Basic Accounting Skills for the Business Professional (On-site)

The Accountant's Tool Box: Basic Accounting Principles and Terminology

• What accounting is and how it affects your job and your responsibilities.
• Three key accounting terms that form the financial cornerstone with brief, easy-to-understand explanations.
• An invaluable reference — A financial glossary in your workbook to quickly explain unfamiliar jargon. (Most terms are defined in just one line).
• Two easy rules to ensure the basic accounting equation stays in balance.
• Eleven essential principles and concepts — the whys and how’s of financial reporting and accounting systems.
• When expense and revenue activities are reflected on the books, and how to anticipate your organization’s current and future financial status.
• Two basic methods used to recognize expenses and revenues, and why transactions have been included or excluded on financial reports.
• Three conditions that signal deferred expense or revenue (and help you clear up the mystery of missing numbers).
• PC software for financial novices: an overview of the best software for basic financial tasks — uncomplicated and easy to learn.
• PC potential: how you can tap into computer tools you may already have to simplify financial analysis.

Making Sense of the Numbers: Special Financial Conventions and Practices

• The difference between direct and indirect expenses and who is responsible for each.
• Five key points will help you identify fixed and variable costs so you can better anticipate and control expenses.
• Why costs beyond your control can directly affect your own financial performance.
• How you can increase profitability in your department or organization with a better understanding of the break-even point.
• Three ways you can still break even when revenue activity falls.
• A simple break-even chart that puts the numbers in an easy-to-understand visual form.
• Capital expenditures simplified: three conditions to meet for an item to be capitalized.
• Six items to include in capitalization figures and four items not to include.
• Purchase or lease? The benefits and drawbacks of both options.
• The two basic methods of depreciation and how they affect financial results.

The Financial Road Map: How to Use Financial Statements and Reports

• The eight objectives for financial reporting and how financial reports can work for you.
• The four most common financial statements (including easy-to-comprehend examples for each).
• How everyday business transactions are translated into balance sheets and profit-and loss statements.
• Four basic components of performance reports to improve operations in your department or organization.
• “Ratio Analysis”: 10 invaluable formulas to analyze financial statements like an expert.
• How to analyze financial reports for profitability, activity, liquidity and debt coverage. (Simplified formulas make it easy).
• Four professional methods to measure bottom line profitability.

Achieving On-Target, Profitable Results: Budgeting Basics

• How sound budgeting leads to better, more effective management.
• An easy seven-point budgeting outline to prepare a new budget or assess your current one.
• What’s a “support budget?” How the four major types affect your department and your organization.
• Five sample tables that illustrate how budgets are built, step by step.
• How to use budgets to measure the performance of your department, your organization and even yourself.
• Ten specific answers good budget performance reports should provide. (Check your reports against this comprehensive list).
• Five cost indicators and three productivity indicators for new insight on budget performance.
• Eight expert techniques to help you prepare and monitor your budgets more accurately and efficiently.

Plus a Valuable Reference Guide

• Personal Skills Assessment: a quick quiz to pinpoint your strong and weak areas of knowledge.
• Interest and Present Value Tables: easy-to use charts to quickly determine the time value of money.
• Break-Even Point: two simple formulas to determine break-even in dollars or in units.
• Debits and Credits: a handy “framework” reference for understanding ledgers and financial reports.
• Balance of Accounts: a simplified breakdown for balance sheets and income statements for easy classification of debits, credits, assets, liabilities and equity.
• Financial Glossary: dozens of terms defined in clear, concise and easy-to-understand language.
• Salary Budget Checklist: 12 specific points to review before finalizing a salary budget.
• Non-Salary Budget Checklist: seven practical items to aid you in preparing the non-salary budget.
• Capital Budget Checklist: eight essential details to help you build a sound capital budget.
• Debits, Credits and Balance of Accounts: 10 failsafe rules and tips for classifying financial items.