5 answers
Crystabel
Student
Netcong, New Jersey
1
Question
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What Accounting Skills Are Crucial for Starting a Business and Getting Your CPA?
I am a freshmen in college. I am majoring in Accounting. What are some key accounting skills or certifications, like getting your CPA, that are essential for successfully managing the finances of a new business, and how can they help in the long term? #Spring25
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5 answers
Christopher Chang
Tax Accountant
6
Answers
Allen, Texas
Updated
Christopher’s Answer
Hi Crystabel.
I recommended finding a basic bookkeeping job to give you real life experience to what you are studying. Having a strong foundational accounting expertise gives you the ability to communicate succinctly with other accountants. Some day your business might need to be audited or its tax return to be prepared; making sure you financials are set up well is a key component of being a great accountant. Learning how to use multiple accounting softwares is a plus. Being able to use any Excel's analysis tools such as pivot tables are good tools to have in your bag.
I recommended finding a basic bookkeeping job to give you real life experience to what you are studying. Having a strong foundational accounting expertise gives you the ability to communicate succinctly with other accountants. Some day your business might need to be audited or its tax return to be prepared; making sure you financials are set up well is a key component of being a great accountant. Learning how to use multiple accounting softwares is a plus. Being able to use any Excel's analysis tools such as pivot tables are good tools to have in your bag.
Shirley L
Accountant
72
Answers
New York, New York
Updated
Shirley’s Answer
Hi Crystabel,
Your accounting classes will help you build a strong foundational understanding of the concepts, but I would recommend looking for an accounting internship to get some exposure in the field. After you obtain your bachelor's degree, and check with your state's requirements, you may be eligible to sit for the CPA exam.
Your accounting classes will help you build a strong foundational understanding of the concepts, but I would recommend looking for an accounting internship to get some exposure in the field. After you obtain your bachelor's degree, and check with your state's requirements, you may be eligible to sit for the CPA exam.
Harry Clapeck
Manufacturing
37
Answers
Scottsdale, Arizona
Updated
Harry’s Answer
Hi Crystabel, David, Alicia and Daniel each gave you good answers to your question. Each is important to understand.
Jut as they gave you ideas on what to study, I think it is just as important to your success to know and understand what you don't know and what to do about it. You can't have all the answers and to study and retain all that knowledge is impossible. . There are a lot of businesses that start out well and grow and prosper but then fail, The reason? They don't know or want to admit they don't know something or are afraid to let go. The best managers know when to call it quits and seek out help for questions/areas they don't understand nor have the expertise for. This is NOT a failure but being smart to identify when you need help.
Good luck Crystabel.
Jut as they gave you ideas on what to study, I think it is just as important to your success to know and understand what you don't know and what to do about it. You can't have all the answers and to study and retain all that knowledge is impossible. . There are a lot of businesses that start out well and grow and prosper but then fail, The reason? They don't know or want to admit they don't know something or are afraid to let go. The best managers know when to call it quits and seek out help for questions/areas they don't understand nor have the expertise for. This is NOT a failure but being smart to identify when you need help.
Good luck Crystabel.
Thank you for the advice.
Crystabel
Alecia Lally
Recruiter
7
Answers
Atlanta, Georgia
Updated
Alecia’s Answer
Getting your CPA license is a fantastic decision, and you won't regret it! There are plenty of resources to help you pass the exams, like Becker and Kaplan, which I used myself. As Daniel mentioned, getting an internship is a great way to build a strong foundation in Accounting and is an excellent first step in your career.
Looking beyond just Accounting, it's important to stay curious about the business world. If you're thinking of starting a new business, learning about how businesses work is key. Reading articles, chatting with business owners, and attending seminars are all wonderful ways to grow your business knowledge beyond just the numbers.
You've got this!
Looking beyond just Accounting, it's important to stay curious about the business world. If you're thinking of starting a new business, learning about how businesses work is key. Reading articles, chatting with business owners, and attending seminars are all wonderful ways to grow your business knowledge beyond just the numbers.
You've got this!
Thank you, Alecia for the advice.
Crystabel
Daniel Brennan
94
Answers
Updated
Daniel’s Answer
I think the CPA is a great start. I would suggest looking into public accounting, namely the big 4 out of college. These companies pay well, are very prestigious, and will pay you to take your CPA (they pay for the books which costs thousands, they pay for a training course thats really helpful, they pay the costs of the tests, they give you days off to study, and they pay you a big bonus when you pass!). This will also allow you to get a year or two worth of salary saved up to go towards your business.
In terms of skills, one major skill to learn that will help in accounting and your business is the relationship skillset. Work on your ability to talk to people and specifically any client facing roles you can have. For someone in college, this means working as maybe a cashier, working for the school in some sort of administrative role where you get to directly talk to students or people as part of a business, even a TA role could provide that. All these jobs will allow you to earn money, and work on a customer/client faced speaking role which is super helpful in accounting and business in general.
I would also highly recommend a paid internship in accounting. Great experience for your resume and who wouldn't want thousands of dollars to bring back to college!
In terms of skills, one major skill to learn that will help in accounting and your business is the relationship skillset. Work on your ability to talk to people and specifically any client facing roles you can have. For someone in college, this means working as maybe a cashier, working for the school in some sort of administrative role where you get to directly talk to students or people as part of a business, even a TA role could provide that. All these jobs will allow you to earn money, and work on a customer/client faced speaking role which is super helpful in accounting and business in general.
I would also highly recommend a paid internship in accounting. Great experience for your resume and who wouldn't want thousands of dollars to bring back to college!
I'm excited to put your great advice to good use!
Crystabel