Bookkeeping Made Easy for Entrepreneurs

DURATION: 2 DAYS

Delivery Options:

  • In-House
  • Open

Course Objective

As Warren Buffet said, “accounting is the language of business”.  An entrepreneur looking to build a financially sustainable business MUST be able to speak the language of that business.  

This does not mean that you must be an accountant to run a successful business neither does it mean you must be the accountant of your business. It simply means you must be able to interpret and communicate clearly your business’ financial transactions to all interested parties.  

This is a simplified bookkeeping course specifically designed for entrepreneurs with little or no accounting knowledge. It is the “ABC” of accounting. It is aimed at improving the accounting knowledge and bookkeeping skills of entrepreneurs across all sectors. Participants will be taught using a systematic approach that will make them feel confident to take control of their business’ financial records.   

Expected Learning Outcomes:

At the end of this programme, participants will be able to:

  • Explain the differences between bookkeeping and accounting
  • Identify the legal forms of businesses and their tax implication
  • Explain how to draw a company chart of accounts
  • Identify and explain the different types of records and books to keep
  • Explain how financial records are presented in the financial statements
  • Define and give examples of assets, liabilities, income and expense
  • Explain the component of owner’s equity and how to sustain it
  • Compute the actual profit/ loss of a business
  • Explain the monthly tax obligations for VAT and WHT
  • Prepare and send invoices to customers electronically
  • Distinguish between cash sales and credit sales and their impact on profit and cash
  • Prepare the financial statements of a small business using an excel worksheet.
  • Module 1: Introduction to Bookkeeping    

    • Purpose of bookkeeping
    • Accounting Vs Bookkeeping
    • Hire a bookkeeper or Do It Yourself
    • Legal forms of businesses and their tax implications
    • Types of businesses   
    • Common bookkeeping errors to avoid

    Module 2:  Overview of Accounting  

    • Purpose of accounting
    • Basic accounting rules to follow  
    • Qualitative characteristics of financial information
    • Accounting flow system
    • Drawing charts of account for your business
    • Financial statements prepared by small businesses

    Module 3:  Balance sheet/statement of financial position components    

    • Asset and its classification    
    • Liability and its classification  
    • Equity and its components  
    • Presentation of the assets, liabilities and equity
    • Basic accounting equation
    • Simple depreciation method for small businesses  

     

    Module 4:  Profit or loss components    

    • Revenue and other income lines
    • Purchases and other expense lines
    • What to do with profit made during the year

    Module 5: Double entry system  

    • Rules pertaining to asset, expense and loss
    • Rules pertaining to equity, liability, income and profit

    Module 6: Handling sales and purchase transactions

    • Preparing sales invoice
    • Principles of accruals and prepayments
      • Credit sales Vs cash sales
    • Keeping daily purchase records
    • Managing debtors and payables
    • Monthly tax obligations on VAT and WHT       

    Module 7: Preparing Basic Financial Statements

    • Extraction of a trial balance
    • Preparing financial statements for sole traders
      • Statement of financial position
      • Statement of profit or loss
      • Statement of cash flows

    Worksheets will be provided in class

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