General Bookkeeping Concepts, Terms & Tasks
establish a STRONG Foundation
What You'll Learn
Get started on the right foot with a strong understanding of key bookkeeping concepts. This monthly workshop delivers information and activities designed to reinforce core bookkeeping topics including:
1. Accounting Principles
2. Accounting Equations
3. IRS Terms & Definitions
This workshop culminates in an example audit which walks you through the application of topics presented.
Monthly Workshops
With workshops available every third Thursday of the month, you can attend on YOUR schedule.
Virtual
Enjoy the flexibility of participating in the program from the comfort of your own space.
2 hours
Hit the ground running- in only TWO hours!
Accounting Principles
Introduction to Accounting Principles: A comprehensive overview of the foundational principles that underpin accounting practices, including Generally Accepted Accounting Principles (GAAP) and their role in ensuring transparency, accuracy, and consistency in financial reporting.
Key Concepts Exploration: Delve into essential accounting concepts such as the cost principle, matching principle, full disclosure principle, economic entity assumption, and more, exploring how these principles guide financial decision-making and reporting.
Practical Applications: Real-life case studies and examples illustrating how accounting principles are applied in various business scenarios, highlighting their significance in maintaining integrity and reliability in financial statements.
Mastering Accounting Equations
Understanding the Accounting Equation: In-depth analysis of the fundamental accounting equation – Assets = Liabilities + Owner’s Equity (for sole proprietorships) or Assets = Liabilities + Stockholders’ Equity (for corporations), exploring its significance in representing the financial position of a business.
Application in Practice: Hands-on exercises and scenarios to reinforce understanding of the accounting equation, showcasing its role in transaction analysis, financial statement preparation, and decision-making processes.
Financial Transaction Analysis: Step-by-step breakdown of financial transactions to demonstrate how they impact the accounting equation, emphasizing the relationship between assets, liabilities, and equity.
IRS Terms & Definitions
Understanding the Burden of Proof: Detailed explanation of the Burden of Proof concept in the context of tax compliance, elucidating taxpayers’ responsibility to substantiate entries, deductions, and statements made on tax returns.
Navigating Record-Keeping Criteria: Comprehensive exploration of IRS record-keeping criteria, including the types of supporting documents required for income, purchases, expenses, travel, asset purchases, and employment taxes.
Compliance Best Practices: Practical strategies and tips for maintaining accurate and organized records to meet IRS requirements, reduce audit risks, and ensure compliance with tax regulations.
Example Audit
Supporting Business Documents Requirements: Thorough overview of the specific documents needed to support various business transactions, including gross receipts, purchases, expenses, travel, and asset purchases, as per IRS guidelines.
Example Audit Walkthrough: Detailed walkthrough of a hypothetical audit scenario, highlighting the initial records requested by auditors and the importance of comprehensive record-keeping in demonstrating compliance with tax regulations.
Audit Preparedness Strategies: Proactive measures and strategies to prepare for potential IRS audits, including document organization, record retention policies, and internal controls to minimize errors and discrepancies.
Recording Transactions
Recording Transactions Best Practices: Practical guidance on the proper identification, approval, sorting, and storage of financial transactions to ensure accuracy, completeness, and timeliness of record-keeping.
Utilizing Accounting Software: Introduction to accounting software solutions and tools for streamlining transaction recording processes, enhancing efficiency, and improving the overall quality of financial reporting.
Internal Controls Implementation: Importance of establishing internal controls to safeguard financial data, prevent fraud, and maintain the integrity of financial records, with a focus on segregation of duties and authorization procedures.
Income Statements
Analyzing Statements Overview: Comprehensive examination of income statements, including their purpose, structure, and components such as revenues, expenses, gains, and losses.
Interpretation Techniques: Techniques for analyzing income statements to assess a company’s financial performance, profitability, and operational efficiency, with a focus on key metrics and ratios.
Comparative Analysis: Comparative analysis of income statements over multiple periods to identify trends, anomalies, and areas for improvement, enabling informed decision-making and strategic planning.
Tasks & Responsibilities
Role-Based Responsibilities: Overview of various financial roles within organizations, including accountants, bookkeepers, and accounting clerks, and their respective responsibilities in maintaining financial records and reporting.
Functional Areas Exploration: In-depth exploration of specific responsibilities such as accounts payable/receivable management, payroll processing, inventory control, and cost accounting, highlighting the importance of accuracy and attention to detail in each area.
Collaboration and Communication: Strategies for effective collaboration and communication between different financial roles within an organization to ensure seamless operations, accurate financial reporting, and regulatory compliance.
Conclusion
Recap and Summary: Comprehensive summary of key concepts and topics covered throughout the workshop, emphasizing their practical application in real-world scenarios.
Interactive Q&A Session: Open forum for participants to ask questions, seek clarification, and engage in discussions related to workshop content and IRS compliance.
Call to Action: Encouragement for participants to implement the knowledge gained from the workshop in their professional roles, adopt best practices in record-keeping and tax compliance, and continue their professional development journey in the field of accounting and finance.
