This document provides an overview of a seminar on business record keeping. It discusses the importance of keeping accurate financial records, how to set up a chart of accounts, choosing an accounting system, implementing financial controls and developing policies and procedures. It emphasizes that good record keeping saves time, ensures compliance and provides useful business information and performance reports. Cloud-based accounting systems allow access from anywhere and increased productivity. Implementing controls and procedures helps manage risk and aligns business operations with goals.
Introduction to computerised accountingItisha Sharma
MEANING OF COMPUTERISED ACCOUNTING
TRADITIONAL/MANUAL SYSTEM OF ACCOUNTING
PROCESS OF COMPUTERISED ACCOUNTING
FEATUERES OF COMPUTERISED ACCOUNTING
ADVANTAGES AND DISADVANTAGES OF COMPUTERISED ACCOUNTING
PROCESS/STEPS IN COMPUTERISED FINANCIAL ACCOUNTING
ADVANTAGES OF THE COMPUTERISED FINANCIAL ACCOUNTING SYSTEM
VARIOUS COMPONENTS OF A COMPUTERISED FINANCIAL ACCOUNTING SYSTEM
DIFFERENCE BETWEEN MANUAL ACCOUNTING SYSTEM AND COMPUTERISED ACCOUNTING
Introduction to computerised accountingItisha Sharma
MEANING OF COMPUTERISED ACCOUNTING
TRADITIONAL/MANUAL SYSTEM OF ACCOUNTING
PROCESS OF COMPUTERISED ACCOUNTING
FEATUERES OF COMPUTERISED ACCOUNTING
ADVANTAGES AND DISADVANTAGES OF COMPUTERISED ACCOUNTING
PROCESS/STEPS IN COMPUTERISED FINANCIAL ACCOUNTING
ADVANTAGES OF THE COMPUTERISED FINANCIAL ACCOUNTING SYSTEM
VARIOUS COMPONENTS OF A COMPUTERISED FINANCIAL ACCOUNTING SYSTEM
DIFFERENCE BETWEEN MANUAL ACCOUNTING SYSTEM AND COMPUTERISED ACCOUNTING
Automating Account Reconciliations to Mitigate Compliance RiskProformative, Inc.
Today’s CFOs are challenged with meeting tight deadlines, operating with limited resources and serving in more strategic roles. In this session you will discover how leveraging technology and automating traditionally manual accounting processes, like account reconciliations, can help optimize the financial close process and free up some of the critical time needed from accounting and finance teams. You will learn how your organizations can virtually eliminate spreadsheets and the errors and headaches that come with them; increase control and visibility; facilitate timely, accurate and documented communications between all stakeholders; gain exceptional ROI in a very short time; improve the accuracy and timeliness of compliance reporting; define responsibility and process ownership; and manage compliance while serving multiple locations.
Speaker: Michael Gilmartin, Solution Consultant Manager, BlackLine Systems
Presentation delivered at ProformaTECH 2014 - http://www.proformatech.com
Track: Change Anticipation & Readiness | Session: 2
The role of accounting in small business management is huge as it assists to track the financial information for various business functions. Operating a small business usually involves owners to be familiar in several business functions. Visit @http://www.interprise.co.uk/
Automating Account Reconciliation to Mitigate Compliance RiskProformative, Inc.
Video/Presentation: http://www.proformative.com/events/automating-account-reconciliation-mitigate-compliance-risk
The role of Accounting and Finance Professionals is ever evolving. Demands are increasing; regulations are even more stringent; and areas of focus are expanding. All of these make it more challenging for companies to efficiently close their books while ensuring they have balance sheet integrity. The account reconciliation process is an under-appreciated, yet critical, control which helps ensure financial integrity. By leveraging technology, a company can automate its reconciliations and link accounts across different standards to minimize the amount of manual labor required and ultimately the risk of errors. This session is designed to inform finance and accounting leaders of how account reconciliation process optimization can create a foundation for streamlining the overall financial close process and more importantly, ensuring appropriate controls are in place for greater accuracy in the numbers.
Speakers:
Susan Parcells, CPA, Director, Finance Transformation, Blackline Systems
Wendy Shapiro, CPA, Senior Director, Corporate Accounting, Atlas Air Worldwide
Presentation delivered at CFO Dimensions 2013 - http://www.cfodimensions.com
Track: Finance Technology | Session: 5
FinancialForce Billing Case Study: Seagate - enterprise bizPolina Polishchuk
Seagate's billing process now fully automated: once activity closes, system automates an invoice, tracks cash payment status, and records it into the master ledger. They now have more time to focus on their customer service.
COMPUTER ACCOUNTING SOFTWARE- BASIC PRINCIPLES OF ACCOUNTINGTrinity Dwarka
COMPUTER ACCOUNTING SOFTWARE- BASIC PRINCIPLES OF ACCOUNTING
BASIC PRINCIPLES OF ACCOUNTING
GOLDEN RULES OF ACCOUNTING
Objectivity
Materiality
Consistency
Conservatism
Accounting Period
Matching Concept
Monetary Unit
Historical Cost
Business Entity
Going Concern
How confident are you in your financial close and the accuracy of your financial statements? Are you tired of wasting time doing reconciliations manually, using spreadsheets? Would you like to increase efficiency, productivity, control and visibility while minimising risks and reducing bottom line costs?
If so, join SAP, BlackLine and global manufacturing/agricultural giant CNH Industrial for a webinar that will show SAP customers (operating in an SAP-only environment or across multiple ERPs) and other ERP users how to optimise key accountancy and finance processes.
What kind of bookkeeping is used by small businesses.docxfinalert.net
Traditionally, small companies frequently begin with guide
bookkeeping systems. This technique entails recording monetary transactions using hand-in ledgers or journals
Automating Account Reconciliations to Mitigate Compliance RiskProformative, Inc.
Today’s CFOs are challenged with meeting tight deadlines, operating with limited resources and serving in more strategic roles. In this session you will discover how leveraging technology and automating traditionally manual accounting processes, like account reconciliations, can help optimize the financial close process and free up some of the critical time needed from accounting and finance teams. You will learn how your organizations can virtually eliminate spreadsheets and the errors and headaches that come with them; increase control and visibility; facilitate timely, accurate and documented communications between all stakeholders; gain exceptional ROI in a very short time; improve the accuracy and timeliness of compliance reporting; define responsibility and process ownership; and manage compliance while serving multiple locations.
Speaker: Michael Gilmartin, Solution Consultant Manager, BlackLine Systems
Presentation delivered at ProformaTECH 2014 - http://www.proformatech.com
Track: Change Anticipation & Readiness | Session: 2
The role of accounting in small business management is huge as it assists to track the financial information for various business functions. Operating a small business usually involves owners to be familiar in several business functions. Visit @http://www.interprise.co.uk/
Automating Account Reconciliation to Mitigate Compliance RiskProformative, Inc.
Video/Presentation: http://www.proformative.com/events/automating-account-reconciliation-mitigate-compliance-risk
The role of Accounting and Finance Professionals is ever evolving. Demands are increasing; regulations are even more stringent; and areas of focus are expanding. All of these make it more challenging for companies to efficiently close their books while ensuring they have balance sheet integrity. The account reconciliation process is an under-appreciated, yet critical, control which helps ensure financial integrity. By leveraging technology, a company can automate its reconciliations and link accounts across different standards to minimize the amount of manual labor required and ultimately the risk of errors. This session is designed to inform finance and accounting leaders of how account reconciliation process optimization can create a foundation for streamlining the overall financial close process and more importantly, ensuring appropriate controls are in place for greater accuracy in the numbers.
Speakers:
Susan Parcells, CPA, Director, Finance Transformation, Blackline Systems
Wendy Shapiro, CPA, Senior Director, Corporate Accounting, Atlas Air Worldwide
Presentation delivered at CFO Dimensions 2013 - http://www.cfodimensions.com
Track: Finance Technology | Session: 5
FinancialForce Billing Case Study: Seagate - enterprise bizPolina Polishchuk
Seagate's billing process now fully automated: once activity closes, system automates an invoice, tracks cash payment status, and records it into the master ledger. They now have more time to focus on their customer service.
COMPUTER ACCOUNTING SOFTWARE- BASIC PRINCIPLES OF ACCOUNTINGTrinity Dwarka
COMPUTER ACCOUNTING SOFTWARE- BASIC PRINCIPLES OF ACCOUNTING
BASIC PRINCIPLES OF ACCOUNTING
GOLDEN RULES OF ACCOUNTING
Objectivity
Materiality
Consistency
Conservatism
Accounting Period
Matching Concept
Monetary Unit
Historical Cost
Business Entity
Going Concern
How confident are you in your financial close and the accuracy of your financial statements? Are you tired of wasting time doing reconciliations manually, using spreadsheets? Would you like to increase efficiency, productivity, control and visibility while minimising risks and reducing bottom line costs?
If so, join SAP, BlackLine and global manufacturing/agricultural giant CNH Industrial for a webinar that will show SAP customers (operating in an SAP-only environment or across multiple ERPs) and other ERP users how to optimise key accountancy and finance processes.
What kind of bookkeeping is used by small businesses.docxfinalert.net
Traditionally, small companies frequently begin with guide
bookkeeping systems. This technique entails recording monetary transactions using hand-in ledgers or journals
Microsoft Dynamics 365 Business Central Capability GuideDynamics Square
Microsoft Dynamics 365 Business Central Capability Guide, Get in Touch for Business Central Pricing, Demo & Implementation: https://www.dynamicssquare.com.au/business-central-implementation/
FINANCIAL MANAGEMENT WITH SAP BUSINESS ONEMTC Systems
Reduce the complexity of managing the financials of your growing company. Learn how SAP Business One can help you take your business to the next level by automating and streamlining everyday accounting, controlling, banking, and reconciliation tasks, and integrating them with other business processes.
Vacation rental management budgeting and financial management 401Amy Hinote
Budgeting and managing finances for vacation rental managers: An in-depth four hour boot camp incorporating more hands-on knowledge of how to manage the financial landscape and use budgeting as a foundational tool to grow the business and meet future goals.
Tally 9 is the most powerful Business Accounting Software, Best for simple, Instant as well as Advanced financial MIS
Best Inventory & Statutory MIS
Simple input capabilities
Easy-to-use interface
Tally 9, designed exclusively to meet the needs of small businesses, is a fully integrated, affordable and highly reliable business accounting software.
1C Drive SA. Rise SA Business Solutions Ilia Shikhov
We are launching a game-changing cloud-enabled business management system in South Africa that has transformed and simplified SMMEs worldwide.
I'd like to meet with you to hear about your business needs and requirements.
In return, you will get a free LIFETIME licence of this innovative and easy-to-customize business solution that is tailor-made for manufacturing companies 1C:Drive
11 Practical Tips for Accounting & Bookkeeping for Small BusinessElevar Accounting
Leveraging professional business bookkeeping services to categorize your transactions will help you know how much money each category adds to your income or costs at the end of a specific period.
Overview of the financial architecture in oracle e business suite release 12magnificsairam
www.Magnifictraining.com-oracle apps r12 scm fuctional online training.
contact us: info@magnifictraining.com or
call us: +919052666559
oracle apps technologies like oracle discrete manufacturing, oracle apps purchasing training,
oracle apps order management training,oracle apps r12 functional training.
real time Oracle scm online training by industrail experts
for details call:+919052666559 hands on training on oracle online TRAINING.
Oracle Apps Finance Functional R12 Online Training Course Details
Oracle Apps R12 Summary Course Content
Payables (AP)
Receivables (AR)
General Ledger (GL)
Fixed Assets (FA)
Cash Management (CE)
Multi Org Access Control (MOAC)
Sub Ledger Accounting (SLA)
R12 Detailed Course Content:
Basic Concepts of R12
Architectural Overview – System Administration
UI Navigation changes in R12 Vs 11i
Flex fields
Access and Controls
Functional overview of Products
Concepts of LE/OU/Chart of Accounts
Differences between R11 Vs 11i-sneek peek review
Creation of Users and assignment of Responsibilities
Profile Options and security controls
Overview of the financial architecture in oracle e business suite release 12magnificsmile
www.Magnifictraining.com-oracle apps r12 scm fuctional online training.
contact us: info@magnifictraining.com or
call us: +919052666559
oracle apps technologies like oracle discrete manufacturing, oracle apps purchasing training,
oracle apps order management training,oracle apps r12 functional training.
real time Oracle scm online training by industrail experts
for details call:+919052666559 hands on training on oracle online TRAINING.
Oracle Apps Finance Functional R12 Online Training Course Details
Oracle Apps R12 Summary Course Content
Payables (AP)
Receivables (AR)
General Ledger (GL)
Fixed Assets (FA)
Cash Management (CE)
Multi Org Access Control (MOAC)
Sub Ledger Accounting (SLA)
R12 Detailed Course Content:
Basic Concepts of R12
Architectural Overview – System Administration
UI Navigation changes in R12 Vs 11i
Flex fields
Access and Controls
Functional overview of Products
Concepts of LE/OU/Chart of Accounts
Differences between R11 Vs 11i-sneek peek review
Creation of Users and assignment of Responsibilities
Profile Options and security controls
Overview of the financial architecture in oracle e business suite release 12magnifics
www.Magnifictraining.com-oracle apps r12 scm fuctional online training.
contact us: info@magnifictraining.com or
call us: +919052666559
oracle apps technologies like oracle discrete manufacturing, oracle apps purchasing training,
oracle apps order management training,oracle apps r12 functional training.
real time Oracle scm online training by industrail experts
for details call:+919052666559 hands on training on oracle online TRAINING.
Oracle Apps Finance Functional R12 Online Training Course Details
Oracle Apps R12 Summary Course Content
Payables (AP)
Receivables (AR)
General Ledger (GL)
Fixed Assets (FA)
Cash Management (CE)
Multi Org Access Control (MOAC)
Sub Ledger Accounting (SLA)
R12 Detailed Course Content:
Basic Concepts of R12
Architectural Overview – System Administration
UI Navigation changes in R12 Vs 11i
Flex fields
Access and Controls
Functional overview of Products
Concepts of LE/OU/Chart of Accounts
Differences between R11 Vs 11i-sneek peek review
Creation of Users and assignment of Responsibilities
Profile Options and security controls
Miraculous accounts payable(ap) process improvement ideasInvoicera Tondon
In this highly competitive business environment, you need to be aware of account payable process mistakes and the steps that you can take to improve them.
Similar to Keep Your Business on Track seminar (20)
Every business is exposed to a level of risk of crisis, whether from natural events such as bushfire and floods, man-made, accident or illness. This interactive workshop gives participants a clearer understanding of the crisis planning process.
Driving Business Innovation - Call for Proposals for Round 2BusinessVictoria
The Driving Business Innovation Program supports SMEs to develop technology that meets specified needs of Victorian Government agencies. It focuses on commercial outcomes as well as technical success.
Operational, financial, risk management and compliance, this Small Business Victoria presentation covers various areas of your business to help you streamline and make more profit.
Resources from Business Victoria's seminar explains how many new business owners are surprised to find that although they are making a profit, without adequate cash flow their business will struggle to survive.
Resources from Business Victoria's seminar on planning for the successful financial future of their business and identifying financial issues can be daunting.
Resources from Business Victoria's workshop giving early stage innovators information on the steps you need to take to turn your new product into a commercial reality.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
3. UNCLASSIFIED
UNCLASSIFIED
Benefits of good record keeping include:
Saving you time.
Meet compliance requirements.
Information on how much is spent.
Detailed sales information.
Producing reports quickly and easily on:
financial performance
cashflow
collection from customers
stock management
Providing focus on the important financial aspects of
your business.
Keep Your Business on Track
4. UNCLASSIFIED
UNCLASSIFIED
Business records can be kept:
Manually
Computerised on a spreadsheet
Using a specialised financial system
Tips on keeping business records:
Easy to use and complements your
business
A series of straightforward,
manageable tasks
Access and update them on a regular
basis
Keep Your Business on Track
5. UNCLASSIFIED
UNCLASSIFIED
Topics for today’s seminar
Keeping business records
Book keeping basics
How to choose a financial management system
Cloud based accounting systems
Implementing financial controls
Developing policies and procedures
6. UNCLASSIFIED
UNCLASSIFIED
Business Record Keeping
What business records should you keep?
Financial records
Customer and supplier contact details
Legal documents
Contracts and insurance agreements
Your lease, if you're renting
Licenses and permits
Employee records
Time sheets, copies of pay slips etc.
7. UNCLASSIFIED
UNCLASSIFIED
Business Record Keeping
Employee records
Time sheets, copies of pay slips etc.
Safety records
e.g. risk assessment for occupational health and
safety
Accreditation records
Any other 'business activity’ records e.g. a
food safety plan, if you own a cafe
8. UNCLASSIFIED
UNCLASSIFIED
Financial Records
Copies of invoices and receipts you issue
Invoices or bills for goods or services you purchase
Employee payments including payments made on
behalf of employees e.g. super funds, PAYG tax
Financial statements including profit and loss
statement and balance sheet
Tax return information
Bank account and credit card statements
End of year stock take records, assets register etc.
9. UNCLASSIFIED
UNCLASSIFIED
Business Record Keeping
The key to success is:
Accuracy
Easy to access
Filed logically
Quick to use
Implementing procedures on record keeping
Provides useful information that will assist in
more efficient and effective business operations.
Search “Business Records” on ATO website www.ato.gov.au to ensure you
are complying with all ATO requirements
10. UNCLASSIFIED
UNCLASSIFIED
Business Record Keeping
Imagine if your business premises were totally
flooded and you need to operate from alternative
premises until repaired – what business records
would you need?
Turn to Appendix One on page 20
and review the critical information
list.
Now complete the table on page 7.
13. UNCLASSIFIED
UNCLASSIFIED
Profit and Loss Statement
Summary of income, costs and expenses
Also referred to as:
Income statement
Revenue statement
Statement of performance
Reflects past performance of your business
Tracks how a business is performing
15. UNCLASSIFIED
UNCLASSIFIED
Balance Sheet
Shows the financial position of the business at a point
in time.
Items listed in terms of immediacy – short term and
longer term.
Prepared at least once a year at your balance date
and usually monthly.
Used to analyse the financial health of the business.
Shows the net worth of the business to the owners.
17. UNCLASSIFIED
UNCLASSIFIED
Balance Sheet Classifications
Current Assets
All assets that will be turned into cash within 12 months
Current Liabilities
All liabilities that have to be repaid within 12 months
Non Current Assets
All assets other than current assets
Non Current Liabilities
All liabilities other than current liabilities
18. UNCLASSIFIED
UNCLASSIFIED
Chart of Accounts
A listing of all the accounts needed to cover
the financial transactions of the business.
Used to separate different items to provide
more useful information.
Most accounting software has pre-defined
chart of accounts which you can add to.
If unsure, use a bookkeeper or accountant to
help you set up a chart of accounts.
19. UNCLASSIFIED
UNCLASSIFIED
Chart of Accounts
1. What type of financial information will you need
(including grouping)?
2. Define the various accounts such as different
classes of assets, liabilities, expenses and sales
revenue.
3. List the different type of accounts for assets,
liabilities, sales revenue and expenses.
continued on next slide
20. UNCLASSIFIED
UNCLASSIFIED
Chart of Accounts
4. Allocate a numbering system for each account.
5. You can allocate various sub accounts under
these main accounts.
6. Depending on the level of information you need,
each sub account may need further sub accounts.
22. UNCLASSIFIED
UNCLASSIFIED
Benefits of using a bookkeeper
Saves money
Saves time
Accurate record keeping
Ensures compliance
Confidence
What are some questions you should ask
your bookkeeper?
Complete the table on page 12
23. UNCLASSIFIED
UNCLASSIFIED
Choosing a Financial System
Understand what
information you need
What will help with the
business operations?
Will it provide
competitive
advantages?
Complete the table on page 13 to help decide
what you need from your financial system.
24. UNCLASSIFIED
UNCLASSIFIED
Cloud Based Accounting Systems
What is a cloud based system?
Could totally change the way you do business.
Are extremely safe to use – the software
provider’s business reputation depends on
privacy issues.
Accessible where ever you have internet.
Provide up to date information immediately.
25. UNCLASSIFIED
UNCLASSIFIED
Cloud Based Accounting Systems
Increase your profits
Regular subscription fee includes upgrades,
system administration, maintenance, regular
support, user licences etc.
Save on staff expenses and training as processes
are more automated and most systems have
online training provided.
Back up costs are considerably reduced - there is
no need for physical and/or off-site storage.
The need for hardware and servers are greatly
reduced, saving on repairs and maintenance.
26. UNCLASSIFIED
UNCLASSIFIED
Cloud Based Accounting Systems
Keep the cash flowing
Review all banking information in one place at any time.
Monitor the financial position of your business easier and
quicker.
Invoicing and payments can be made from anywhere at any
time.
Projects tracked in real time and monitored against budgets.
Staff can update information immediately – no more clients
exceeding credit limits.
Integration with other systems ensures that all sales records
are kept up to date and cash can be collected quicker.
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Cloud Based Accounting Systems
Improve productivity
Mobility will increase efficiency:
by staff through easy collaboration within your team
with your bookkeeper or accountant
others involved in your business where ever they are
based
Up to date information to enable quick and reliable
decision making, providing scope to respond
quickly to changing business conditions.
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Cloud Based Accounting Systems
Free up time
Automates manual processes such as direct data
entry from your bank accounts.
Supports expanded delegation within your
business as the systems have good security
accesses and internal controls.
Flexibility and reliability will mean less time spend
on IT and staff issues.
Information at a push of button, in easy to read
formats.
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Cloud Based Accounting Systems
Disaster Recovery
Higher reliability to provide regular back-ups.
Automation reduces the probability of losing
important information.
Back-up data is usually a quick and easy process.
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Implementing Financial Controls
Why?
Help align the performance of your business
with your overall objectives
Encourage good management
Ensures proper financial reporting
Safeguard assets
Deter and detect fraud and error
Reduce exposure to risks
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Implementing Financial Controls
Sound financial controls will include procedures for:
Handling funds received and paid.
Preparing appropriate and timely financial
reporting.
Evaluating the performance of your business.
Evaluating staff and programs.
Maintaining inventory records of property.
Some areas of the business are more at risk of loss
or fraud and require more stringent controls.
A checklist of financial controls is provided in Appendix
Three on page 32.
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Implementing Policies and Procedures
Ensures business records are kept accurate and
compliant.
Good policies and procedures will:
ensure the business runs smoothly and in line with
the owners wishes.
provide a framework for informed decisions to be
made in the business.
ensure that everyone in the business understands
the best way to handle a situation and that
everyone does this in the same way.
provide common understanding and agreement on
how things should be done within the business.
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Policy
A statement that outlines the principles and views of
the business on each topic covered.
It is an overview of certain rules you should have in
your business.
Your policies should:
align with business goals and plans
reflect the culture of the business
be flexible
be easily interpreted and understood by everybody in
the business
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Procedures
Clear and concise instructions on
how to abide by the policy.
They detail the sequence of
activities that are required to
complete tasks.
Should include the
'how to' guidelines to
achieve the necessary
results.
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Procedures
Procedures should be:
Factual, simple to understand and succinct.
Written in a step-by-step style.
Include references or links to any related documents and
forms that need to be completed.
In the best format for their purpose
e.g. a procedure could be presented as written steps, a flow
chart, checklist or photos or pictures.
continued on next slide
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What Policies and Procedures?
Authorisations
e.g. which job roles are allowed to authorise various activities
within the business?
Bank accounts
e.g. when and how new bank accounts are opened
New suppliers and how to choose them
New customers and how to manage them
Buying and purchasing
e.g. how to determine when stock, equipment and assets need to
be purchased.
Debt collection
Insurance and risk management.
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Today’ Top Tips
Good record keeping will ensure accurate records that are
compliant.
Business record keeping is more than financial information.
Spending time on your chart of accounts will make your financial
information more useful.
A bookkeeper is an investment, not a cost.
Understand what you need from a financial system before you
buy one.
Cloud based systems will improve your business in many ways.
Financial controls will reduce the worry of managing your staff.
Policies and procedures will improve the overall performance of
your business and free up time to do more important things.
For more help…check out www.business.vic.gov.au
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List 3 actions you will follow
through with as a result of this
workshop
Then
List 3 things that you’ve learned
in this seminar
List 3 actions you will follow
through with as a result of this
seminar
List 3 things that you’ve learned in
this seminar
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Business mentors help you to identify a clear direction
for you and your business.
Business mentors can also advise you on how to:
conduct market research
work out your break-even point
price and/or cost your products or services
develop an effective marketing strategy
use other business management tools
To arrange a free mentoring session with a business mentor
complete the evaluation form and select FREE Mentoring Session on
page 2. You will then receive an email with details on claiming your
free mentoring session.
FREE mentoring session