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.
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
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