COURSE OVERVIEW:

Workers in the Australian Accounting and Bookkeeping industry provide a diverse range of services from traditional accounting and bookkeeping to payroll, auditing, processing taxes and financial reporting. The job roles are required in all industries in the Australian economy and may be provided from within an organisation or procured as specialist advice.

Accountants make up the largest proportion of the Accounting Services industry, with over half (51%) of all workers in this industry in this occupation. Bookkeepers also make up a sizable proportion of this industry, at 15%. An increase in employment is projected for Accountants (19%), General Clerks (13%), Accounting Clerks (5%), and Auditors, Company Secretaries and Corporate Treasurers (3%) and Bookkeepers (2%) within the next few years.

What Is Accounting? A proper definition of accounting is that it is the process of recording, summarising, analysing, and reporting the financial transactions related to a business. It explains how a business organisation records, organises and reports these transactions to regulators and other parties. It helps to translate the working of business intangible reports for the process of tracking assets, liabilities, expenses, income, and equity. Basic knowledge of accounting is important to understand the financial terms and to participate in the business world.

What Does An Accountant Do? At their core, accountants are qualified financial experts who help individuals and/or businesses with their accounts. This could include a wide variety of tasks, from analysing and reporting on financial records to preparing tax returns and all associated paperwork. Not only can accountants help perform regular financial tasks and reporting, but they can also act as a strategic advisor for businesses, helping them to become more profitable.

What Is Bookkeeping? Bookkeeping is the process of recording and organising a business’s financial transactions. Bookkeeping is the primary way business owners can figure out if their business is profitable: keeping an eye on your numbers lets you identify financial challenges early on and address them before they blossom into full-fledged crisis. Bookkeeping also helps you identify areas of profit expansion—areas you might not have noticed without clear financial reports you can interpret easily.

What Does A Bookkeeper Do? A Bookkeeper provides important services to businesses by recording and processing financial transactions and producing statements. Some bookkeepers are tasked with maintaining the accounts for an entire organisation, referred to as the general ledger. In contrast, others function as accounting clerks, managing particular duties as part of a team. They verify receipts, prepare bank deposits, send payments and monitor overdue accounts. In many cases, a Bookkeeper will also be responsible for the preparation and lodgement of Business Activity Statements (BAS).

This course will help you work autonomously and in teams to complete work activities relating to the provision of accounting and bookkeeping services.

The first part of this course starts by looking at the accountant and bookkeeper guidelines and networks including: how to identify business needs and expectations? the roles and responsibilities of an accountant and bookkeeper and how to demonstrate ethical conduct in your practice. Also, discusses how to expand your network and identify other relevant professionals and how to establish and maintain effective relationships with your clients. Then looks at how to develop systems and guidelines for accounting and bookkeeping procedures including: the legislative, statutory, regulatory and industry requirements. Then discusses and the requirements of relevant industry codes of practice and the systems and tools of quality to support audience needs. Then explains how to improve customer service. Finally, discusses the superannuation and taxation laws relevant to the accounting and bookkeeping sector.

The second part starts by discussing the development of policies and procedures including: what are policies and procedures? and the importance of establishing policies and procedures. Also, discusses the issues that trigger the development of a new policy or procedure. Then explores the sections of a policy and the policy development process. Then explains how best practices call for distribution through formal employee training and circulation in an approved official publication. Then provides samples of policies and procedures for chart of accounts and petty cash. Then provides detailed guidelines which apply for general items included in a standard accounting and bookkeeping system. Finally, provides many relevant sites, relevant publications, software, apps and tools to assist those working in the financial services industry to stay current and up to date on government and industry changes. And discusses how to adapt a computerised accounting and bookkeeping system.

LEARNING OUTCOMES:

By the end of this course, you will be able to understand:

• The accountant and bookkeeper guidelines and networks
• How to identify business needs and expectations?
• How to communicate with relevant parties?
• The roles and responsibilities of an accountant and bookkeeper
• The roles and responsibilities outside of the accountant and bookkeeper’s scope
• How to demonstrate ethical conduct in your practice?
• The importance of Continuing Professional Education/Development
• The importance of networking and how to expand your network?
• How to identify other relevant professionals?
• How to establish and maintain effective relationships with your clients?
• The importance of getting feedback from clients
• How to develop systems and guidelines for accounting and bookkeeping procedures?
• The Legislative, Statutory, Regulatory and Industry requirements
• The requirements of relevant Industry Codes of Practice
• The fundamental principles
• How to carry out relevant financial activities?
• The systems and tools of quality to support audience needs
• The importance of establishing policies and procedures
• The issues that trigger the development of a new policy or procedure
• How to improve customer service?
• The principles of good customer service
• How to create a customer service program?
• The superannuation and taxation laws relevant to the accounting and bookkeeping sector
• What are policies and procedures?
• How to develop policies and procedures?
• The policy template sections and the policy development process
• Samples of policies and procedures for the Chart of Accounts and for Petty Cash
• Accounting and bookkeeping policies and procedures
• The Chart of Accounts policy and procedures (outline)
• The General Financial Transactions policy and procedures (outline)
• The Preparing Journal Entries policy and procedures (outline)
• The Reports and Interim Reports policy and procedures (outline)
• The Cash Receipts policy and procedures (outline)
• The Petty Cash policy and procedures (outline)
• The Accounts Receivable policy and procedures (outline)
• The Accounts Payable, Cash Disbursements, Accrued Expenses and Accounts Payable Purchasing Credit Card and Payment policy and procedures (outlines)
• The Procurement policy and procedures (outline)
• The Purchasing and Purchase Orders policy and procedures (outline)
• The Payroll Processing policy and procedures (outline)
• The Fixed Assets policy and procedures (outline)
• The Capitalisation and Depreciation of Fixed Assets policy and procedures (outline)
• The Prepaid Expenses policy and procedures (outline)
• The Long-Term Debt policy and procedures (outline)
• How to keep up to date on government and industry changes?
• How to adapt a computerised accounting and bookkeeping system?

COURSE DURATION:

The typical duration of this course is approximately 4-5 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.

COURSE REQUIREMENTS:

You must have access to a computer or any mobile device with Adobe Acrobat Reader (free PDF Viewer) installed, to complete this course.

COURSE DELIVERY:

Purchase and download course content.

ASSESSMENT:

A simple 10-question true or false quiz with Unlimited Submission Attempts.

CERTIFICATION:

Upon course completion, you will receive a customised digital “Certificate of Completion”.