Course Overview

The role of Accounting Assistant in business is changing rapidly. The ever-changing technologies have brought tremendous changes in the way an accounting assistant performs the work from traditional bookkeeping to maintaining accounting digitally.

A major effect technology has on the accounting assistant is the ability to work virtually anywhere. Global customer and talent pools that were previously out of reach can now be accessed by smaller firms.

What has changed in the role of an Accounting Assistant? Increased demand for business planning services requires an accountant to change his role to that of a business advisor. There is a dynamic shift toward accounting software programs and it’s becoming more automated.

Thus it’s opening new opportunities for the accounts to engage with clients, focussing on business strategy instead of number-crunching processes. Services such as taxation, bookkeeping, brokerage and specific roles for cloud integration requires a specialist approach by an accounting assistant.

This Zoe training course will empower you in the changing role of accountants and help you acquire new sets of skills that are required by accountants to stay abreast of technological trends. Be open to learning new technologies and learning to optimise accounting software solutions and cloud-based apps to meet the needs of your organisation.

Course Objectives

The objective of this training is to provide you with up to date knowledge and practical skills in applying the basic concepts and principles of accounting in preparing financial statements

By the end of this training you will learn to:

• Develop an understanding of the basic concepts and principles of Accounting under Double-entry system
• Understand the meaning and significance of accounting
• Apply the qualitative characteristics that will help to develop the skill in the course of time to prepare financial statements
• Apply the rules of Debit and Credit under the Traditional approach and Accounting equation approach
• Practise how to record financial transactions and report them in financial statements

Training Methodology

Zoe Talent Solutions customises all training courses to suit the training audience and their professional backgrounds and experience. Classroom sessions with presentations by a highly experienced trainer form a major part of the training.

However, trainee participation is encouraged through group discussions, troubleshooting for questions, group activities, projects, etc. Trainees are also encouraged to share their experiences, issues, concerns and best practices from their respective organisations, which are discussed in detail by the trainer.

This course follows the Do–Review–Learn–Apply Model like all Zoe Talent Solutions’ courses.

Organisational Benefits

The organisation will benefit from the increasing awareness of and practical skills applicable to financial accounting and reporting; delegates will develop and be able to effectively apply business acumen and improve their decision-making skills. Benefits specifically include:

• Increased awareness of business finance principles and practice
• Effective collaboration and communication with finance and commercial functions
• Making the closure of monthly and year-end accounts faster thereby saving costs for the organisation
• Effective use of latest technologies and thereby processing transactions smoothly

Personal Benefits

Participants will benefit from this training programme that has been designed to provide them with the essential theory of accounting and financial reporting. The main focus will be on building the practical skills to apply these in their own organisations to improve operational effectiveness and decision-making. It will greatly enhance their own prospects for career progression by:

• Communicating and connecting more effectively with finance and commercial colleagues
• A better understanding of business and account cycle and thereby processing transactions smoothly
• Making the closure of monthly and year-end accounts faster
• Prepare and present the financial statements with ease
• Increased use of latest technologies and thereby reducing cost and time for the organisation

Who should attend?

Accounting assistants, administrative assistants, junior accountants, accounting trainees, accounts clerks, administrative secretaries working with accounts and support staff. No prior accounting experience is required.

Course Outline

Module 1 – Theoretical Framework

• Meaning and Scope of accounting
• Accounting Concepts, Principles and Conventions
• Accounting terminology – Glossary
• Capital and revenue expenditure, Capital and revenue receipts, Contingent assets and contingent liabilities
• Accounting Policies

Module 2 – Basic Accounting Process

• Double Entry System
• Advantages of Double Entry System
• Rules of Debit and Credit
• Accounting Equation Approach
• Traditional Approach
• Modern Classification of Accounts
• Recording transactions in Journal

Module 3 – Recording Transactions in Subsidiary Books

• The distinction between Subsidiary Books and Principal books
• Purchases Book
• Sales Book
• Sales Returns Book or Returns Inward Book
• Purchase Returns or Returns Outward Book
• Cash Books
• Importance of Journal

Module 4 – Ledgers

• Introduction to Ledger
• Specimen of Ledger Accounts Posting
• Balancing an Account

Module 5 – Closing the Accounts

• Bank Reconciliation Statement
• Recording depreciation for Fixed Assets
• Valuing the inventories
• Recording outstanding expenses
• Recording provision for doubtful debts

Module 6 – Preparation of Trial Balance

• Objectives of Preparing the Trial Balance
• Limitations of Trial Balance
• Methods of Preparation of Trial Balance
• Adjusted Trial Balance (Through Suspense Account)
• Rules of Preparing the Trial Balance

Module 7 – Preparation of Financial Statements

• Five Elements of Financial Statements (Equity, Income, Expense, Assets & Liabilities)
• The objective of Financial Statements
• Primary Financial Statements
• Statement of Financial Position or Balance Sheet
• Statement of Profit or Loss
• Statement of Cash Flows
• Statement of Changes in Equity
• Notes to Financial Statements

Module 8 – Accounting in Digital Environment

• Salient Features of Digital Accounting
• Codification and Grouping of Accounts
• Maintaining the hierarchy of ledgers
• Accounting Software
• Enterprise Resource Planning (ERP) by using the Accounting Software