Radically Simple Accounting
shows you a simpler way to learn private business accounting, gain control of your finances, and make more profit!
Radically Simple Accounting Book
Take Control of your Finances, Increase your Profits!
If you’re like most people, you cringe at the thought of managing the accounting for your business on your own? But if you knew that by taking control of your finances, you could dramatically increase your profits, and obtain the high level of financial success you’ve always dreamed of, would you be interested?
Accounting is the Language of Business
Being accounting-illiterate can cost you dearly. Ignore your accounting and you may find yourself overpaying vendors, undercharging customers, overpaying employees, bouncing checks, paying too much in taxes, getting audited, paying late fees and interest on past taxes, paying too much in bank charges, interest and credit card finance charges, and even allowing fraud to persist. Did you know that taxes are the biggest expense for most business people? Poor accounting management can even cause the successful business you’ve worked so hard to build to go down the tubes.
As an experienced accountant, Madeline Bailey has seen hundreds of people make the same accounting mistakes over and over again, losing quite a lot of money in the process. That's why she wrote Radically Simple Accounting— for people who can’t quite "connect" with traditional accounting books and want something modern.
A Way out of the dark and into the Profit
Dubbed the first user-friendly accounting book, Radically Simple Accounting introduces a simpler way to learn accounting that successful people—from students to stars—find engaging.
Whether you are doing your own bookkeeping, or managing a bookkeeper, this book will empower you financially.
This accounting primer works with ALL accounting software. (QuickBooks tips and tricks are included as side-notes.)
This accounting primer is useful for all types of private businesses, and for individuals who are a ’business of one’. What is a ’business of one’? If you receive a 1099 tax form, you're classified as a business by the IRS, even if you feel like an employee. Without a good accounting system, you'll grossly overpay taxes. On the other hand, it can be advantageous tax-wise to be classified as a business, but only if you learn how to take the proper write-off's against your income. Also, these days our private financial lives are so complicated that many individuals and families are in essence, a ’business of one’.
Is this right for me? I’m not the "Radical" type...
The truth is, traditional accounting practices used today were invented in 1492. Accounting is not an industry where things are often shaken up by new ways of thinking.
You may have checked out the “regular” accounting books, and found that they read like appliance repair manuals. They don’t relate to your small business problems or how you think as a small business owner. Even small business owners with MBA's can sometimes not translate traditional accounting debits and credits into their way of doing business.
As an entrepreneur who lacked quality accounting, Madeline Bailey has walked in your shoes. She developed this new methodology with the help of small business clients, from pre-profit startups to millionaires, before codifying it as a systematic approach.
That's why the best solution has to be …Radical!
I need Help, not another book that doesn’t deliver….
Of course you do. That’s why you're walked step by step through creating your own chart of accounts. A chart of accounts is a list of categories. Your chart of accounts is the backbone of your accounting system. Once your chart of accounts is correct, you will understand your GAAP financial reports, specifically your Profit and Loss Report, and Balance Sheet.
Your financial reports are your business scorecards. Are you winning or losing when it comes to your business finances? Is your bookkeeper and financial advisor making sense, or are they talking nonsense? After you read this book, you’ll know.
Whatever your numbers, GAAP financial reports prove to financial advisors—such as venture capitalists, loan officers, CPA’s, tax experts, angel investors, and portfolio investment advisors—that you are "in the game", know the rules, and have what it takes to win.
Here’s a sample of the kind of things that you will learn:
- Tons of expenses you are allowed to take as deductions, including some you may not have known about; and some you may know how to take, like car expenses, whether you buy, lease, or use your own vehicle.
- Plus, the book itself is a tax-deductible expense you can write off against your income.
- A look at accounting basics, including calendar or fiscal year, cash or accrual basis, and other fundamentals.
- Why it is important to have a clear business model before designing your accounting system.
- What is profit? Where does it appear on the financial reports?
- A look at design rules for your chart of accounts, including account number schema, generating account names, grouping accounts in alphabetical order, and grouping accounts into functional areas of business management, such as grouping all payroll accounts under one total payroll account, so you can see your total payroll burden at a glance.
- Jokes and quotes by famous people.
- A discussion about creative accounting and when it borders on fraud.
- Tips on how to manage a bookkeeper, hire a financial advisor, and establish internal controls, similar to corporations even if you’re a sole proprietor.
- What private accountants to the rich & famous know about commingling funds and aren't telling you?
- How to setup your accounting when you mix business and personal monies, and still need accurate IRS reporting.
- Definitions inside the text, for easy reading. A glossary in the back, making the book useful as a reference guide.
- A detailed look at bank accounts, petty cash, credit cards, and debit cards.
- How to setup a fabulous color-coded filing system in one day flat, even if you’re surrounded by a disaster area leaning tower of files.
- How to classify active and passive income accounts.
- A clear explanation of Cost of Goods that you can understand, finally! Why using COGS correctly can save your business boatloads of money.
- A comprehensive look at the Profit and Loss Report and why it’s essential. Please don’t pay taxes without it.
- Fixed assets, like computers, and how to categorize them. How to set up your fixed assets so that you're happy, plus any and all CPA's will understand your financials, thereby minimizing what you pay in accounting fees.
- A spiritual approach to money. Or if not that, then how do you think about money? Why it can be profitable to give money charitably, even if you do so anonymously? 10% of the proceeds from this book are donated to charity.
- Demystifying your Balance Sheet Statement. A new way of teaching Balance Sheets that works better even for some accounting professionals. How does a Statement of Net Worth differ from a Balance Sheet?
- A check list that every good bookeeper will want to refer back to again and again for internal auditing of financial reports.
- How to do a financial analysis of your Profit & Loss Report and Balance Sheet, so that you can exponentially increase your profits.
- Determining the value of your business, analyzing your assets, and using your financials to find new business opportunities.
- How to create proforma financial reports in order to gain financing for your new business idea.
Buy Radically Simple Accounting today
Packed with more than 170 pages of information, real-world training, humor, and case studies, the writing is clear, clever and enjoyable. By using common analogies and humor to reduce complex information into concepts that are easy to understand, Madeline Bailey has written a book that's eminently readable. After you’ve read it, you may want to keep it in your library as a valuable reference guide.
Why risk a loss of profit when accounting is no longer an obscure, difficult, or overwhelming subject, and this book is tax-deductible?
Gain control of your finances, Improve your profit tomorrow
Make your accounting Radically Simple!