Accounting Study Guides and Books for Budding Accountants

When asked, most five year olds will say they want to grow up to become a pilot, doctor, vet or teacher. Very few will say they want to a job as an accountant and in many instances this is due to limited exposure and understanding of the field of finance.

It might not seem glamorous, but the world of accountancy can be an exciting and challenging career option for some. Above and beyond that, chartered accounting is one of the best paid careers and one thing every business needs is a good finance system to track and measure its profits and success. It is therefore no wonder that some of the wealthiest people in the world are supported by accountants, or have a financial background themselves.

Accountants will manage money matters in the business through their application of numeracy skills. They have a methodical and analytical way of approaching challenges and those with the added attention to detail will make great accountants.

If you want a job in accounts, seek exceptional knowledge of money matters, tax breaks, debtors and creditors, or are eager to learn how to balance the books and do financial reporting, you’ll require a good foundational academic knowledge.

It is generally easier for people to enter the world of finance with a professional qualification or degree. But even those who plan to move into management will require a sound knowledge of accounting principles. Everyday folks can also study basic accounting to help them manage their personal budgets better, do their own taxes or grasp the implications of financial reporting in the news.

Accounting is a lot more complex than simply understanding how numbers are added together. Sound accounting decisions, accounting management and cash flow can affect a company's strategy and ultimate survival.

Profit is the pillar of most organisations, and accountants understand how money makes the world go round.

This is a list of some of the best accounting books to help you learn the basic accounting principles, supplement your degree studies or prepare yourself for an exam in the field of accounting.

Accounting Fields of Study

It’s important to note that the world of accounting is a massive field with plenty of different specialisation areas. Many accountants completed a degree in finance, accounting or business for a foundational understanding of accounting before they continue to find a job of their chosen specialisation. Those who want to specialise in taxation or become chartered accountants (C.A.) have a different learning path to general accountants.

Companies are very careful when employing people to work with their finances. For that reason accountants in South Africa have to successfully pass a degree or certificate that has been accredited by the South African Institute of Professional Accountants (SAIPA).

The world of accounting is filled with possibilities and you’ll soon realise what field interests you most. Here are some of the most common types of accounting in South Africa:

• Auditing
• Financial Accounting
• Tax Accounting
• Forensic Accounting

Books on the Study of Accounting

Accounting is required daily in every business and government organisation, while every working person can do with a helping hand during tax season. Luckily, there are millions of accountants across the globe that are specialists in their field and have written and published a book or accounting eBooks on their expertise.

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Here are some of the books that makes the study of accounting a bit easier:

• Accounting All-in-One for Dummies: With over 700 pages, this book almost takes 5 stars on amazon ratings. This is a paperback edition that includes previous books on accounting and you'll learn beginner concepts, basic accounting practices and more complex topics like amortisation and regulation for those who feel like accounting dummies.
• Accounting Game: Basic Accounting, Fresh from the Lemonade stand. An easy-to-read accounting book that uses examples and simple language to explain accounting terms to any financial newcomer. It has 4.5 stars on Amazon and was written to give absolute beginners an overview of accounting.
• Accounting Handbook. This book is the best option for an extensive A-Z of accounting terms. The author is, however, American based and some chapters might not suit South African regulation.
• Accounting Made Simple. Want to learn accounting basics in 100 pages? Written by author Mike Piper, you'll discover important accounting concepts in laymen’s terms. Beginners will learn how to read statements, prepare a financial report, understand statements and do financial calculations.
• Accounting Principles. Filled with pictures, diagrams and examples, this book is your easy way towards grasping business accounting and managerial accounting. Amazon readers gave it a rating of 4.4 stars.
• A Logical Approach to South African Tax. An error in your tax can lead to hefty penalties. This book interprets South African tax matters in a simple and logical way, this can be bought as a book or eBook. There are very few ratings and reviews online, but if tax is your passion we're sure you'll give it 5 stars.
• The Tax and Legal Playbook. Small Business owners can learn from Mark Kohler about the legal and financial things that trips up small business owners in a light and easy-to understand way.
• South African Income Tax Guide 2022: Published by LexisNexis, this is a current tax book that helps accountants deal with all aspects around the income tax act. PAYE (employee tax), VAT, Capital Gains Tax, Income Tax, micro-business and donations tax are only some of the topics covered.

Accounting workbooks are another way to learn about and practise accounting. Unlike a book, they won’t give you all the theoretical background, but they are excellent tools to test your skills while you practise your accounting or prepare for your written exams. These practical question and answer workbooks are generally based on historical exams and will allow you to pick up, correct and learn from each error.

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Basic Accounting Tips

If you want to manage your own finances, VAT, capital gains tax or have a small business, you might not have the luxury of time when it comes to learning all the tricks of the trade. It is always better to have qualified accountants guide you along your learning process, especially if you need to get started as soon as possible. It will save you time and money, as you will do it right the first time and avoid costly penalties.

While you learn we’d like to encourage you to soak up all the tips and tricks around taxes and finance while researching as many online resources as possible.

Here are some of our most valuable accounting tips for beginners:

• Online accounting resources and software make the process easier and more accurate. An application like QuickBooks, Xero or FreshBooks allows business to do bookkeeping while also sending out invoices. If you have a business you can also deduct the cost of these from the tax you owe SARS (South African Revenue Services).
• Manage your cash flow. It’s important to know how much cash is flowing in and out of the business. The last thing you want is being stuck when unexpected expenses arise or unnecessary penalties are applied for late payments from suppliers.

• Keep track of debtors (those who owe you money). Producing something can leave you out of pocket and it's gonna create problems if a client takes too long to pay. In most businesses they have people who only focus on debtors and getting payments in due to its complicated, yet important nature.
• Use expert advice and counsel. Many times you'll have an expert who is just a book or a phone call away. Sometimes you can save time by doing your own books, but for some it makes more sense to outsource it. Make a full analysis and consider the value of your time that will normally be spent on something else in your business. Outsourcing finances might be more convenient as well.

These books will get you started and hopefully you’ll have enough information to even do your own taxes. Understanding and being good at finances is a skill you’ll use for the rest of your life, whether you plan your own monthly budget or do a recon on payments for a company.

You can do more research on these useful websites if you want to become an accounting student or professional. We also have a range of smart accounting tutors near me on Superprof to guide you and answer any questions you might have.

The time to dive into the world of figures is today and who knows, you might even take up accounting as a profession one day.