Basics Of Business Accounting

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Basics Of Business Accounting

Description

A sound knowledge of basic principles of accounting is important for new entrepreneurs and business owners. Your job is to make informed financial decisions that will ensure sustained and future profitability for your company.

Target Group
  • Entrepreneurs with the intention of following their dreams to start their own business.
  • Entrepreneurs that have started their own business and want to make sure it survives and grow.
  • Building your business to new levels and you need to make financial decisions, but don’t understand financials.
Course Overview

Many of us flinch when we hear terms like depreciation, cash flow, balance sheet, and (worst of all!) budgets. However, these are all important concepts to understand if you’re going to succeed in today’s business world, particularly as an entrepreneur.

Learning Objectives

After you complete this course, you will be able to:

  • Describe the art of finance and financial management.
  • Explain key financial terms.
  • Determine your role in company finances.
  • Find the rules and regulations for your area and industry.
  • Discuss various types of financial reports, including income statements, balance sheets, cash flow statements, and statements of retained earnings.
  • Explain how a chart of accounts is created.
  • Tell the difference between cash and accrual accounting.
  • Explain single-entry and double-entry bookkeeping.
  • Differentiate between debits and credits.
  • Identify and analyse important financial data.
  • Make financial decisions.
  • Read annual reports.
  • Determine whether a company is financially high or low risk.
  • Recognize different types of organizational financial plans.
  • Explain what budgets are and how to prepare them.
  • Recognize what computer skills you need to make you a financial whiz.
  • Deal with financial situations that impact the people that work for you.