Duration : 3 to 4 Months / Type : Diploma / Mode : Part Time
OBJECTIVES: The objectives of Busy accounting software are to streamline financial processes, enhance accuracy in accounting tasks, and provide businesses with a comprehensive tool for managing their financial activities.
Course Structure
Business Accounting
- Business accounting typically follows the double-entry system, where every transaction affects at least two accounts.
- The ledger contains individual accounts where transactions are recorded.
- Bookkeeping involves the recording of financial transactions, including sales, purchases, receipts, and payments, in a systematic manner.
- Expenses are recognized in the accounting period in which they are incurred, helping in matching expenses with revenues for accurate financial reporting.
Financial Management
- Developing a comprehensive financial plan that outlines short-term and long-term financial goals and strategies.
- Creating budgets for revenue, expenses, and capital expenditures to allocate resources effectively.
- Monitoring and managing the inflow and outflow of cash to ensure liquidity and meet operational needs.
- Evaluating and selecting long-term investment projects to maximize returns and achieve strategic objectives.
- Identifying, assessing, and mitigating financial risks to protect the organization from uncertainties.
inventory Management
- Accurate tracking of stock levels in real-time.
- Analyzing historical sales data to predict future demand.
- Implementing economic order quantity (EOQ) models for cost-effective ordering.
- Assigning unique identifiers to batches for traceability.
- Enhancing recall capabilities and complying with regulatory requirements.
Bank Reconciliation
- Bank reconciliation is typically performed at regular intervals, such as monthly, to ensure that discrepancies are identified and corrected promptly.
- The process verifies the accuracy of the company's financial records by confirming that the bank's records match the company's cash account balance.
- Bank reconciliation helps in detecting and preventing errors, whether they are caused by data entry mistakes, bank errors, or other discrepancies.