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

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What is Included:

Accounting Made Easy

Practical Small Business Applications

Advancing your Account-Ability

Building a Successful Accounting Service