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As a future business owner, how many accounting classes should I take in college or should I rely on a professional accountant to handle my business finances?

I am a high school culinary student and would like to own my own restaurant one day. I would like to know if it is usual for a restaurant owner use an accountant to handle their finances or if not how many accounting classes will prepare me to be a business owner. Thnak you! #futurechef #CPA #culinary-skills

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Lynn’s Answer

Hi Lauren! I think understanding accounting would be very beneficial as a future business owner. While I do not think having knowledge of every little part of accounting is necessary, I would recommend taking at least one financial accounting class and one managerial accounting class to gain a basic understanding of how businesses work. As a business owner, it would be good to understand the finances of the business and how things are accounted for, as this can help with growing your business in the future and making sure that everything is being handled properly. Hope this helps!
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Mitch’s Answer

I think having a high level understanding of accounting would greatly benefit you as a future business owner. It greatly depends on the type of business you would like to own, but I would recommend taking at least a couple financial accounting class and managerial accounting class to gain a basic understanding of how businesses work and how accounting affects the business processes and financial reporting aspects. As a business owner, it would be good to understand the financial areas that are driving the business and how these areas are accounted for, as this can help with cutting costs, growing profits, and identifying areas of improvement.
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Hillary’s Answer

It is critical to understand all aspects of running your own business. Any pillar when neglected has the potential to crumble the entire structure so even if you hire someone to do the daily tasks of one of the pillars (ie accounting, marketing) your business will be exponentially more successful if you understand what is happening holistically.
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Vincent’s Answer

In addition to accounting/finance classes, ask your advisor if there's a recommended mix of other course work that might be beneficial. For instance, a marketing or an operations class may be useful in your future as a business owner
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Emily’s Answer

As an entrepreneur it is always good to understand the finances of your own business - whether you are doing the books or you hire someone else to. As for the number of classes to take, there is not a hard and fast rule. I would suggest discussing with a college adviser who knows the content of the classes to determine which would be most beneficial for you.
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Sam’s Answer

Having an understanding of accounting as a business owner would be useful no matter what type of business you own. Taking a few introductory classes that are required for general business majors would be a good place to start. This would put you at an advantage over many business owners as you would have an actual understanding of the finances behind your operation. Definitely seek advice from an accounting professor or business advisor on specific classes.
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Jim’s Answer

You won't need to take intermediate accounting or above. You should have a good working knowledge of a balance sheet and income statement and how they relate to each other. Budgeting and cost accounting would be good for you, too.

Be sure you know how to balance a checkbook and reconcile a bank statement.

Jim
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Darion’s Answer

I would take a variety of business classes including accounting, finance, market, and basic business fundamentals. In today's society for future business owners it will be important to have a tech background. I would highly recommend taking business technology courses.
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