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What do you do if you're overwhelmed by the complexities of accounting as a beginner?

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Diving into the world of accounting can be a daunting experience. With a labyrinth of rules, formulas, and financial statements, it's easy to feel adrift in a sea of numbers and terms. But fear not, you're not alone in this journey. Accounting, at its core, is a structured method of tracking and reporting financial transactions. It's essential for businesses to make informed decisions, and as a beginner, it's important to approach learning step by step. Remember, every expert was once a beginner, and with patience and the right strategies, you can navigate through the complexities and become proficient in accounting.

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CA Sandeep Tiwari

CA I Mcom I Bcom I 11k+ | Sr. Executive-Audit at NSBP & CO

1 Start Simple

When you first encounter the complexities of accounting, start with the basics. Familiarize yourself with fundamental concepts such as assets, liabilities, revenues, and expenses. Understand the accounting equation: Assets = Liabilities + Equity. Grasping these foundational elements will provide a sturdy platform from which to build your knowledge. Just as you wouldn't attempt to read a novel without knowing the alphabet, don't dive into advanced accounting without a firm grasp of the basics. Give yourself time to absorb the principles of double-entry bookkeeping and how different transactions affect financial statements.

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CA Sandeep Tiwari

CA I Mcom I Bcom I 11k+ | Sr. Executive-Audit at NSBP & CO
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???? When starting with accounting, focus on the basics: understand assets, liabilities, revenues, and expenses, as well as the accounting equation (Assets = Liabilities + Equity). ????Mastering these fundamentals is essential before moving to advanced topics. Take time to learn double-entry bookkeeping and how transactions impact financial statements.

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Shruti Kulkarni, EA

Graduate Assistant with MS Accounting and Analytics Flex Program at The University Of Texas at Dallas | CPA Candidate | US Tax Consultant | Deloitte | Actively seeking full time opportunities
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This would probably seem philosophical - accounting is an art. Some would say an art of balancing. Imagine a scale, both sides have to equal to make sense right? Same is with accounting, Assets = Liabilities + Shareholder's Equity. To excel in accounting understand concepts like assets, liabilities, revenues and expenses, basic accounting principles and conventions. Invest time in truly grasping its meaning as a stronger foundation enhances learning speed. Items to invest time in - 1) Golden Rules of Accounting 2) Entities 3) Types of Accounts - Real, Nominal or Personal 4) Accounting Standard Followed - GAAP or IFRS

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2 Online Resources

In today's digital age, a plethora of online resources are at your fingertips to help unravel the complexities of accounting. From instructional videos to interactive tutorials, you can find explanations and examples for virtually every accounting topic. These resources often break down difficult concepts into digestible chunks, making them easier to understand. Take advantage of free courses from reputable educational platforms or seek out forums where you can ask questions and interact with both peers and professionals. Remember, learning is not a race; go at your own pace and review materials as often as needed.

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Shruti Kulkarni, EA

Graduate Assistant with MS Accounting and Analytics Flex Program at The University Of Texas at Dallas | CPA Candidate | US Tax Consultant | Deloitte | Actively seeking full time opportunities
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There are multiple tools available at one's discretion - Chegg, Brainly, CourseHero, ChatGPT, Gemini or Copilot to name a few. These resources can greatly aid in understanding complex concepts, solving problems, and gaining new insights. However, it is crucial to use these tools responsibly, focusing on learning and not plagiarism. By leveraging these tools in your studies, you can deepen your knowledge and achieve academic success while maintaining academic integrity.

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3 Practice Regularly

Like any skill, proficiency in accounting comes with practice. Consistently apply what you learn by working through practice problems and scenarios. This will not only reinforce your understanding but also build your confidence in handling real-world accounting tasks. Start with simple exercises and gradually move on to more complex problems. If you encounter a roadblock, revisit the underlying concepts before attempting the problem again. Regular practice will help demystify the subject and make the processes second nature.

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Shruti Kulkarni, EA

Graduate Assistant with MS Accounting and Analytics Flex Program at The University Of Texas at Dallas | CPA Candidate | US Tax Consultant | Deloitte | Actively seeking full time opportunities
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Accounting is very similar to Mathematics, we have numbers, absolute values, equations and we balance and play with variables to find values. Maths requires practice to understand concepts and so does accounting. Start with basic problems, transactional level entries, T-accounts and simple financial statements. Practice different problems and different set of scenarios. When I initially started, I remember journal entries were confusing but extremely helpful in building an understanding of financial impacts of business events.

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4 Seek Mentorship

Sometimes, guidance from someone more experienced can make all the difference. Seek out a mentor who can provide insights and advice on navigating the accounting landscape. This could be a professor, a professional accountant, or even an experienced peer. A mentor can offer practical tips, clarify doubts, and share their own strategies for managing complex accounting tasks. Their experience can serve as a valuable resource for your learning and professional growth. Don't hesitate to ask questions; the right mentor will be more than willing to help you succeed.

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5 Use Accounting Software

Familiarizing yourself with accounting software can greatly simplify complex tasks. These programs are designed to automate many of the processes that can be overwhelming for beginners. They can help you manage bookkeeping, generate financial reports, and ensure accuracy in your calculations. While there is a learning curve to using these tools effectively, they can save you time and reduce errors in the long run. Start with basic features and gradually explore more advanced functions as your confidence grows.

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Shruti Kulkarni, EA

Graduate Assistant with MS Accounting and Analytics Flex Program at The University Of Texas at Dallas | CPA Candidate | US Tax Consultant | Deloitte | Actively seeking full time opportunities
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I recommend SAP S/4 HANA, Quickbooks, Tally ERP and Oracle NetSuite. Most firms use some sort of accounting software complemented with MS Excel.

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6 Stay Organized

A key aspect of mastering accounting is staying organized. Keep clear records of your learning materials, practice exercises, and any questions you have. Develop a study schedule that allows you to regularly dedicate time to different accounting topics. Use checklists or planners to track your progress and set goals for what you want to achieve each week. An organized approach will help you manage the volume of information in accounting and ensure that you're building a comprehensive understanding over time.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Holly Thorp

Business Growth & Efficiency Leader | Strategy, Operations, & Commercial Optimization
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The best way to start learning is to understand your data. What makes up your cost and revenue? You can delve into this by initiating auditing exercises or implementing standardizations. Once you understand what data inputs you have, you can begin organizing it and learning best practices (which are easier to learn when you can relate it back to something real - i.e. the data you’ve already delved into).

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What do you do if you're overwhelmed by the complexities of accounting as a beginner?

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1 Start Simple

2 Online Resources

3 Practice Regularly

4 Seek Mentorship

5 Use Accounting Software

6 Stay Organized

7 Here’s what else to consider

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