Accounting, Part 1: Essentials
Don’t repeat my DIY accounting mistakes
You can’t run a business without a solid accounting foundation. Unless you specialize in accounting, don’t try to save money by doing your business accounting on your own.
Very early on, you may be able to get by with your own spreadsheets and a few manual invoices, but as soon as you begin taking on more clients, my baseline recommendation is to work with a bookkeeper to set up your main accounting categories, known as your “chart of accounts”:
- Revenue
- Expenses
- Assets
- Liabilities
- Equity
Learn more in the video about the right way to approach accounting for your early-stage consulting or professional services startup.
