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Why is accounting a useful skill that needs to be learned?

I am interested in becoming a civil engineer or an engineer in general. I also see myself starting my own company/business in order to build certain projects through my company. I am aware that knowing how money works will be a necessary skill. How will minoring in accounting be useful in my future vision.
#engineering
#money


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Peter’s Answer

Aaron:

If you are seriously interested in opening your own engineering firm someday, I suggest you consider a minor in Business. This will give you a much broader perspective in successfully running a private firm than Accounting.

Good Luck, Pete Sturtevant, PE

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Ammy’s Answer

Every business owner should have an understanding of accounting in order to accomplish a few things:

1) Understand how money is flowing into/out of the business and how that contributes to the financial health of the business. (I also recommend Finance classes.)
2) Ensure that your business doesn't get on the wrong side of the law with regard to financial practice/reporting laws for businesses.
3) Sure, you will probably hire accountants/accounting staff as your business grows. But if you don't have at least a rudimentary understanding of accounting principles, you will be relying on trust that they're doing what's best for YOUR business. Trust, but verify.

#accounting #education #businessownership

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David’s Answer

Bottom line is you are entering business for one reason money. I have a Masters in Ceramics and shockingly my accounting Knowledge from high school and learned on the job is critical to managing my engineering team. Profit and loss control via monitoring and managing revenue and expenses is all that matters to your finances. It will be great to know some Basics good luck.

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