A Crash Course in Accounting Basics

November 2010
by Linda Carlson

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A Crash Course in Accounting Basics

by Linda Carlson

How do I know if I’m making money? Established publishing companies have finance experts who are responsible for answering that question in various ways at regular intervals. But micropublishers and self-publishers—including those starting out without a background in accounting or finance—may need to provide periodic answers to the question themselves.

To determine its financial health, every profit or not-for-profit organization must start by determining what’s been invested and what’s being spent on a continuing basis. This means that you have to track what you spend. Recent articles in the Independent have focused on options for accounting. (See “Measuring Profitability,” May 2008; “Three Good Ways to See How Your Business Is Doing,” December 2009; and “Publishers’ Favorite Tools for Assessing Company Health,” January 2010; all available at ibpa-online.org via “Independent Articles” in the navigation bar on the left of the Home page. And find the current installment of our Building a Better Budget series in this issue.)

This article explains major concepts and terms involved in assessing your financial well-being. “Numbers That Matter to Members of IBPA,” below, shows how some independent publishers track income an…IBPA Members – Click here to view the full article (login required).

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