Our Certified Skillset
Have a look below to see exactly our learning journey so far and what we are learning now so we can provide you the best!
Cash is king! being in control of the figure showing in the bank and knowing exactly what is needed for and when is the lifeline of every business and accurate planning and budgeting are all massive parts of making cash management effective. being effective in cash management entails knowing the time taken to convert Inventories, Receivables and Payables into cash effects the liquidity of an organisation.
Principles of Costing
Within the principles of Costing we learnt about all the different types of cost. Costing is one of the largest subjects studied. Learning about all the different types of cost such as Variable, Semi-variable, Fixed and stepped fixed costs and how to work with these costs in order to provide accurate info in order to set the sales prices for the products.
Providing Costs and Revenue information
After learning the principles of costing we then went on to understand how to physically apply this within any business situation. The two methods we began to learn in this topic was between Marginal and Absorption costing which can show different views of profits made. also within this unit we learnt how to apportion costs such as shared costs which are split out across different departments. We learnt about break even analysis and limiting factor analysis in order to optimise production when only a certain amount of time or material is available. We also learnt in depth concepts around investment appraisal such as Discounting, Net Present Value and Internal Rate of Return. another big element of this unit is variance analysis and using the budget information against actual and flexing the budget to compare accurately.
Principles of VAT
learning the principles of VAT and how it works is now for me quite a simple task. knowing what items are claimable however is a much more tricky scenario. knowing which food items for example on a shopping reciept for a work lunch and travel expenses etc these really only become learnt through experience and putting the work in finding out. Gladly I can say I have had much experience of doing this and can stand firm when i say we will get you as much as legitimately possible off of your tax bill.
Accounting For Fixed Assets
Accounting for Fixed assets needs to be done to reflect in the annual accounts to show items with value in your business. these items get treated with depreciating value over time and some will hold a scrap value when it comes time to sell in order to re invest into new. These Items are generally things like business premises, equipment, Inventory and machinery.
Preparing accounts for Partnerships
Preparing accounts for partnerships isnt much different to that of a ltd company only the earnings have to be split correctly to each partner. This is usually decided within the company and based on the contributions and skillsets of each partner. Here at BBSL we regularly update our clients accounts on companies house to show any changes or add/remove any directors when instructed by you.
Prepare final accounts for sole traders
The preperation of Final accounts for sole traders is also relatively straight forward. However the work still needs to be done right to begin with. knowing exactly which nominal accounts costs are to be attributed will make this much easier. This is a yearly necessity for all businesses at all levels only some companies require more work based on size. this also reflects on the price for the work we do.
Principles of Cash Management
Principles of cash management are the understanding and knowledge of what is needed to keep liquidity of cashflows available to cover the bills and whats left and then what is done with the overflow in order to prepare for the remainder of the year.
Working with Computers
Well as it goes we are a bit of a dab hand with computers and working with them, so rest assured if you are not the most computer literate we can guide you through to what and where you need to go and do to access any information or send information to us.
the software we use is very straightforward and shows the main information on the dashboard which is directly after logging in.
Achieving Personal effectiveness
achieving personal effectiveness is a key life-skill for everyone however adapting this has really been pivotal into starting this company. Being proactive in any role and helpful in any situation that can occur within the accounts department is always a lesson. Making sure that all works are done on time and of a high standard are just what we do and it took us a while to get this way so we know how much work is involved in everything that we do
Principles of Accounts Preperation
learning the principles of accounts preparation was to be able to fundamentally learn how where and what needs to be done in order to produce a set of year end accounts and learning the differences of Liabilities, Assets, Capital and shares and Debentures forming the balance sheet/statement of financial position which is paired up with the profit and Loss/Income statement statement which measures sales revenue against the expenses.
Extending the Trial Balance using accounts adjustments
Extending the trial balance into an income statement. This is a grouping of the figures produced to show totals on the income statement correctly. This gathering of the information within the income statement allows the numbers to do the talking for people who understand what it is they are looking at. so instead of there being a column of expenses like frogs, shoes and bananas and how much the company has spent on each item it mearly groups these expenses into a more confidential format.
Making and receiving payments
This is mainly the Bank reconciliation where we match off the payments in the accounts software to the matching invoices and receipts both in and out. This then compiles all the work required for VAT returns. This ties in to all elements of the services we provide and is essential to what we do.
Supplying information for management control
Supplying information for managers entails month end reports such as aged creditors and aged debtors showing management who is late paying and who we are late paying enabling decision making and future planning.
Recording Income and Receipts - Accounts Payable
Allthough this sounds quite basic there is more work involved than what meets the eye. These are recorded in the accounts software as debits and credits within T accounts. this then needs a matching transaction whether it be money coming in or a credit note being issued or even if it is carried into the next period as unsettled it will always have to have a matching opposite.
Preparing Ledger Balances and initial Trial Balance
Prparing the ledger balances is done by closing down the period, this is usually done monthly. this closes off all missing entries and moves them into the next period making them show up corectly on reports showing debts both owed in and out. Carefull work must go into this before closing down to make sure there are no duplicated entries. this then in turn produces the trial balance which is the first part of producing the management accounts - Profit and Loss
Preparing and Completing VAT Returns
Throughout this unit we did what it says on the tin! we literally learnt the paper-based and computer-based templates. however there was a bit more to it than just that. understanding on how to adjust these figures accurately down to errors on previous returns bringing the VAT account into a balanced state. Bread and butter stuff to us this topic!
Professional Ethics in Accounting and Finance
Most commonly known as the mundane topic throughout as its a very short topic. However very important to know as client confidentiality is our top priority! we have ongoing learning into Anti money Laundering and GDPR and run these throughout our practice making sure that we comply at the upmost!
Working with spreadsheets is a very common area within the finance world. Knowing how to display information in a readable format for all users is key to delivering the guidance required as spoken from the numbers.
Management Decision and Control
A big step up in this unit. Learning in depth application of how to use information and work with information such as Ratio analysis, this was geared around using the financial statements to extract information using formulas. variance analysis within the materials and labour elements of the production process also the variable overhead variances and fixed variances. learning about how to apply forecasting data by time series analysis, Linear Regression and Index Numbers. Preparing Operational statements using either Absorption based costing or Marginal costing. Interpreting Variances is more understanding of why the variances occurred from what the numbers show, such things as Wastage and price inflation. We learnt about Performance indicators, which involved, Ratio analysis for the following :- Profitability, Liquidity and working capital, Gearing, Value Added, Backwards Ratios, Limitations and strengths of ratios and behavioral aspects. Efficiency, effectiveness and productivity. Analysis of Labour efficiency showing any discrepancies based on the budgeted hours against actual. Using the financial statements information to show Return on Capital Employed, Net Profit Margin, Asset Turnover, and Gross Margin also working out the Value Added. Also from the statements we learnt Liquidity and working capital working outs, such as Current ratio, Quick ratio, Inventory Holding Days, Inventory Turnover, Receivables and Payables Days. Also we learnt about Gearing which shows the measure of long term Debt from larger financing loans and the dependency on sales to cover the repayments also Interest cover. We covered all of the above with a formula to extrapulate information from the statements and we can apply them at any point for you to show this information here at BBSL. Cost Management topics learnt - Product Lifecycle working out the five steps Development, Introduction, Growth, Maturity and Decline. Lifecycle Costing from design to abandonment point. Target Costing working wih the selling price of products to achieve desired profits. Value Analysis which involves cost reduction techniques and maintenance/Improvements workings with Exchange value, Use Value and Esteem Value. We finaly learnt about Decision making Techniques which included Breakeven Analysis, Limiting factor Analysis, Make or Buy, Net Present Value, Shutdown decisions and Mechanisation.