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The Challenge of Decision-Making with your Accounting Information Tag: Business

Dear reader, this week, let’s talk about the importance of you & those making decisions at your business completely understanding the Accounting system.

A Composite Challenge

Sadly, not all the schools in our system (public & private) teach the pupils enough about Accounting, Management, or Taxes for them to build a successful business!

Even at the undergraduate level, many professionals chose not to take courses in those three topics.

Then, there’s the hurdle of learning, using & keeping oneself updated on specialized software for Accounting & Taxes.

Thus, we have a composite challenge for Entrepreneurs trying to make sense out of their finances + complying with Uncle Sam!

Learning Topics IOOGO Experts Recommend You

So, which topics should every business owner know? We recommend three main lines →

Accounting reports

Knowing your accounting reports, why they exist & how they resume your transactions will allow you to make data-driven decisions.

  • Income statement: your business’ earnings and expenses by given period.
  • Balance sheet: a snapshot of your business’ assets, liabilities & capital at a particular point in time.
  • Cash flow statement: cash invested/spent/earned throughout a period.

Accounting terms

Study some terms that apply to your business, like depreciation, LIFO/FIFO inventory, or Cost of goods sold. You can ask your Accountant about a specific set of topics.

This has several advantages:

  • You become aware of your operations & their expenses
  • You’ll make the most out of your Accountant’s advice
  • You can save thousands of dollars optimizing processes!

Tax forms & percentages

Make a list of all the Taxes you need to pay, the forms to file & the estimated percentage of your income taken by them. For example:

  • You file Income tax through one or several forms: 1120 (Corporations), 1120-S (S-Corps), 1065 (Partnerships), 1040 (Individuals), etc.

Extra Initiatives by IOOGO

We’ll love to see your growth as more than just an accounting-savvy business person! That’s why we have the following two initiatives:

  • IOOGO Sessions: bi-weekly episodes to learn from special guests talking about their experience helping business owners.
  • IOOGO Blogs: weekly bits of advice to add to your skillset! (2–10 min reads)
  • The IOOGO Accounting way! Allow us to take the burden of doing your Accounting, Taxes & Reports; while you study & develop your business! You can schedule a Free Consultation with our experts by clicking here.

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