Top positive review
One person found this helpful
Entrepreneurs - Read This Book
on October 29, 2009
As a new business owner, I recently determined that in order to have an intelligent conversation with my account, I must learn basic accounting terminology and how the accounting cycle operates. I showed this book to my accountant to get his opinion. He said, "I wish more of my clients read this book."
In a simple manner, "Bookkeeping Made Simple" enlightened me on the subject of bookkeeping. I do not want to become an accountant or full-time bookkeeper. I just want a broad understanding of how it all works so I can confidently enter transactions in QuickBooks and keep my books organized for my accountant at the end of the year. I feel this book helped me achieve my goals.
If you have questions, such as, what are drawing accounts, ledgers, and journals? Or, how do I read a balance sheet and an income statement to determine the financial health of a company? Then this book is for you!
I'd also like to note that this title does not discuss accounting or bookkeeping software. It is purely old-fashioned manual bookkeeping. I believe learning the manual method will give you a greater understanding of your accounting software. It's kind of like learning arithmetic by hand before moving to the calculator.
There are technical errors in some of the exercises. For example, a few of the balance sheets don't balance. Also, there are many transcription errors where numbers from the exercise are not correctly reflected in the answer. The author does emphasize accuracy throughout the book and states, "perfect practice makes perfect." Because he did not follow his own advice, he gets docked one star.
Overall, I feel "Bookkeeping Made Simple" presents a great intro to bookkeeping, which every entrepreneur must comprehend in order to fully understand his own business.