Learn Financial Accounting Even Without An Accounting Background Financial accounting is the language of business. Understanding its fundamentals and concepts can help you make informed decisions, contribute to strategic conversations and even run a business successfully.
You could be in your mid-40s thinking about switching from business to accounting or a young one switching his career to accounting – financial accounting is for everyone willing to learn. Your industry, role, background, etc., is irrelevant when it comes to learning financial accounting. Here’s what you need to do:
1. Learning the ropes of reading and analysing financial statements: Begin your journey in financial accounting by learning how to read and interpret the essential financial statements: balance sheet, income statement and cash flow statement. These documents are critical to learning about a business’s earnings, spends, profits and overall financial health. Your role or industry doesn’t matter when it’s about understanding these statements. These statements illustrate your organisation’s finances and health.