Bookkeeping in an organization is the foundation of the company's accounting system. Bookkeepers are accountable for recording and classify the accounting transactions of the business firm and techniques concerning recording those transactions.
Bookkeeping and Accounts is an essential part for all organizations, whatever their size. Accurate records are necessary to complete the reports required by law and calculate the correct amount of tax to pay and to enable managers to make adequate plans.
What you will learn from the Bookkeeping and Accounts Courses?
The bookkeeping and accounts course is for those who have little or no prior knowledge in the area of accountancy and onto more complex concepts, principles, and practices.
There are practical examples, and full explanations, students who complete this course, will be equipped with greater knowledge and will be capable of understanding the basics of accountancy in their own or other businesses. It will enable them to attend to their accounts or use the course as specific areas. The course includes the accounting rules, principles, concepts, and presumptions that govern the application of accounting procedures. Understanding these are of very important, as you will abide by these concepts and laws every time you analyze, record, summaries, report and interpret financial transactions of a business. Many training providers offer bookkeeping and account courses, which explain the principles of accounting and how these apply in practical bookkeeping. Attending one of the bookkeeping and accounts sessions enable a learner to develop the necessary skills to work effectively, ensuring that the bookkeeping procedures completed accurately and promptly.
Topics covered in bookkeeping and accounts courses
- Regular bookkeeping tasks recording all financial transactions - sales, purchases, payments, explaining the difference between direct and indirect expenses, VAT calculation and reconciling the organization’s accounts with their bank statement.
- It is essential to keep the accounts up to date so that the organization can see any outstanding payments - who owes the organization money, and who the organization has to pay, and the total owed by debtors and owed to creditors.
- The managers of every organization need to see their cash flow to make important strategic decisions. Our bookkeeping and accounts courses show how to produce the standard accounting reports used for this from the widely used Accounting software (Sage, QuickBooks, IRIS, TAS & VT), and how each type of transaction impacts the figures in these reports.
- Proper bookkeeping with organized accounts and comprehensive records of all financial transactions enable the managers to run an organization effectively.
- Audits can be both internally within an organization, and externally by the government. While having your work checked in detail can be stressful when you have kept your accounts accurately and up to date using the standard bookkeeping procedures learned on one of the bookkeeping courses, you can be sure that there are very few errors to be found by the auditors.
- Adequate auditing is essential for any business, so learn how with one of our accounting and accounts courses.
How to create a great bookkeeping System?
1. Take collection of your existing finances
The first step is to analysis your present condition. Grasp a pen and a piece of paper and make some notes about what your financial systems look like right now. Here are some things you should check:
- Incomings and outgoings
Think about how often you keep follow of what’s coming into your business and what’s going out of it – what have you earned and what have you exhausted?
- Bank statements
Think about how often you check what’s actually in your bank account alongside what your books say is in your bank account. You’d be shocked how often these two figures are different things!
- Safety and backups of your financial data
Make it secure of how you store your business records and think about whether or not you’re convinced that they’re safe and protected. For example, if you put all your official procedure into a file which you keep in the basement, what happens if the basement floods? Are you able you recreate the records and do you have backup copies of the paperwork stored elsewhere?
Review how easy it is for you to find information. If you needed to find a particular piece of paper, would it take you a few minutes, or would it take you hours?
- Invoicing and operating expense
How often do you account your customers and how often do you follow what you’ve exhausted from your own pocket on business costs? If you don’t do this regularly, you might not remember significant facts.
2. Realize what a great business bookkeeping system looks like
In order to get better your current bookkeeping method, let’s take a look at a few characteristics of an actually great system.
- You don't have to enter the similar information twice
In an excellent bookkeeping system, once you’ve entered a piece of information in one place, it gets used everywhere. No need for duplicate entries!
- Everything is easy to find and fix
Because everything is in proper order, it doesn’t take long at all to find any information you need no more hunting for hours to lay your hands on a particular document.
- Useful information presents itself
One of the best features of an excellent business bookkeeping system is that after you’ve put knowledge in, you automatically get handy numbers back.
- Your books run smoothly day-to-day
Managing your books in a great system should be easy and it should be straightforward to put a little bit of information in and get a lot of information back out on a day-to-day basis.
- Sensitive information is kept secure
You don to worry about losing information because you’ve got backups of everything.
- Your accountant is empowered
When you have suitable bookkeeping methods, your relationship with your accountant is guaranteed to improve significantly. Despite this, having to spend hours sorting out fiddly little problems, your accountant will be able to give you helpful, proactive advice and become a really trusted adviser for you and your business.
What we offer?
At Future Connect Training you can get practical financial skills to help you balance the books. With our bookkeeping and accounts courses, you can discover how money flows into personal and business environments and develop the skills required to manage your finances with this course introducing you to bookkeeping and accounting. You’ll master common terms, basic math’s and gain the ability to put your knowledge into practice.