Article Contributors: Shari Simon & Keon Smith ? February 10th, 2022
Numbers surround us. We cannot overemphasize the importance of numbers in our personal and professional lives because we can find them everywhere – phone numbers, product costing, service prices. Numbers connect us to each other.
As a business leader, it is important to understand the numbers within a business and keep track of financial information. Numbers provide businesses with invaluable data to make informed business decisions and measure business performance.
By doing this, a company can also monitor its product and service delivery to customers and forecast its short, medium, and long-term market performance.
The practice of analyzing, and keeping track of all numbers in a business is called basic bookkeeping. Bookkeeping is a part of the accounting process, in which businesses manage daily financial transactions and maintain a satisfactory level of profitability.
The first step to effective bookkeeping practices involves understanding accounting terminologies in order to keep track of the accounts payables and accounts receivables. It also involves updating financial accounts on the amount of money that you owe and/or the amount of money that is owed to you by customers who may have taken specific items on credit.
In the Basic Bookkeeping workshop, participants will be able to identify different types of financials in business, techniques to manage different financial accounts as well as use journals and general ledger entries to document every financial transaction. They will also be able to calculate and understand basic income and expenditure statements as well as document, categorize and review overheads or expenses of the business in order to maintain business profitability.
To register for the Bookkeeping course or any LMS module, give ACI a call on telephone number +592 223 – 5583, email info@actioninvest.org or visit https://actioninvest.org/corporate-training-learning-management-system/
