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3 Unexpected Benefits Of Learning Accounting
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- Опубліковано 8 сер 2024
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Learning Accounting can teach you skills that can come in handy day to day. Whether your Accountant, or Non-Accountant, in this video you'll discover the importance of Accounting, and how it can help you with your own own personal finance.
⏱️TIMESTAMPS
00:00 - Intro
01:29 - What is Accounting?
02:36 - Setting Long-Term Goals
03:24 - How Accounting can Help You Budget
04:45 - Why Accounting is Useful for Investors
06:00 - How Accounting can Improve Your Financial Literacy
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#accounting #accountingbasics #accountingstuff
Tushar - thanks for your suggestion that helped spawn this video! If any of you have other video ideas, please let me know. It may well end up as the subject of the next one :)
Thank you so much 😘 I've learned a lot about your videos. You really explained it clearly 😍😍😍
Love it!😊
By learning accounting, you learn how to balance a check book and stay out of debt. As well as learning how to read business statements, so you'll know which stocks and mutual funds to invest into. Top 10 wealthiest people have accounting back ground.
Hi James, I like that you are making an effort to "light it up", besides other aspects. It's between difficult till impossible to learn something that you honestly don't like, and your light approach - with showing nice views, taking care of visuals, carefully selecting background for every video - actually adds something live to quite dry subject. Thank you for your effort and creativity!
Hey Jelena, no worries! I enjoying making videos so it's been fun to put the extra effort into each one.
To study accounting for “Financial Literacy” definitely helps with being an informed, financially responsible adult, yet also, so closely related to the field of accounting is “Digital Literacy”, or computer/technology literacy in this fast paced convergence business world.
Hey Anna - that's very true, there is a lot to keep up with! Thanks for your comment :)
Legend of accounting
Haha thanks Maral!
You are a super hero for non-accountant person like me. Thank you for all. Wish you nothing but all the best.
You made a great point about how accounting allows you to create a budget and predict future things that can impact your business heavily. My husband is looking for an accounting service to help him with his finances and other compliance issues that he can’t fix himself. He will keep these tips in mind as he searches for a professional that can help him best.
I really appreciate this video bro! My teacher assigned an essay on "the benefits of having Accounting knowledge" and you literally just gave me several great answers. Thanks again for the amazing quality content mate.
No worries, best of luck in your assignment :)
Very True - financial literacy is incredibly crucial and one of the most important things you can ever learn
I'm glad you agree!
@@AccountingStuff me too Hehe. I love your content It really helps me.to study Bussiness and to invest in stock market. Appreciated your Efforts. GODBLESS YOUR SIR
Please make videos on budgeting (personal and business) and forecasting, as well as FIFO and LIFO. Basically, everything involved in accounting would be great lol!
Love your videos! May God bless you for making them. I never understood accounting despite actually liking the process. Now I do with help from your playlist. Thank you! It is much appreciated!
Thanks for your requests! I've covered FIFO and LIFO already in this playlist... ua-cam.com/play/PL5zKSeS09l31NY9Ecy-eFyrK6UiFzdtAi.html
woww amazing video!! I started having an interest on accounting round two months ago, the day I accidentally watched your Equation video!! You made a great effort on making videos, thank you James!!
fan from Taiwan 🇹🇼
Thanks!!
It would be cool if you made a video that helps you determine if accounting is a major/career path that is right for you. Essentially how to decide whether to be accountant or not.
Hey Matt, thanks for your suggestion!
Great video. My favorite benefit is the second one - budgeting.
Thanks!
number 3 and i was waiting for reason number 4 to be said to make my decision on learning the basics of accounting thanks as I know learning accounting will benefit me
You are going to be huge - Love your videos ❤️
Hey AmishTV, thanks for your support! I just checked out your channel and have been enjoying your daily vlogs! How are you going with the sugar challenge? I am battling with the same problem right now!
@@AccountingStuff I am still struggling but got a lot better on consuming a lot less sugar.😀
@@AmishTV Good to hear, keep up the good fight!
Tell about types of accountant and what they do.....
Great idea, thanks for your comment!
Talk about the film "the accountant" :]
Thank you so much, this will help me a lot in future when I grow up! 💓
Thank you so much James for all the accounting videos, really loved it. Can you please do a series of videos on Annual budgeting and forecasted cash flows. It would be a great help for many. Thanks in advance.
Hey Harvey, cheers for your suggestions!
Hi James, Thanks a ton for your accounting videos. Can you please do a series of videos in Budgeting and Forecasting at your earliest convenience. It will be a great help. Thanking you in advance.
Thanks sir! Please a video about setting up an accounting system for a new business. What type of documents/journals we need how many key staff require and what will be process flow.
Hey Askari, thanks for your feedback. Yes that's a great idea. I would like to make a set of videos that cover the whole bookkeeping process for a new business starting from scratch but it will take some time to develop.
Thank you for putting this together.
Thank you for the information , I am a pharmacist and I believe everyone needs to know accounting to improve their daily life.
For sure!
Thank you so much! I really like your videos.
Great video James- really useful. Could you make a video where you look at the different accounting ratios and what they mean?
Hey Jake! I'm working on a series covering this topic right now :)
Thank you, I did not study accounting university but programming. Your videos are very helpful.
Glad you're finding them useful :)
Helpful. Thank you.
Glad to hear it :)
I like your videos and I wish you prepare more videos about accounting, especially about qualitative characteristics and accounting concepts
Thanks Cavad, will do!
I love your videos you are the best 💪
Can you do a video explaining the differences between private and public accounting. And the pros and cons.
Hey Martha, thanks for your suggestion!
I never liked accounting until I saw your videos. thanks!
That's great to hear! All the best :)
I'd have to add another reason to learn accounting. As with all areas of life there are those who use deceptive practices to gain an advantage or defraud other people out of their money. Recently my sister was told she owed rent from a previous year which she blindly paid without question because she had no understanding of accounting or the fundamentals of law. I suggested to her that she should have required a signed statement from the accountant showing all the accruals and adjusting entries for this period that would clearly demonstrate she owed this money so as to hold the accountant or agent liable for a false claim. Being financially literate in this day and age is an absolute must! There is also a saying that "he who slumbers on his rights has none" learning accounting is also an important step in helping to secure your rights. I hope this helps.
Sorry to hear that happened to your sister!
@@AccountingStuff Thanks James. The situation with my sister was very frustrating because I could see what was going :( Anyway thanks for the videos I've learned an incredible amount for someone who isn't an accountant. All the best.
Any recommendations for accounting or finance books? Something that goes into detail on the topics
Hey Dean, I recommend 'The Accounting Game' for beginners
Wow!!! Thank you sooooooo much
You're very welcome :)
Hi! Thanks for your video. This is very useful for beginners like me
Glad it was helpful!
Hi James, thanks for making accounting easier😊😊😊😊
No problem! All the best with your studies :)
Yes, I budget but not as an accountant but as corporate.
Please make a video on how to read and understand all three Financial statement and make a decision for e.g to buy a shares companies Current situation..
thank you!
You're welcome :)
Yeah this video deserves my time and my Megabytes
Hey James, can a make a video on SOCIE i.e. Statement of changes in equity? And it's importance.
Hi James, I have a suggestion for the video - the explanation of the fixed assets, and how to create depreciation of them.
Thanks :)
Hey Tatjana, here you go → ua-cam.com/play/PL5zKSeS09l324hTFoBXWq9T3tUY_LUrn2.html
Amazing channel :D Thanks a lot ;)
You're welcome!
Love your explanation , they're interesting n clear ...why don't you upload a video on partnership accounts
Cheers for your suggestion!
Those who are new to accounting will be helped by this video
Good channel's content!!
Thanks Aldha!
Thanks sir!
You're welcome :)
How learning Accounting can teach us financial literacy because I have been learning Accounting since I was preparing for my o levels but I don't know how to use those principles into real life application and as a result I only save money and track my expenses, so it would be very helpful if you can show how to use Accounting principles in our day to day life.
I'd like to cover this at some point
I really love that autumn scene visuals in the video and the thing that I've learnt from this video is amazing already .
Thank You
Just wanna ask that ,do you live in Canada or UK?
Thanks! I live in Canada :)
Can you recommend the best online degrees for accounting? That would be helpful.
Very helpful! But can u please make example how to read p/l via data from BS?
Thanks for your suggestion
I have put off studying anything finance because I felt like it would be too much to understand, and then I found your channel! Sincerely, thank you so much for all that you do. You make things so easy to understand, and you give really great examples. Any question that I can think of, you've already covered it. For the first time in my life, I feel like this is a dream that could come true for me. You are a life changer, and I am beyond grateful for all of your videos!!!! 😍
Great vid subscribed
Great to have you on board!
No dislike. No wonder why. This is gold
Thanks mate!
hi whats up I've got my management and financial accounting exam in like 2 weeks, can you do a video going over some past papers and walking through them with answers, please. like a 10-20 min long vid pls. thanks
Hey Aubrey, I would like to do that kind of stuff but I've had a hard time sourcing past papers. Honestly I think it it's unlikely that I could put together those videos within two weeks as these take me a long time to make. If you've got any specific questions, I can do my best to help. Best of luck for your exams!
I don't know if you'll notice this comment, but I'm wondering if you have a playlist for managerial accounting too for small business owners. It would also be nice to learn about what which part of accounting should business owners learn, especially those who plan to start their own startup. Accounting's pretty broad so I'm finding it hard which concepts I should be focusing on exactly.
Hey Gianna, my only management accounting video so far is this one → ua-cam.com/video/qISkyoiGHcI/v-deo.html
As a small business owner, it's key to nail down Financial Accounting first and then work on Managerial Accounting afterwards
@@AccountingStuff Thanks for your response! Studied the basics of financial accounting from your videos already. I already watched the one you recommended. Hoping you'd make more managerial accounting videos.
@@giannaabao9565 No worries, I'll look into it!
Please can you cover a section on Branches with inventory mark ups and discounts?
Thanks for your suggestion!
Your video will help me to pass my Cambridege OLevel 2021 please support the 2021 batch
I have became your fan ❤️
Awesome!
hi James..can you do a segment on cost management accounting please
Hey Portia, thanks for your suggestion!
Sir,we want a video on trading,p&l and balance sheet
Yes I will do those for sure!
Hi, I'm Software Engineer as well as doing web development, thanks for your videos because I need to understanding Accounting to use in in my project, even by using Accounting software you have to know some knowledge of accounting to make process of business smoother. :)
Cheers Diyar, glad to hear that the vids are helping you out!
The lessons in this video are very helpful for life. Aside from that, the video is professionally made 👍
Thanks Laurence
i miss you bro , great video.
Thanks Mahdi! I've been working on a new video which should come out on Monday
What are practical works of accounting
RESPECT from mongolia sir ...
We try to budget for every month and year
Hi James, thanks for the great video. I'm interested in stock investment and after reading some books I feel the need to learn about analyzing financial statement to help make decision- just like you said in this video. But I'm a bit confused as to what step should I take first. Perhaps you can give me some advice? Do you think I should take a 3 month course of Basic Accounting Application first before taking 2-day workshop on financial statement analysis? As a non-accountant, I'm actually afraid if I directly take the 2-day workshop on analyzing without knowing the basic application I will not understandit . Hope you can help, thank you!
Hey Fransisca, no worries. Good call, being able to analyse financial statements will probably help you out tremendously in making investing decisions. Hmm... That's a tough one. I think you would probably get a whole lot more out of the 2-day workshop if you have already built a base-knowledge of accounting. How you get that is up to you. Personally I am a fan of self-education so if there was a way that you could teach yourself and save the $$$ then may you could consider that? Perhaps you could contact the people running the workshop and find out what the assumed-knowledge is for the course?
Accounting Stuff Hello James, I have contacted them and have decided to take the 2 day workshop, will keep watching your videos, and thanks so much for your time in answering my question 😊😊
Ok great! I hope you get lot's of value from the workshop
Accounting Stuff thanks!
Accounting is the language of business.
Do you have any videos on creating a personal budget? Like formatting/how to get it off the ground
I don't at the moment
@@AccountingStuff would love to see that, as well as bank reconciliation errors
Thanks for your requests!@@Nemhyz
James can you please help me out in showing off the linkage of Credit sales and Sales returns
Hey Claudette, thanks for your request!
Hello sir, can you make a playlist on Managerial Accounting? Pleaseeeeeeeeee
Thanks for your request!
1.
2.budgeting
3.
Please give me the information after 12th in commerce
Is that Canada at the intro of this video? 👀
How to make budget for family or home? Make a video
Thanks for your request!
so cool! just found we are from the same city. are you down for a meeting ;)
is studying financial accounting useful for a small business owner or someone who just started a business?
Yes, I budget. Budgeting is us telling our money where to go
Glad to hear it!
I was expecting magic with every hand movement
Haha, there's no chance of that! I know zero magic
😂You’re a charmer
sir please teaching introduction of accounting
Thanks for your suggestion!
E=MC^2 or A=L+E
Is accounting hard in may/June 2021
Admission,death and dissolution is the most toughest topics....can u help us in that
Agreed, those are tough areas. Are you referring to partnerships?
Yep, it's lengthy
Why,it is important to learn computer?
what is the true blood criterion?
Hey Claudia, I can't say that I've ever heard of the true blood criterion before... however after some googling... it seems as though the trueblood committee came up with some of the key objectives that were adopted by the FASB (Financial Accounting Standards Board) in creating US GAAP (Generally Accepted Accounting Principles). They answered questions like... what the main purpose of Financial Statements is.
Does that help at all?
@@AccountingStuff thank you James !
@@claudiabeltran233 No worries
I budget
Nice one 👍
How to do a bank reconciliation
Hey Kimberly! Thanks for your suggestion, a few people have asked for bank recs so I will make a video on that soon
Hey Kimberley, here you go... ua-cam.com/video/zhmO3DM3YiY/v-deo.html
make a podcast
Are you graduated from accountant?
If so which country
By the way, you're a legend 😊
I'm a Chartered Accountant from the UK
I'm sorry but why the video only can be played to 00:21 ? I need your video 😢😢😢
Hey Liliyen, that's odd... It works fine on my pc
@@AccountingStuff maybe, can you help me with other way to watch this video?? Like send from gmail or gdrive? If you dont mind 🙏🙏
Hey bro i want to be financially free how can I get a capital to buy asset that get me passive incomes?Can we get a steps.Thank you bro
i’m looking for a laptop for university. i will be studying accounting and finance. can anyone recommend me laptops under 1000£. i want it to be fast and be able to run accounting software easily and preferably with a num pad
I plan, budget and invest. I must be an accountant lol
That's great to hear!
Hi Paul walker I mean James
RIP :(
I'm really in accounting work.
What is the best trick to make a balance sheet very quickly.
Have you watched my Balance Sheet video? I explain how to make one in that -> ua-cam.com/video/YZyBSU6YdmM/v-deo.html
Everything you said is correct. But there is now a time when every person will be able to just speak into a computer with AI software and it’ll churn out a 3 part financial statement in real time, financial modelling, forecasting scenarios. Sensitivity analyses and forward valuations whilst you are sipping a coffee and sitting back . Instead of being chained to your desk, in a cubicle , being harassed by a narcissist partner .
How accounting is linked to real estate? Make a video
use humorous click bait titles like PewDiePie
That's a good idea, I could definitely be more adventurous with the titles.
For sure. I'm training with CIMA and I love your content. Stick some ads on and do some click-baity vids. I'll watch it either way and you may aswell earn some dollar!
Hey Jessica, sorry it's taken me so long to reply! I don't always get notified about the comments within comments. Thanks for the tips and support! Best of luck with your CIMA!