Corporate E-Learning

Numbers! Numbers! Numbers! Wherever you go, you are bound to see them. On addresses, license plates, phones, prices, and of course, money! Numbers connect us all to each other in many more ways than we might imagine. Essentially, our world revolves around numbers. Some of us enjoy dealing with numbers while others may have a fear of them, or even a phobia. For those of you who have already recognized and appreciate the impact that numbers actually have on just about everything, you deserve a cookie. Welcome to Basic Bookkeeping!

So the good thing about accounting is that you can start out wherever you want, at the beginning, the middle, or the end and you will still wind up at the same place, nowhere (Just kidding). You really have to start at the beginning, or you will get lost. So let’s start there, with some basic terminology. Some of this stuff may ring a bell for those of you who took accounting previously, were hired to keep the books at the corner Mom & Pop’s shop, or, were too cheap to hire a “real Accountant” and tried to do your own books. (How did that work out for you?). Either way, when we are done here, you are bound to be familiar with a lot of these basic bookkeeping and accounting terms.

In this unit, we will finish up with the basic accounting terms that are bound to impress at the next corporate fundraiser for the IRS. I know what you’re thinking. There is no such thing as a corporate fundraiser for the IRS because the only funds the IRS will be raising are those out of our wallets. Below are the next few terms you will need to know!

Since the preceding units of this course were a piece of cake, now let’s talk about accounting methods, starting with the topics of cash and accrual. When you were a child, if your parents allowed you to go door to door selling items for your school’s fundraiser, you have used cash and accrual methods. It’s a simple concept that allows you to record the sale or purchase of an item even if you have not yet received payment.

Knowing how to keep track of your business will prove to be very valuable in the short run and long run. There are a number of different aspects involved in keeping track of any business the right way. Many businesses go out of business within the first year or two if things are not handled properly. Have you ever been up late at night, just craving one of those good old roast beef sandwiches from the local 24 hour deli? You find that the craving gets so bad, you get up, leave (in your plaid jammies) and take a ride over there, with your mouth watering the whole way. You pull up, and hop out of the car (very excited), only to find that your favorite business is no longer “in business.” One could assume they did not keep very good track of their business or, they moved. Knowing how to keep track will hopefully help keep you in business, not to mention having customers, capital, and all those other things that keep a business afloat. In this section, we will discuss the ins and outs of accounts payable, accounts receivable, the journal, the general ledger, and cash management.

In this unit we will be discussing the accounting equation, double- entry accounting, types of assets, types of liabilities and equity. The balance sheet will help provide balance to your business. It helps keep everything organized and on point. One of the worst things in accounting is un-organization. So, don’t treat your balance sheet like your sock drawer at home or that mysterious junk drawer in your kitchen that no one wants to organize. A balance sheet is a financial statement that shows the assets, liabilities, and owner’s equity at a specific point in time. Assets and liabilities are usually listed first, followed by the equity which is the difference between the assets and the liabilities. The balance sheet will ultimately provide a snapshot of the company’s current financial condition. Example: Bob & Tom’s Crunchy Cookie Co. had an impressive increase in sales this past month however, the company is only three months old and they therefore still have a number of liabilities to attend to. In order to keep track of their increases and to determine the financial position of their business this month, Bob and Tom will need to summarize their business assets, liabilities, and equity into what is known as a balance sheet.

In this unit, we will introduce the income statement, cash flow statement, capital statement, and budget versus actual. These terms all involve money or the use of money in some form. When we are done, you will have a better understanding of how the use of these methods will help your business run more efficiently. You’ll be swapping accounting terms with that hotshot accountant friend of yours in no time.

In this unit, we will be discussing many terms which involve dealing with the financial aspects of your business. We will also be discussing the accounting methods and terms used in reference to your employees, by briefly going over the following terms: gross wages, net wages, employee tax withholdings, employer tax expenses, salary deferrals, employee payroll, employee benefits, tracking accrued leave, and government payroll returns and reports. After this unit, you will be familiar with all of the terms listed above and possibly ready to hire new employees. So look at it like this, you can spread joy to a few of the unemployed hopefuls out there, given the state of our current economy. Oh Joy!

Ok take a deep breath, relax. As we start winding down to the last few units, we can also look at how much we’ve learned thus far. Now you can consider yourself to be almost as knowledgeable as that person who went to an accounting seminar in Japan last year. See what you can accomplish if you just put your mind to it? One thing about accounting, it’s hard to fake it until you make it without first learning the basics. So in this unit, we will be providing you with some basic knowledge with regard to depreciating your assets, reconciling cash, reconciling investments, working with the trial balance, bad debt, as well as posting adjustments and corrections.

Now that we’ve learned all of these terms, let’s put some of them to use by exploring reasons for budgeting, creating a budget, and comparing budgets to actual expenses. For many of us who have tried to use a budget at home to curtail that internet shopping obsession, you have either discovered how difficult it is to stay within a budget or how much easier it is to stay within your means, using a budget.

Almost done …..WOO HOO! For this unit, we will be discussing what an audit is, when and why you audit, as well as internal and external audits. I hope you’ve enjoyed learning this vital information and we’re sure you will find much use for it in the near future.

Although this workshop is coming to a close, we hope that your journey to improve your bookkeeping skills is just beginning. We wish you the best of luck on the rest of your travels! You survived! Now it is landing time. Don’t you feel a whole lot smarter? Your brain cells have absorbed so much, we can almost see them bulging through your head! Take a look at the person sitting next to you and see if they learned just as much as you. Doesn’t their head look bigger?