In the current competitive job market, a candidate needs more than academic qualifications. Many employers look for vocational skills and practical experience.
This involves the recording, storing and retrieving of economic transactions for a company, nonprofit organization, individual, etc.
Examples of Bookkeeping Practices
Usually, financial transactions and everyday jobs that are involved in bookkeeping include:
- Billing for merchandise to be sold or services provided to customers
- Saving receipts from Clients
- Verifying and stirring invoices received from different suppliers
- Working on employees' pay and other related government reports
- Monitoring personal accounts receivable
- Saving and recording depreciation and other adjusting entries
- Providing financial reports
Today this is done with the use of accounting software. For example, QuickBooks is a low-cost bookkeeping software package that is widely used by small businesses in the UK. Bookkeeping requires information about debits and credits and a basic considerate of financial accounting, which includes the balance sheet and income statement.
Ten basic types of bookkeeping accounts for a small business
- CashIt doesn’t get more essential than this one. Every business transactions pass through the Cash account, which is so significant that often bookkeepers use two journals, Cash Receipts and Cash Disbursements.
- Accounts ReceivableWhether your company sells products or services and doesn’t gather payment without delay, you have “receivables,” or some money due from customers. An accountant must track Accounts Receivable and keep it up to date so that you send timely and precise bills or other invoices.
- InventoryUnsold products are the same as money sitting on a shelf and must be doubtfully accounted for and tracked. The numbers in your books must be occasionally verified by doing physical counts of inventory.
- Accounts PayableNobody likes to send money out of business, but a clear sight of anything through your Accounts Payable makes it a bit less throbbing. Record keeping helps promise timely payments and avoid paying someone twice! Paying bills early can also meet the criteria your business for a discount.
- Loans PayableIf you’ve rented money to buy equipment, vehicles, furniture or other items for your business, this account tracks payments and due dates.
- SalesThe Sales account tracks all incoming profits from what you sell. Recording sales in a timely and exact approach is dangerous to know where your business is now standing.
- PurchasesThis Account tracks any raw materials or completed goods that you buy for your business. It’s a key module of calculating “Cost of Goods Sold” (COGS), which you subtract from Sales to find your company’s unpleasant profit.
- Payroll ExpensesFor many businesses, payroll operating cost can be the high cost of all. Keeping this account precise and up to date is necessary for meeting tax and other government reporting requirements. Avoidance of those everyday jobs will put you in dangerously hot water.
- Owners EquityThis account has a beautiful circle to it. On the whole, it keeps tracking the amount an owner puts into the business. Also referred to as net assets, owners equity reflects the amount of money an owner has once liabilities are subtracted from assets.
- Retained EarningsEarnings account keeps track of any company profits that are reinvested in the business and are not paid out to the owners. Employed wages are growing, which means they come into view as a running total of money that has been employed since the company started. The organization this account doesn’t take a lot of time and is significant to investors and lenders who want to path how the company has performed over time.
Many business owners think bookkeeping is a dreaded chore, but if you understand and effectively use the data your bookkeeper collects, bookkeeping can be your best ally.
Our Bookkeeping courses
- Enhance future job prospects for our students.
- Allow businesses to thrive by keeping their financial records in order.
- Equip our students with the skills to manage financial records and complete the associated reporting tasks effectively.
- No matter you are at what stage of your career, improving you bookkeeping skills is always beneficial.
Qualification for individuals in start-up
It is essential to prepare yourself before applying for a job and develop all the required skills for the competition. Our Bookkeeping Qualifications can improve your chances of securing employment with a higher salary. The CV that shows more skills is more attractive to the recruiter.
Qualification for individuals in mid-career
Learners who are already employed can also make practical use of our accounting qualifications. This qualification will improve prospects for promotion and open doors to other opportunities. Looking for better opportunities is part of human nature and learning new skills can never be a bad idea.
At this point choosing the right accounting training to develop your knowledge is highly recommended and the good news is that you are on the right track. FC Training offers unique courses which develop a knowledge and understanding of record keeping and assure a prosperous future. FC Training is a reputable training provider with extensive experience and alumni who are already part of UK's highly competitive job market.
What we Offer to you?
Future Connect Training is a leading Institution in Bookkeeping and Finance training in London. All of our tutors are Chartered Accountants, in the classroom format an Accountant will teach you. Our Training Centre boasts a very high pass rate of students.
No matter where you're starting from, when you take an accounting or bookkeeping course with us, you'll leave with the qualifications and real-world experience you need to get ahead in your career. We cater to all levels of expertise with courses for beginners to professionals who want to boost their skills. With this qualification can progress from Level 1 all the way through to university-level, and we offer accountancy apprenticeships if you're going to earn while you study.
Our Bookkeeping Qualifications gained as part of a training scheme which combines lectures with hands-on exercises which use real-life examples, which develop a variety of skills in our learners to make them more employable. All sizes of business who need accurate accounts, and for a smaller company, this is a foundation for their potential success.
If you enroll in one of our courses, you'll benefit from our popular City walk tour where you'll go behind the scenes at the offices and meet working professionals. Our tutors have all worked in the industry so will be able to share their advice and best practice tips ensuring you're as prepared for working in accounting as possible.