How do Beginners Learn Accounting?

As an aspiring accounting professional, you know you will have to start somewhere. Accounting is a complex field that includes many different branches. With so many options, knowing where to start in your learning journey can be difficult. Most hopeful accounting professionals opt to enroll in a series of live courses, a bootcamp, or a certificate program that will help them advance in their professional lives and reach their career aspirations. Beginner students will want to start from the very beginning to learn how to navigate any software interface or solidify any complex concepts related to accounting practices. Students will likely want to explore these different specialties, including taxes, management, or auditing. This is easy to do with entry-level courses as they are typically shorter and cost less. Whichever specific skill or specialty you plan to explore, you have many learning paths available.

Getting Started with Accounting

Before embarking on your accounting journey, it's essential to equip yourself with the right tools and foundational knowledge. At a minimum, you'll need a computer with internet access and basic proficiency in spreadsheet software like Microsoft Excel or Google Sheets. While not always necessary for beginners, familiarity with accounting software such as QuickBooks, Xero, or Wave can be beneficial. Many of these applications offer free trials or student versions, allowing you to practice without immediate financial commitment. Additionally, having a basic calculator on hand can be useful for quick calculations.

In terms of knowledge prerequisites, a solid understanding of basic mathematics is crucial. You should be comfortable with addition, subtraction, multiplication, division, and working with percentages. Familiarity with fundamental business concepts such as revenue, expenses, assets, and liabilities will also give you a head start. It's helpful to have a grasp of basic economic principles and an understanding of how businesses operate. While not strictly necessary, having access to introductory accounting textbooks or e-books can provide valuable reference material as you progress through your studies. Lastly, setting up a quiet, organized study space where you can focus without distractions will contribute significantly to your learning success.

The First Steps when Learning Accounting

When starting your accounting journey, you'll first encounter the fundamental concept of double-entry bookkeeping. This system forms the backbone of modern accounting and is essential for maintaining accurate financial records. Double-entry bookkeeping requires that every financial transaction be recorded in at least two different accounts, ensuring that the books always balance. This principle helps in detecting errors and provides a comprehensive view of a company's financial position. Mastering this concept will allow you to understand how different financial events affect various aspects of a business and how they interrelate.

Next, you'll learn about the basic financial statements: the balance sheet, income statement, and cash flow statement. The balance sheet provides a snapshot of a company's financial position at a specific point in time, showing assets, liabilities, and equity. The income statement, also known as the profit and loss statement, summarizes revenues and expenses over a period, showing whether the company is profitable. The cash flow statement tracks the inflows and outflows of cash, providing insight into a company's liquidity. Understanding these statements is crucial as they form the basis of financial reporting and analysis in any business context.

Another foundational skill you'll develop is the ability to analyze and interpret financial data. This includes learning how to calculate and understand financial ratios such as liquidity ratios, profitability ratios, and efficiency ratios. These tools allow you to assess a company's financial health, compare performance over time or against competitors, and make informed business decisions. Additionally, you'll learn about cost accounting principles, which help in understanding how to allocate costs and determine the profitability of different products or services. These analytical skills are invaluable not just in accounting roles but in any business or financial career, as they provide the ability to translate raw financial data into meaningful insights for decision-making.

Free Accounting Tools for Beginners

Suppose you have decided to learn accounting but don’t have any previous experience. In that case, you can start by exploring the numerous free accounting tools and resources to help you begin your learning journey. Depending on your location, libraries or career centers may offer seminars and lectures. However, online resources open a whole new world for hopeful accounting professionals. You can search YouTube for video playlists, browse accounting-related podcasts hosted by experts, explore software websites for more insight, and visit training center websites to explore their supplemental learning material. For instance, Noble Desktop’s free seminar page offers lectures on different business subjects and tools.

In addition, some classes on Coursera, Khan Academy, Udemy, and other on-demand course providers are free. This applies to some, but not all. Others are relatively affordable, sometimes costing at most ten or fifteen dollars. However, there are other ways to find free accounting learning tools. Whether you use a website, video suite, or on-demand option, you can acquire business skills.

Live Accounting Training for Beginners

Live accounting training offers significant advantages for beginners, particularly in terms of interactive learning and immediate feedback. In a live class setting, whether in-person or virtual, students can ask questions in real-time as concepts are introduced. This immediate clarification helps prevent misunderstandings from taking root and allows learners to grasp complex accounting principles more efficiently. Instructors can gauge the class's comprehension level and adjust their teaching pace or approach accordingly, ensuring that fundamental concepts are thoroughly understood before moving on to more advanced topics.

Another key benefit of live training is the opportunity for hands-on practice with expert guidance. Many live accounting courses incorporate practical exercises and real-world case studies, allowing students to apply newly learned concepts under the watchful eye of an experienced instructor. This supervised practice helps reinforce learning and builds confidence in applying accounting principles. Moreover, instructors can provide immediate corrections and suggestions, helping students develop proper techniques and avoid forming bad habits that might be difficult to break later.

Live classes also foster a collaborative learning environment, which can be particularly beneficial for beginners. Interacting with peers who are at a similar skill level encourages discussion, sharing of perspectives, and collective problem-solving. This collaborative aspect not only enhances understanding but also helps develop communication skills crucial in the accounting profession. Additionally, the structured nature of live training provides a clear learning path and helps maintain motivation, which can be challenging when self-studying. The regular schedule and accountability of attending live sessions can help beginners stay on track with their learning goals and progress steadily through the foundational stages of accounting education.

The Next Step

Once you gain entry-level experience in accounting, you may want to take it to the next level. If the job you’re interested in finding requires proficiency, it’s best to explore your advanced training options. You’ll want to find classes emphasizing advanced tools and techniques and offer students a chance to develop or create professional portfolios, which can be pivotal in the job search. Many options are available for more challenging accounting classes, ranging from advanced classes and bootcamps to certificate programs and workshops.

Each accounting class is different, but all advanced courses focus on the more practical uses of the software. In beginner classes, students become familiar with the material and how to operate the software or tool they are learning. In advanced classes, students are more likely to put those skills to the test while learning how to use more complicated functions. For example, students will go beyond simple spreadsheet creation in an advanced QuickBooks class. It varies from class to class, but advanced classes have proficiency and professional development in mind.

There’s a lot you can do with professional training. Since most advanced classes value career preparation and offer portfolio-building projects, students can start with a strong base for the next steps in their career search. Depending on your preferred educational path, you can find employment in accounting and accounting-adjacent fields like accounting software consultant, financial analyst, and government accounting. You could even open your own business. Whether you explore remote jobs or in-house positions, freelance or part-time work, available jobs suit your needs and preferences.

Live Classes and Bootcamps at Noble Desktop

Individuals can learn accounting through finance classes with hands-on training at Noble Desktop. Finance courses boast small class sizes, expert instructors, and free retakes. Noble’s Financial Analyst Training Program teaches Excel and critical financial and corporate finance options. Individuals gain basic and intermediate skills in Excel while learning to build a comprehensive valuation model for a public company. Critical concepts taught include advanced Excel for financial modeling and accounting, corporate finance, and valuation. 

Among the many business-related classes and bootcamps offered at Noble Desktop is the Quickbooks Bootcamp. This comprehensive QuickBooks Online course equips you, whether a business owner, accountant, or aspiring financial manager, to leverage QuickBooks for informed financial decisions. You'll master essential tasks like setting up your company, handling accounts and invoicing, and advanced functionalities like reports and inventory management, making you a confident QuickBooks power user.

Noble also offers Intro to Financial Accounting, through which individuals master the fundamentals of financial accounting and begin taking the next steps in accounting or finance. Enrollees see real-life examples and go through real 10-K’s to understand better how accounting concepts apply to large companies such as Facebook, Amazon, and Apple.