How to Become Your Own Accountant

To become your own accountant is the big decision if you still do not know the basic principles of accounting and accounting software. But this decision will surely save your cost which you have paid for getting accounting services from accountant. You can also grow your business better if you will become the accountant of your own business because you can track all the accounting information fastly than anybody. So, let start to learn the steps of becoming your own accountant in this content.

Steps to Become Your Own Accountant : - 




1st Step : Learn Basic Accounting Skills

For becoming your own accountant, you have to learn basic accounting skills. It is just like, if you want to cross the river, you have to learn swimming skills or to become your own boat driver. Following are the main basic accounting skills which should have in an accountant.


  • First of all you should the double entry system of book keeping. As per my knowledge, double entry system is universal accepted system of keeping accounting records. In this system, we record all the business transactions in two sides. One side is debit and other side is credit. We pass the journal entries on double entry system. Then we post these journal entries to ledger on basis of double entry system. So, to learn the double entry system is first skill. After learning this skill, you will able to pass the journal entry of any transaction of any business. You can learn double entry system of book keeping at our financial accounting resources
  • Learn terms and definitions of accounting. Main terms are debit, credit, debtors, creditors, sales, purchase, income statement, balance sheet and bank reconciliation. When you learn these terms and definition. Learn its use. Some of terms have the process for making them. If you learn the term of income statement, try to make your own business's income statement. Learn all these accounting terms at our accounting glossary section
  • Learn basic computer. Try your hand on ms excel. This is basic software for accounting calculations and making statements. 
  • Try to learn basic mathematics. It is important for doing correct calculations. 



2nd Step : Learn Popular Accounting Softwares 


For becoming your own accountant, you need to learn all popular accounting software. There are lots of accounting software like Ms. excel, Ms. Access, Google Docs, Tally.ERP 9, ERP, Quickbooks, peach tree  and SAP. Learn all these software by downloading its free version. Go to online free learning resources. Specialize anyone of these software and buy its commercial licence.



3rd Step : Keep All Bill and Documents for Evidence

There is big importance of evidence of any transaction in accounting. You should learn the system to keep all bills and documents for evidence. It will be helpful for fast audit of your business. You can keep it online or manual files.



4th Step : Learn Payroll Accounting Skills

We all know to pay salary is the main expense of any type of business. If you are in the process of becoming your own accountant, you need to learn payroll accounting skills. In this skill, you will learn, how to make payroll? What are the main deductions which you deduct as per legal requirements? To learn when and what what amount will transfer to EPF and to State health insurance policy? What will be its accounting record? You also record the TDS which you have to deduct from your employees' salaries.




5th Step : Learn Management Accounting Skills

In management accounting, we analysis our financial statement by comparing them. We also calculate accounting ratios. So, you also learn all these management accounting skills for becoming your own accountant.


Related : How to Learn Accounting Quickly

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Accounting Education: How to Become Your Own Accountant
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