Pages or Less” can be read in an afternoon or two for a quick understanding of self-accounting. Written by Mike Piper, a certified accountant aiming to help individual practitioners understand the basics of accounting. The book explains everything from understanding and creating financial statements to the difference between the cash method and the accrual method. It also touches on other major financial concepts such as depreciation and amortization in a way that beginners can understand. Most importantly, Piper includes helpful examples to illustrate these concepts.
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This article was written by Dawn Papandrea, a personal finance journalist covering small business topics. As a full-time freelance writer with nearly two decades of experience, she has become proficient at tracking her own accounting, taxes, and many other financial concepts.
Source: https://www.thebalancemoney.com/best-accounting-books-4797472
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