5 Best Accounting Books for Small Business Owners

By Milos Djurovic

May 12, 2023

Is there a better way to get a handle on your finances than studying the best accounting books written by some of the most experienced people in the field?

Business owners need all the help they can get when building their company since understanding and implementing financial concepts such as record-keeping, budgeting, taxation, and cash flow management are known to be daunting.

To help you with that, we are briefly reviewing the 5 best accounting books for small business owners you can get right away!

5 Best Accounting Books for Small Business Owners

Every budding entrepreneur should read the books below to gain valuable insight into the art of managing money for maximum profitability, regardless of whether they have established their market presence or have just started their business journey.

1. Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine 

  • Author: Mike Michalowicz
  • Publication Date: July 4, 2014

With “Profit First”, Michalowicz offers a fresh perspective on accounting by creating a simplified system that puts profit at the forefront of any business plan.

Namely, this book introduces several methods of managing cash flow and expenses without sacrificing growth and profitability.

Profit First’s unique approach to financial management proves invaluable for small business owners looking to make sustainable changes in their businesses. 

Its pages reveal an effective method to tweak your systems and reach your profit goals while cutting costs, regardless of your industry or business size.

2. Accounting for the Numberphobic: A Survival Guide for Small Business Owners

  • Author: Dawn Fotopulos
  • Publication Date: September 3, 2014

Any business owner who has ever picked up Dawn’s book has quickly grasped the complex accounting topics as she outlines them clearly and concisely.

So, if you have ever felt overwhelmed and intimidated by all the accounting jargon but have no means to hire a professional accountant, this book will prove very resourceful as it offers a direct line to everything you need to help your business succeed.

On top of that, you’ll access plenty of practical examples to help you internalize the theory behind them and boost your confidence in the decision-making process.

3. Financial Statements: A Step-by-Step Guide to Understanding and Creating Financial Reports

  • Author: Thomas Ittelson
  • Publication Date: January 31, 1998

What’s a book older than 20 years doing on this list, you might ask?

Well, it teaches all the crucial and timeless accounting basics every business owner needs to manage cash and product flow properly.

In addition, “Financial Statements” is written in a straightforward, visual style that demystifies complex accounting topics with minimal usage of specialized terms.

This book offers step-by-step instructions on creating and interpreting financial reports and detailed real-world examples to help you apply those learnings.

With only a single read-through, you’ll understand all accounting concepts and how they help you define, manage, and measure your enterprise.

4. Small Business Financial Management Kit for Dummies 

  • Author: Tage C. Tracy and John A. Tracy
  • Publication Date: July 30, 2007

If you are an absolute beginner in any topic, the first thing you should do is pick up its “…for Dummies” book as it is written to help you navigate through a new and complex topic with ease—something that this specific book does very well.

The “Small Business Financial Management Kit” is packed with detailed tips and advice that covers most aspects of financial management, from creating budgets and managing your accounts to tackling taxes and maximizing profits.

The authors also go beyond explaining theoretical concepts: they offer practical strategies that can be implemented in any small business to aid financial management.

5. The Tax and Legal Playbook: Game-Changing Solutions for Your Small-Business Questions

  • Author: Mark J. Kohler
  • Publication Date: April 28, 2015

If you are a business owner often facing tax and legal questions, you should get no book besides “The Tax & Legal Playbook” by Mark Kohler.

This all-encompassing resource offers clear-cut truths, valuable advice, and effective solutions that save your nerves, time, and money.

Even without reading the entire book, you can use it as a reference guide to quickly find the answer to all kinds of local, state, or federal regulations.

Some of the main topics covered by Kohler’s book relate to making the right business decisions, tax and legal strategies to save money, utilizing the right legal entities, avoiding legal scams, and protecting your assets for retirement.

Key Takeaways

  • Accounting literature helps anyone understand the essential accounting concepts and manage the finances of a business.
  • “Profit First” provides a unique approach to managing cash flow and prioritizing profitability.
  • “Accounting for the Numberphobic” simplifies complex financial concepts for small business owners who may feel overwhelmed by accounting.
  • “Financial Statements” offers a comprehensive guide to making informed decisions and understanding and creating financial reports.
  • “Small Business Financial Management Kit for Dummies” covers the basics of financial management, from budgeting to understanding records.
  • “The Tax and Legal Playbook” provides clear, actionable advice on navigating tax and legal challenges on a state and federal level.

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