Rachel N.’s Avatar

Rachel N.

61

Karma

2

Questions

If I want to start my own business someday, how much accounting experience do I need?

I'm asking because I am a recent high school graduate and want to know how many years I should be in college and what degree I should get if I plan to start my own business and do my own accounting. #business #accounting

Ask a new question Answer this question
Asked

2 answers

This question depends on how big and complicated the business might get. Being an entrepreneur generally speaking is tremendously time consuming and most people would rather dedicate that time to growing their business than accounting for it. If you plan on having more than a few employees, you'll want to invest in a professional bookkeeping service or hire an accountant who can handle most of the work without you needing to know more than the high level information which the Bookkeeper can explain to you. If you are thinking of staying small (< 3 people) with a relatively simple business model you can probably take a course on a specific type of software like Quickbooks to understand the basics.

College is what you make of it and degrees are primarily for employers to look at so if you plan on employing yourself, don't stress out too much. There's lots that might be useful to you like marketing strategies or business statistics. If you already know what your business will be, choose courses or a degree that you think will best prepare you to be successful in that business.

Last updated Oct 13 '16 at 01:40 AM
When I was growing up, my cousin told me that everyone should be a business major. Although, he may have been exaggerating to some extent, I do think that studying the intricacies of any business study will serve you well no matter what you do. As an entrepreneur myself, I understand the overwhelming feeling of thinking you have to come into a business with all of the necessary skill sets yourself. Remember that no business can be built alone and you should leverage the people around you to fill in any gaps you may have in your own studies or understanding. With those two things in mind, decide what component of business administration you are most interested in and study that. It will be great to take a class or two in accounting to be able to know how to understand the day-to-day business operations, but this is equally as important as understanding how to market your business or attract customers. Know that if you start to specialize, you can build a team with specialists in other areas too.
Last updated Nov 10 '17 at 02:41 PM
Ask a question