Record Keeping

• One of the principles of accounting is keeping organized and accurate financial records. According to the U.S. Bureau of Labor Statistics, "accountants help to ensure that firms are run efficiently, public records kept accurately, and taxes paid properly and on time." Learning to keep organized financial records can help find records quickly if you need them. For instance, many tax deductions require that you provide proof of an expense. In addition, accountants often use spreadsheet software such as MS Excel to organize and save financial information. Basic knowledge of such programs can be an important job skill.
  
  

Budgeting

• Budgeting is a skill related to record keeping that involves tracking your expenses and income over time. Budgeting is a basic accounting skill that is also useful for making good financial decisions. If you don't know how much you pay towards debts and other expenses each month it can be easy to overspend, leaving little left over for savings and investment. A budget can bring bad spending habits to light and put you on a path to financial freedom.
  
  

Taxes

• Taxes are one of the most costly expenses for the average worker. Many accountants specialize in organizing and analyzing financial data as it relates to taxes. Learning the basics of how taxes work can make it easier to file your tax return and find ways to save money on taxes. Efficient records and budgeting can also speed up the tax process, which can reduce the chances of missing the filing deadline and paying penalties.
  
  

Saving and Investing

• Saving and investing are other topics that you may encounter in basic accounting courses. According to the BLS, financial and investment planning are sometimes part of an accountant's duties. Learning the various ways to save and invest money and how they compare to one another can help you make wise decisions about what to do with extra money.