Comprehensive Basic Accounting Training

This programme takes the employees responsible for running the Accounts and Finance functions of the behaviour through their core duties. They will be taken through the step-by-step process of performing each task. The core duties are:

• Implementing all processes in accounting for financial transactions and enforcing the controls necessary for the running of the behaviours business.
• Liaising with the external auditors and others involved in matters of statutory regulations, including pension fund managers, the tax organisations, etc.
• Preparing financial and other relevant reports at such intervals help Management decisions for the organization to run smoothly. These include:

• Weekly performance report
• Daily balances and advice on managing the balances
• Bank reconciliation
• Variance analysis
• Management of the cash flow position
• Monthly trial balance, income statement and balance sheet
• Budgeting and budgetary control.

Course Contents

Day One

Interpretation of Financial Statements

• The three financial fundamentals
• The Balance Sheet – Interpreting Assets and Liabilities
• The Income and Expenditure Statement
• Diagnosing the Cash Flow Position and Requirements
• How do you know if the behaviour is performing well?

Budgeting

• Budgets and budgeting cycle
• Steps in developing an operating budget
• Preparation of budgets
• Sensitivity analysis in budgeting
• Budgeting and responsibility accounting.

Day Two

Cash Flow Management

• What cash flow statement is
• What the purpose of cash flow statement is
• Preparation of cash flow statement
• How to make operational, investing and financing decisions when preparing cash flow
• key performance indicators for cash flow
• Action to take when there is surplus or deficit fund
• Source of Finance.

Tax Management

• Types of taxes
• What taxes are payable to Federal, State and Local Government
• Corporate Tax planning 
• How to compute company income tax and capital allowance
• Filling of Self-Assessment return and VAT return
• Withholding Tax and its application
• Capital Gains Tax
• Application for the company and Personal Tax clearance certificate
• How to prepare Personal income tax
• Payment of Pay As You Earn deductions
• Rendering of annual return to State Internal Revenue Board.

Day Three

Control Systems

• The Internal Control System – Preventive, Detective and Directive
• The distinction between Internal Check and Internal Auditing
• How to Use Internal Control to Promote Operational Efficiency
• Internal Control and Risk Management – the Inherent Limitations
• Elements of Internal Control
  • Internal Control on receipt of cash/cheques 
  • On cash and cheque payments
  • On the behaviour reconciliation; 
  • On stock/inventories, sales, etc.

• Operational auditing 
  • Approval of controls
  • Evaluation of performance
  • Purchasing
  • Production
  • Administration
  • Personnel
  • Fixed Assets. 

Day Four

Internal Auditing

Reviewing and Appraising Operating Controls 

• Compliance with policies, plans and procedures
• Safeguard of assets
• Detection and prevention of frauds
• Economical and efficient use of resources
• The accomplishment of established objectives and goals for the operation
• Internal auditing and the maintenance of a sound system of internal control 

• Responsibility for the system of internal control – auditor or management
• Internal Audit Charter  
• Understanding the nature and context of internal control

Management Involvement – Reviewing the effectiveness of internal control

• Responsibility for reviewing the effectiveness of the internal control system
• The process of reviewing the effectiveness
• Business objectives
• Risk identification and assessment
• Monitoring of controls.

Day Five
Financial Reporting and Management

Types of Financial Report and How to Prepare Them

• Revenue analysis report
• Cost analysis report
• Expenses report
• Account receivable report
• Chairman’s report
• Auditor’s report
• Balance sheet
• Profit and loss statement
• Cash flow statement
• Financial performance report
• Benefits of Financial Report.

Note: Available as Classroom Training as Well as Online Training