WolfOfMainStreet Posted September 8, 2014 Share Posted September 8, 2014 Hey all, A good friend of mine is looking to open a business but he has no knowledge of finance/accounting. I convinced him to take the time to read a few books to at least get a basic working knowledge of business before any money leaves his pocket. Does anybody know a good book for beginning business owners that has lots of practical accounting and financial knowledge? Looking for something that's not too long written in plain simple to understand English. The book doesn't have to be elaborate, just very practical. I will fill in any of the gaps if he has specific questions but I don't want to teach him everything from assets to managing cash flows. Thanks Link to comment Share on other sites More sharing options...
peter1234 Posted September 9, 2014 Share Posted September 9, 2014 Why Stocks Go Up and Dow Explains accounting from the ground up. Not about how to build a business but how the accounting works. You can look inside and decide whether you like it. http://www.amazon.com/Why-Stocks-Go-Up-Down/dp/0989298205/ref=sr_1_1?s=books&ie=UTF8&qid=1410246645&sr=1-1&keywords=why+stocks+go+up+and+down Link to comment Share on other sites More sharing options...
giofranchi Posted September 9, 2014 Share Posted September 9, 2014 [amazonsearch]How to Read a Financial Report: Wringing Vital Signs Out of the Numbers[/amazonsearch] by John A. Tracy Cheers, Gio Link to comment Share on other sites More sharing options...
cubsfan Posted September 9, 2014 Share Posted September 9, 2014 Might tell him to watch this a couple of times. I think the first 20 minutes is helpful in terms of understanding you need to withstand losses after you have laid out your capital and can get to scale. For people unfamiliar with accounting, it pulls in some of the concepts. Link to comment Share on other sites More sharing options...
WolfOfMainStreet Posted September 9, 2014 Author Share Posted September 9, 2014 Gio and cubs thanks this is exactly what I was looking for! Any other input is greatly appreciated. Link to comment Share on other sites More sharing options...
augustabound Posted September 9, 2014 Share Posted September 9, 2014 I know you asked for books but there's also Coursera's Introduction to Financial Accounting from the Wharton School. It's free and just started this week. https://www.coursera.org/course/accounting Link to comment Share on other sites More sharing options...
netnet Posted September 10, 2014 Share Posted September 10, 2014 Here are two The Art of Profitability and Basic Accounting Fresh from the Lemonade Stand. These two teach via a narrative format, which is easier for most people to digest. The $100 Startup is good too. Oh, and ideally if he has not worked in the industry he should. Link to comment Share on other sites More sharing options...
giofranchi Posted September 14, 2014 Share Posted September 14, 2014 I would also mention [amazonsearch]Building a small business that Warren Buffett would love[/amazonsearch] I think it is well written and easy to understand. Gio Link to comment Share on other sites More sharing options...
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