As an accounting student, you will understand the sheer value of the end of the first six months of a year, considering so much that has to go down the accounting sheet for a smooth transition towards another six months of the year. While accountants fret about such a crucial subject, the ACCA accounting course can equip you with the right amount of knowledge, skills, practice and expertise to deal with this essential transition period as a confident individual.
In order to help you understand what does an accountant need to know before entering those freakish figures inside the records, we have made a checklist that the ACCA accounting course trains you in:
Maintain Proper Bookkeeping
Never ever take your time for granted. Whether it’s a rush hour or you are incredibly free for the rest of the week, never miss even the slightest detail in your bookkeeping entry. The daily business, whatever it might be of, deals with multiple transactions and, however tiny the amount is, records every bank or cash transaction, whether payments or receivables. While you count every single translation, make sure you haven’t double-counted any entry.
If you are an ACCA student or have by chance attended any #ACCA lectures, you will know that in inventory management, how much you have on hand assists you while pointing discrepancies in the balance sheet and inventory value whenever necessary.
So, always review bookkeeping and update the records on a daily basis so that you can flag inconsistencies and save time.
Conduct In-depth Budgeting
An in-depth budgeting process is where expenses for smaller periods are broken down into segments, and every investment, however, small-scale, is noted. In-depth budgeting might not be a practice in every organization, but it is an excellent way to manage finances in that it helps one keep track of savings, expenses, daily profits, losses, and more. One can quickly achieve weekly goals through in-depth budgeting and set long term plans based on the available income for expenditure. In-depth expenditure can also be discussed with others in the team to discuss prospective ideas, and people can share their insights towards potential changes in the company’s financial operations.
Regular Tax Planning
By regularly checking into the company accounting figures and financial statements, one can foresee profits, losses and available investment amounts. One of the best strategies for planning your taxes is to make purchases earlier for the upcoming year as this can lower the organization’s taxable income; one can also defer from sending invoices to their respective customers till the next month so that the taxable income can be lower than what is sent in the current financial year. More new techniques can be added by the accountant themselves as they start practising regular tax planning.
Reinvent Your Strategy
Reinventing our strategies once in a while includes reflecting on areas that need more focus and realignment. Accountants are constantly bogged down by some of the other kind of an issue that affects the goals of their business, so a reinvention mid-year is necessary. One can reinvent and restrategize business plans by creating specific and measurable goals aligned with our annual budget.
At Global APC, we offer a wide range of expert trainers that deliver the best ACCA learning through integrated workbooks, study materials, mock papers, tutor notes, and more. If you want more information about #ACCA online study, check out our website and #Study ACCA with Global APC.