Advancing Your Account-Ability

Purpose: To help you set up a complete bookkeeping system, and manage clients from a variety of more sophisticated industries for your new accounting and bookkeeping business. Average time to Complete: 20 Hours

Sessions 1-2 — Dealerships: Complicated Accounting

  • How to effectively handle Flooring — the necessary evil of high-cost retailers
  • Accounting for creative selling
  • Understand additional sources of income that dealers have, that earn you profits, whether you are the dealer or the customer

CASE STUDY: Discover how dealerships account for large transactions by completing the accounting for a motorcycle dealership (City Cycle Company)

Sessions 3-4 — Establish the Accounting Method that Fits the Business Best

  • The very first two things you must do when accounting for a company
  • Set up an efficient system from ‘scratch’
  • How to establish an organized system that will ensure your value as an accountant
  • Choosing between the cash and accrual methods
  • How to set up a hybrid system that will reap the benefits of both methods

CASE STUDY: Convert Sonja’s Art and Frame from the cash basis to the accrual basis in 3 easy steps

  • How to get that iron-clad feeling — without a shadow of a doubt — that your financial’s are right
  • Identifying, customizing, and instituting effective auditing techniques
  • Learn how to spot and avoid dangerous trends
  • How to save the company thousands of dollars in auditing costs

Sessions 5-6 — Year End Closings and Manufacturing

  • 6 final adjustments that should be considered at year-end
  • Resetting the financial score

EXERCISE: Prepare the final adjusting entries and close out the general ledger for a company

  • How to set up and run an efficient accounting system for the small ‘mom and pop’ manufacturing company
  • The simplifying trick to Process Accounting — “SPECs”
  • How to price manufactured goods

CASE STUDY: Calculate the manufacturing costs for three months for the Widget Manufacturing Company

Sessions 7-8 — Construction and Non-Profit Accounting

  • Job Costing – A simple way to track costs by the project
  • 3 construction computations that you must know
  • Tracking revenues and costs by month
  • One step that you must never forget

CASE STUDY: Perform the accounting for CR Construction

  • Accounting for a non-profit organization

CASE STUDY: Perform the accounting for Now Moreland Church