Accounting expertise

The painThe entrepreneur sees accounting only as reports and taxes, but does not understand how it affects cash, liabilities and management decisions.

• Accounting: concept, types, objectives, principles, control;
• "Capital" as the foundation of economic concepts;
• Regulation by legislation;
• Accounting policy;
• The difference between IFRS and NFRS (National Financial Reporting Standards);
• Chart of accounts: concept, structure - international accounting; the concept of debit/credit in plain language; accounts, sub-accounts, analytical and synthetic accounting; the role of reference books in accounting.
• Financial and production software programs;
• Electronic programs and services.

The resultThe participant understands the basic logic of accounting and the role of capital, the chart of accounts, accounting policy and electronic services in managing a business.

The painThe owner receives accounting reports but does not understand the difference between synthetic and analytical accounting, the trial balance and the real picture across the accounts.

• The concept of synthetic and analytical accounting;
• The concept of the trial balance (turnover and balance sheet);
• The concept of the trial balance for a specific account;
• The concept of account analysis (trial balance for a specific account);
• The concept and an example of business transactions;
• The concept of the T-account ("little airplane")/double entry;
• The first section of the chart of accounts, "Current assets";
• The second section of the chart of accounts, "Non-current assets";
• Working with currencies.

The resultThe participant understands how to read the trial balance, account analysis and business transactions in order to see the movement of assets, liabilities and currency operations.

The painLiabilities and capital are often perceived as accounting terms rather than as zones of risk, responsibility and business resilience.

• The third section of the chart of accounts, "Current liabilities";
• The fourth section of the chart of accounts, "Non-current liabilities";
• The fifth section of the chart of accounts, "Capital and reserves".

The resultThe participant understands the sections on liabilities, capital and reserves and sees how they reflect the company's financial stability.

The painIncome, expenses and financial statements are not linked to management decisions, so the manager does not see the real financial result.

• The sixth section of the chart of accounts, "Income";
• The seventh section of the chart of accounts, "Expenses";
• Financial statements (differences between IFRS and NFRS);
• Reports for the manager available in 1C.

The resultThe participant understands how income, expenses, IFRS/NFRS reporting and 1C reports help to assess business performance.

The painProduction costs are allocated without clear analytics, which makes it hard to see the cost of goods, margins and the real profit by contract.

• The eighth section, production accounting accounts;
• Analytical breakdown of production accounting accounts;
• Determining the percentage of production cost allocation through income and contracts;
• Review of the homework assignment.

The resultThe participant understands the logic of production accounting and cost allocation and gains a basis for analyzing the homework assignment and drawing management conclusions.