To the layman, bookkeeping and accounting sound like the same thing. Isn’t it just compiling lists of numbers and formulas to understand what’s going on financially for a company? There are, however, differences between bookkeeping and accounting which can help you better understand the needs of y our company or small business.

Every business needs bookkeeping AND accounting, though many begin only with bookkeeping. Bookkeeping is the process of recording each of your financial transactions –  sales and purchases. It’s the basic math needed to keep your business profitable and to be sure that you don’t run out of money or inventory. Bookkeeping is the first critical step to keep your business alive. When you’re ready to get more serious, or as your business scales far beyond your initial bookkeeping skills, it’s time for some accounting.

Accounting is much more than just bookkeeping. Accountants do keep track of daily transactions, but instead of simply keeping track of the company’s assets, accountants take all of those purchases and expenditures into deep analysis for the good of the company. Accounting includes the analysis, classification, summary, and even recommendation.

Accounting is a more complicated process than bookkeeping, which is why accountants need further certification than bookkeepers. Accountants need a bachelor’s degree or a CPA certification before they can provide accounting services for a company. Accountants are able to look at the data and determine what is happening for the company on a day-to-day basis, and then make recommendations for future moves, price changes, or other relevant details to benefit the business. Accountants are able to see what business owners and operators cannot, simply by analyzing the data.

We recommend that everyone utilizes accounting practices for your business, as accountants can offer much more applicable services to help maximize your business profits. Bookkeeping is also important, and employing a bookkeeper you trust to catalog your finances is the best way to keep your business healthy and operating efficiently.

Do you need bookkeeping help? Are you looking to take your business from bookkeeping to accounting? Are you a bookkeeper looking to improve your certification to offer accounting services? If you are interested in the services of bookkeeping, accounting, or maximizing your business profits, Universal Accounting School offers courses and certification to help you meet your business goals. We help people learn bookkeeping skills, advance to a CPA level certification, offer profitable accounting services for others, and more. If you’re ready to take the next steps, come see how Universal Accounting can help.

When Forbes reports something, it’s usually a good idea to listen. Extensive research and experience goes into each article or study published through Forbes magazine, and it’s the place to go for up-to-date business information. If you’ve been thinking about branching out on your own as an accountant, or you are hoping to change careers to a more stable and lucrative field – Forbes has shared three reasons that accounting firms are the most profitable, no matter the economic conditions.

3 Reasons YOU Should Start an Accounting Firm

1. High Demand: Everyone needs one. It’s pretty self-explanatory. Every single business, large or small, need to account for all of their incoming profits and external costs. Every single business wants to maximize revenue while decreasing costs. Everyone needs to file taxes each and every year, which means they need help from a skilled and trustworthy accountant. The very best thing about accounting, though, is that it is largely unaffected by economic swings. Whether the economy is in recession or thriving – everyone needs accounting.
2. Low Cost: Did you know you can start your own accounting firm for just $100? This is probably the most motivating reason for people to choose accounting when making a career change or striking out to own their own business. You don’t need to rent office space, buy supplies, invest heavily in other employees, software, or other overhead items. You can hit the ground running with your accounting firm in an afternoon. If you do want more training or assistance to maximize profitability, Universal Accounting can strengthen your business with at home classes and training.
3. Marketing Scale: Once you focus your marketing on ideal customers, your focus can turn to retention. Retaining your customers with prime performance and skill will keep your revenue up month after month. You’ll gather new clientele while continuing to gain profits from your existing clients. As an individual business owner you will connect with other business owners and find clients for whom the match is mutually beneficial, and profits will be consistent. Marketing strategy is usually only an initial effort that will bring in more clients than you need for a small amount of preparatory work.

So what are you waiting for? If you find yourself in a dead-end job, or bored with your corporate accounting gig, you could be starting your own accounting firm by the weekend. Work for yourself, retain all the profits, help others, and take control of your future. Universal Accounting is ready to show you how.

Accounting is an excellent profession for consistent and reliable work. You can expect solid work and good paychecks, for a very light workload of meaningful tasks. Accounting is a popular profession for those with mathematics and detail-oriented skills, and many find themselves in an accounting firm or working for a company as primary accounting. However savvy you may be with accounting, it takes a little more business flair to take an accounting firm from breaking even to high profitability.

If you are in leadership at an accounting firm, or you’re looking to strike out on your own as an independent accountant, you will need to follow these tested steps to achieve profitability.

1. Minimize Costs. Eliminate as much overhead as you possibly can while remaining comfortable and functional. This may mean restructuring responsibilities, or choosing to cut a few things here and there. It may be permanent or temporary, but often the first step is giving yourself a little more margin by minimizing costs.
2. Assess Current Practice. Where is your practice today? How many clients do you have? Are you retaining? How many new clients have you brought in during the last year? Taking a hard look at the current status of your accounting firm can open your eyes to the next steps to be taken.
3. Client Retention. Treating your current customers right is vital to building an accounting firm that is profitable and long lasting. Regularly survey your clients to see what you could be doing better, and make each client a priority.
4. What services do you offer? Could you learn a new skill or offer a new service that could change the game? Universal Accounting offers courses in tax preparation and other skills that could diversify your services for better retention and new clients.
5. You have to know your ideal customer and find a way to target them. Marketing is the way you generate leads and bring in clientele for growth.
6. Future Planning. Every profitable business needs to have a scaled plan for the future. It’s critical that you know what your business should look like in 6, 12, 18, even 72 months down the road. Having a mission statement, roadmap, and concrete goals can make profitability certain.

When you’re ready to maximize your profitability and create sustainable growth, check out Universal Accounting’s seminars, courses, coaching, and certifications. We personally help accounting firms increase their leads, annualized billings, client retention, profits, and more. Come see what we can do for you.

In today’s economy it’s not unheard of to change careers, or to pursue a career later in life. We are seeing huge numbers of workers leave their jobs in dying industries in search of a better, more long-term solution. We are seeing huge numbers of women joining the workforce as kids enter school, or they need to supplement income, or they simply want a new way to fulfill their vast potential. We are seeing huge numbers of workers leave their jobs in search of ways to work for themselves, work from home, or better control their own business. And you can too.

Becoming an accountant is an answer to a variety of problems found amongst disillusioned workers in any industry, and can completely change your life. At Universal Accounting School we offer affordable, online programs with mentors and support to help you become an accountant in almost no time. Why? We’ve got 10 reasons!

1. Accounting is a stable industry, of which businesses will always have need.
2. When you become an accountant or finance coach, you have the option to work for a company, an accounting firm, or your own practice!
3. Above Average Pay. Accounting is a well-paid job, particularly for the ease of work and hours required.
4. Schedule Control. You are able to take a vacation when you need it – except maybe during tax season. You can work the hours that work for you!
5. Increased Profits. If you take an accounting or profit growth course, you can start maximizing the profits of your accounting business to increase satisfaction and client retention for the best possible outcomes.
6. Work for Yourself. Are you sick of reporting to a boss or heading into an office every day? Instead you can be your own boss, work from home, and complete your work in pajamas if you want.
7. Light Workload. With the exception of tax season, the accountant’s workload is usually light, predictable, and manageable. You can enjoy a flexible schedule and plenty of relaxation.
8. Fast Re-Entry to Workforce. If you’re making a career change or re-entering the workforce, you can do so very quickly with accountant certification. Jobs are available, and you’ll be ready.
9. Affordable Training. You don’t need a mountain of student loan debt and time without income to conquer CPA training. It can be done in nights and weekends, or in a small amount of dedicated time without a job. Payment plans and scholarships exist to help you get the training you need, without the debt.
10. Overall, the best reason to take our courses is the level of control you will retain – over everything! Your training, your finances, your schedule, and your entire life.

If any of these sound appealing to you – don’t wait. Check out Universal Accounting School today and take the steps to change your life.