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Accountancy is the Most important Feedback system in a business

Business Accounting – Do You Understand Your Financial Reports?

I have taught business management for over 15 years and a significant part of the programs I have taught are about the Accountancy System. The Accountancy for Business Owners and Managers training has included –

  • Accountancy Basics
  • Book keeping
  • Financial Statements and Analysis
  • Budgets and Cash flows
  • Record keeping
  • Reconciling Accounting Income and Taxable Income
  • Manual vs Computerised Systems
  • Subsidiary Ledger Reconciliations
  • Payroll
  • Recording Taxation affected entries (GST figures highly)
  • Other areas as they arose in training sessions

Today I have added a page to the site introducing the Double Entry Accountancy System so that non accountants can gain an understanding of the system and methodologies accountants use to produce your financial and taxation reports and so that they can ensure their records are properly maintained.  This is brining business accounting to non-accountants in an easy to consume style.

The modern Accountancy System, Double Entry and Business accounting

How Double Entry Accounting Works

Accounting for Owners and Managers

You’ll find the first of the Accountancy Basics page here – Double Entry Accounting System  or you can go to the Book Keeping Tab and you’ll see the page there in the drop-down menu.

The article looks at the history of the modern day system going back to some records for the period 1299-1300 and Luca Pacioli’s mathematics book in 1494 describing the system.  We use the same system today – just different tools for today’s business bean counters.

We take a look at Debits and Credits and explain what “Being in the Black” and “Being in the Red” mean and how the expressions arose.

After you have read the page and watched the video you’ll have a pretty clear idea of how the Double Entry Accountancy System works and in future essays I’ll take you deeper into the journey of using accounting to manage your business.

After all I bet you went into business to make money and take control of your life.  Without good reporting you can’t manage and then only by luck will you be free and make money.  You need a strong business accounting system with Accrual and Cash methods working in tandem to help you achieve the results you want.

Good accounting can lead to significant productivity increases and increased profitability.

You owe it to yourself, your family, your customers and your suppliers to use this system, your accountancy system, to get the best from your business and make the money you want and gain the freedom you desire.

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