3 MONTH ACCOUNTING COURSE
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1 3 MONTH ACCOUNTING COURSE OVERVIEW
2 Copyright & Disclaimer: The UBT training programs are general advice that does not take into account your particular financial, personal or geographic position, and have been developed to teach you the basic principles of business accounting and business financial management. They are not a substitute for professional accounting or financial planning advice. Before taking actions that could have an effect on your financial situation, please discuss your plans with a suitably qualified and experienced advisor. The examples given in these courses are fictional (including the Real-life Examples ), and are given to help you apply the theory to actual business situations. Any similarity with a real business or person is purely coincidental. This workbook, as all UBT material, is covered by an exclusive copyright, with the master rights being held by UBT. No part of this material may be copied, distributed, loaned, rented, given away, etc. Any breach of this copyright will be viewed seriously, and will be pursued legally through the courts of law. Any suggestions should be sent to onesupport.au@ubteam.com
3 3 MONTH ACCOUNTING COURSE OVERVIEW Index Introduction 4 Weekly Assignments 5 Training Video 5 Study Time 5 Supporting Website 6 Sitting the Final Exam 7 Overview 8 Detailed Summary 9 Profit & Loss 10 Balance Sheet 11 Other Topics 12 Version 7.0
4 3 MONTH ACCOUNTING COURSE OVERVIEW Introduction 4 Welcome to this accounting course for nonaccountants, developed by UBT. The whole aim of this course is to enable anyone to better understand their business financial statements, in view of making educated decisions that will positively influence profits, cash flow and equity growth. The differences between this course and other accounting courses are: It has been written using the unique topdown approach, meaning you can study it using your own financial reports; normal accountancy courses spend months (or even years) on theory, and it is only then that you would start to refer to a set of financial reports as part of your study. Easy reading we have made every attempt to make the course easy to understand, regardless of your level of education. Business development focused rather than just a study course, we are pointing out ways to become more financially secure. This course is broken up into 12 weeks here is a summary: WEEK ITEM 1 Introduction and Overview 2-4 Trading Performance (Profit & Loss) 5-7 Balance Sheet Management 8 Assets and Depreciation 9 Classification & Validation of Transactions 10 Budgets and Planning 11 Projecting Cash Flow 12 EXAM!
5 Weekly Assignments At the end of each week there is an online assignment. The idea is that each week you get to test yourself on the new skills and knowledge that you have learnt. Once you have completed the assignment, it will be automatically marked and your results advised online. When you enrolled there were two options you needed to be aware of: a) If you were enrolled through a business your manager will be able to find out when you submitted each assignment and what mark you received. b) the option to complete the course at your own pace. Some complete it in 12 weeks, others take the whole 6 months. We encourage everyone to use the Assignment Submission Tracker tool in order to develop a study timeline that will work for you. Above all, be a finisher! Training Video Each chapter is supported by a video lesson, delivered by internet - based webinar recording. To access these webinars you will need to log onto the UBT Financial Resources website. There are Notes Pages provided on the website for each supporting video. Print these off PRIOR to viewing, for taking notes at the time. If you are having any difficulty understanding a topic, or would like to see some area covered in more detail, please send your questions / suggestions to UBT. Study Time The time required to study each week and to complete the assignment will vary from person to person, however in approx. terms you should plan to set aside between 3 6 hours for each module. You will need to allow the following each week: a) 1 to 3 hours to read the workbook b) ½ to 1 hour to watch the supporting webinar c) 1 to 2 hours to complete and lodge the assignment d) You may also like to further explore a topic (beyond what is covered in the course); an example of this would be to further investigate tax in your region. e) Make sure you also allow time to apply your new knowledge and ideas to your own financials. This will greatly accelerate your learning, and give you maximum benefit (and return on investment!) from this course. If you have had no exposure to business financials previously, and find that the course is taking longer than this, it would be better not to rush it, but rather to ensure that you understand each section before moving on. Each module is like a building block, and you will need to understand each one before studying the next module. If you have been involved in business finances and/or accounting before you may find that you can complete the course faster than the times suggested. SUGGESTION: Add a recurring appointment in your Weekly Schedule now to ensure you set time aside to complete this course; be a finisher! MS Excel Download - as a Business Advisory subscriber you can download the Assignment Submission Tracker tool as an Excel template and keep your records up - to - date. 5
6 3 MONTH ACCOUNTING COURSE OVERVIEW Supporting Website The website is the learning resource centre for 3MAC Students and Subscribers. As a 3MAC student, you will have access to: 3MAC Workbooks MAC Assignments 1 11 Webinar recordings to assist you with your 3MAC studies Business Advisory Subscribers have access to a wealth of finance-related resource. In addition to the items offered to 3MAC Students, there are: Excel Tools, Calculators & Templates An Accounting Glossary of Terms used in the industry Frequently Asked Accountancy related questions to review The ability to lodge your own question Regional Information (Specific to your region) Finance Seminar Packs & Recordings White Papers on specific issues/topics 6 The UBT website has been built for YOU and YOUR Finance Team!
7 Sitting the Final Exam Once you have passed all of the 11 weekly assignments, you can apply to sit the final exam - however, this is optional, unless your employer insists on it. This is an online exam, which is OPEN BOOK, meaning you can refer to your 3MAC resources during the exam. UBT is testing your ability to do work correctly, not just your ability to store information in your memory. It must be completed in 3 hours. Refer to 3MAC Week12 Exam FAQ s & Declaration for Conditions. You cannot take the exam question booklet with you (after the exam), and as the questions may be reused in later exams, you will not get your answer booklet returned to you. You will receive a comprehensive report, showing any areas that you need to study further. 7
8 3 MONTH ACCOUNTING COURSE OVERVIEW Overview 8 This course has been written for NON- ACCOUNTANTS, including business owners and managers feedback to UBT. It has been written using a practical approach ( top - down ). You will learn how to pick up a set of financial reports, analyse them, be intelligent as to cause & effect, and be able to plan events to result in improved financial performance and results. If you know nothing about accounting, but you are prepared to sit down and look at your monthly figures and then look at a full set of figures every three months, within two years you can just about rate yourself as an accountant. INTRODUCTION: WEEK 1: THE FINANCIAL REPORTS PROFIT & LOSS: WEEK 2: TRADING PERFORMANCE WEEK 3: BREAK EVEN POINT WEEK 4: PROFIT & LOSS KPI s & Key Ratios BALANCE SHEET: WEEK 5: EQUITY GROWTH WEEK 6: BALANCE SHEET KPI s & Key Ratios WEEK 7: BALANCE SHEET How to Manage it OTHER TOPICS: WEEK 8: ASSET REGISTER & DEPRECIATION WEEK 9: CLASSIFICATION & VALIDATION OF TRANSACTIONS WEEK 10: BUDGETING FOR GROWTH WEEK 11: PROJECTING CASH FLOW WEEK 12: EXAM WEEK!
9 Detailed Summary INTRODUCTION: WEEK 1: THE FINANCIAL REPORTS 1.1 Introduction 1.2 Generally Accepted Accounting Principles 1.3 Bookkeeping vs Accounting 1.4 The suite of Financial Reports 1.5 How these Reports interact 1.6 Double Entry Bookkeeping PROFIT & LOSS: WEEK 3: BREAK EVEN POINT 1.12 How to calculate your Break Even Point 1.13 Sustainable Business Model 1.14 Fixed and Variable COGS 1.15 Contribution Margin 1.16 How to use the UBTA Sales & Equity Tracker (SET) 1.17 Break Even Unit Sales 1.18 How to use this knowledge 1.19 How to increase Sales & Profits WEEK 2: TRADING PERFORMANCE The Profit & Loss Statement 1.7 Understanding your P&L 1.8 What is EBIT? Calculating your Cost of Goods Sold 1.10 Inventory Periodic Perpetual 1.11 Introduction to Tax How to create a sales graph with trend line in MS Excel: 1. Highlight your data in Excel: On the tool bar at the top click the Insert menu, and then in the Charts section, select Line and the preferred graph: Why trend analysis is important: Based on actual results, the accountant can then identify what direction the finances are heading in. This could be as simple as comparing the Sales for the last 12 Months, and commenting on the general movement (increase or decrease) of Sales. Better still, the business owner or manager can learn how to read the reports and make appropriate decisions that will have a positive impact on the PERFORMANCE of the business, as well as continue to improve the health of the Balance Sheet. Furthermore, as he makes these decisions he can continue to monitor and interpret the results to ensure that they have the desired result. Because you ll learn by watching the figures, you ll see trends....if there is a trend that shows deterioration you can correct it quickly Once you have your graph, right click on the data line and select Add Trendline
10 3 MONTH ACCOUNTING COURSE OVERVIEW Profit & Loss WEEK 4: PROFIT & LOSS KPI s & Key Ratios 1.20 Analysis & Management Decisions 1.21 What are Ratios? 1.22 Gross Profit 1.23 Gross Profit Percentage 1.24 Cost of Goods Sold 1.25 Management Decisions 1.26 Spoilage 1.31 Net Profit Percentage 1.32 Interest Cover 1.33 Trend Analysis 1.34 Business Overhead Expenses Check 1.35 Monitoring Expenses by Percentage 1.36 Trend Analysis - Supply of Goods 1.37 Part - year Figures 1.38 Markup vs. Margin 1.27 Work in Progress (WIP) 1.28 Productivity Factor 1.29 Expense Ratio Net Profit
11 Balance Sheet WEEK 5: EQUITY GROWTH 1.39 Main Entity Structures 1.40 Assets vs. Liabilities 1.41 Owner s Equity 1.42 The Accounting Equation (A - L = E) 1.43 Understanding your Balance Sheet 1.44 The Balancing Act! 1.45 Current vs. Non-current WEEK 7: BALANCE SHEET How to Manage it 1.62 Financial Management Pathway 1.63 Balance Sheet Audit 1.64 Cycle of Continual Improvement 1.65 Need for Planning 1.66 Financial Operating Cycle 1.67 Sustainable Growth 1.68 Strategic Financial Plan (SFP TM ) 1.46 Managing by Net Worth 1.47 Realisable Value WEEK 6: BALANCE SHEET KPI s & Key Ratios 3 MONTH ACCOUNTING COURSE TRADING PERFORMANCE 1.48 The need for Analysis 1.49 Under or Over Trading 1.50 Balance Sheet Ratios 1.51 Equity Ratio 1.52 Debt to Equity Ratio 1.53 Liquidity Ratios 1.54 The Working Capital Cycle 1.55 Current Ratio 1.56 Quick Ratio 1.57 Debtor Days 1.58 Creditor Days 1.59 Stock Turn days 1.60 Return on Investment 40 Week 2 Key Terms Glossary Break Even Sales - the level of sales required at a predetermined Gross Profit percentage that covers the COGS, the overheads, the loan repayments, owner s remuneration and tax, but leaves no extra funds for reinvestment. Refer also to Survival Break Even and Incentive Break Even. Cost of Goods Sold (COGS) - the cost to the business to buy or produce the goods that are being sold. With purchased items, it is the cost from the supplier including any inwards freight, duty etc. With manufactured items it could include factory wages, machinery depreciation, rent of factory space etc. Cost of Sales (COS) - refer to COGS. FIFO - First in First out method of valuing Inventory when multiples of goods are purchased allows you to average your cost (most recent plus previous cost average). GP - see Gross Profit. Gross Profit - the amount of money left over from sales of goods or services, after the cost of the goods has been removed. Incentive Break Even - the level of sales required at a predetermined Gross Profit percentage that covers the COGS, the projected (increased) overheads, loan repayments, owner s remuneration and tax etc. Compare Survival Break Even. For example if the owners wanted more remuneration from their business than they are currently receiving, this figure would be covered by the IBES, but not in the SBES. Interest - a fee charged by the lender to the person / business borrowing the money for the privilege of having the money on loan. Typically an Annual Rate (eg. 7.5%) is quoted, with a portion of this added to each repayment. Inventory - goods held by a business to be sold to customers. LIFO - Last in First out method of valuing Inventory may be illegal in your region, because it may mean that you value stock too low. Market Value - another valuation method of Inventory, where you can reduce the value to what you could reasonably expect to get on the open market. Net Profit - the amount of money left over from sales of goods or services, after the cost of the goods has been removed and all the expenses in running the operation have been deducted; (and before Tax has been paid on these Profits) [Sales COGS = GP; GP Expenses = NP] NP - see Net Profit. NPAT - Net Profit After Tax; this is the NP from the business less the tax that was paid on this profit. Periodic (Stock Calculation Method) - see below. Perpetual (Stock Calculation Method) - see below. The difference between periodic inventory systems and perpetual systems is that using a perpetual system, the value of the stock is recalculated and known after every transaction, whereas in a periodic inventory system the value of the stock is calculated (based on opening stock add purchases subtract sales) at the end of the period Return on Assets Copyright Universal Business Team Pty Ltd 2013
12 3 MONTH ACCOUNTING COURSE OVERVIEW Other Topics 12 WEEK 8: ASSET REGISTER 1.69 Asset Control 1.70 Asset (Capital Item) or Expense? 1.71 Depreciation: what is it? 1.72 Depreciation Schedule (Asset Register) 1.73 Asset Cost 1.74 Calculating Depreciation Straight Line Diminishing Value Units of Use 1.75 Accounting for Depreciation 1.76 Gain or Loss on Disposal 1.77 Log books 1.78 Low Value Pool WEEK 9: CLASSIFICATION & VALIDATION OF TRANSACTIONS 1.79 Your Chart of Accounts 1.80 Tax Codes 1.81 How to correctly classify Transactions 1.82 Expense... or Capital Purchase? 1.83 Work Expense... or Private? 1.84 Verification & Auditing 1.85 Only Valid Transactions! 1.86 Bank Reconciliation 1.87 End of Period Adjustments 1.88 Office Procedures for Accurate Financials WEEK 10: BUDGETING FOR GROWTH 1.89 What is your financial target? 1.90 Survival vs. Incentive Break Even 1.91 Fixed & Variable COGS 1.92 Analysing your Costs 1.93 Fixed & Variable Overheads 1.94 Economic cycle 1.95 Effects of Inflation 1.96 Business Planning 1.97 Divisional Budgets & Analysis 1.98 Budget vs. Actual Comparison & Analysis 1.99 Business Mathematics WEEK 11: PROJECTING CASH FLOW 2.00 What is Cash Flow? 2.01 Profit does not Equal Cash 2.02 Working Capital Cycle - Revisited 2.03 Cash Affecting Activities 2.04 Source and Application of Funds 2.05 The Cash Flow Statement 2.06 Cash Effect from the Sale of Non - current Assets 2.07 How to Estimate Cash Requirements 2.08 Cash Flow Projections 2.09 Monitoring Results 2.10 Budgeting for Tax WEEK 12: EXAM WEEK!
13 Frequently Asked Questions (FAQ s) - if you are a subscriber, the answers are available to you and your team. Examples include: > What is the difference between the current and non-current areas of my Balance Sheet? > Why does my Accountant say that I need to show a partner s salary in my Profit & Loss Statement? It makes my performance look much worse! > Why do I need to know my current ratio? And how do I calculate this? > What is the difference between cashbased and accruals-based accounting? > How can I predict what a sustainable growth rate for my business is? > My business has been operating profitably but I seem to be short on Cash in the business. What are some areas I could look at to free up Cash? > Could you recommend a way to get my Key Staff intelligent as to the financial side of the business without completing a full Accounting Course? > To grow this business we will need to borrow extra funds; how can we work out a suitable level of borrowings that is manageable? > How can I stop my sales team over discounting product to customers? > What is the correct way to obtain accurate costings on items we import? > We have identified that we have excess stock, a lot has been here over two years. What do you suggest we do? > Is there any suggested formulas for staff incentive bonuses? Visit: - it s free to register! Business Advisory Gold & Silver subscriptions include the 3MAC Accounting Course for all your team! 13
14 3 MONTH ACCOUNTING COURSE OVERVIEW Notes: 14
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16 HEAD OFFICE SHEPHERDS BAY HOUSE, LEVEL BOWDEN STREET, MEADOWBANK NSW 2114 SYDNEY, AUSTRALIA ALL ENQUIRIES onesupport.au@ubteam.com OFFICES IN AUSTRALIA ARGENTINA CARIBBEAN EUROPE NEW ZEALAND NORTH AMERICA UNITED KINGDOM No part of this publication may be copied, reproduced, scanned, or stored in any electronic database, whether in whole or in part, in any form or by any means. Universal Business Team will not hesitate to take appropriate legal action if its rights in this respect are infringed. This UBT Workbook is provided as a useful resource. While we are confident in the products and services, you need not purchase them and should make your own enquiries and determine what is suitable for your circumstances. Although every effort has been made to provide accurate and up to date information, in issuing the document, no obligation is assumed to keep it up to date, nor is any liability assumed for the contents or for the performance of any products and services acquired or their pricing and no endorsement or guarantee is made or intended of anything in this Brochure by any UBT entity or by any officer, employee, agent or representative thereof.
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