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Basic Bookkeeping Workshop Day 1 6
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Training Regulations for Bookkeeping NCII & The Bookkeeping NCIIILecture1.1
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What is Accounting?Lecture1.2
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Bookkeeper Vs. AccountantLecture1.3
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Accounting/Time Period/PeriodicityLecture1.4
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Elements of Financial StatementsLecture1.5
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Day 1: ChallengeLecture1.6
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Basic Bookkeeping Workshop Day 2 6
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Day 1: Challenge & RecapLecture2.1
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Accounting CycleLecture2.2
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Books of AccountsLecture2.3
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Step 1: Analysis Phase – Accountable FormsLecture2.4
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Steps in Accounting Cycle (Activity)Lecture2.5
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Day 2: Challenge / AssignmentLecture2.6
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Basic Bookkeeping Workshop Day 3 8
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Differences between Bookkeepers and Accountants.Lecture3.1
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Pre-Test Result Discussion (Principles on Accounting)Lecture3.2
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Account TypesLecture3.3
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Accounting CycleLecture3.4
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Step 1: Analysis Phase – Accountable FormsLecture3.5
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Step 2: JournalizingLecture3.6
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Practice/Assignment – JournalizingLecture3.7
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Day 2 ChallengeLecture3.8
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Basic Bookkeeping Workshop Day 4 5
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Accounting Cycle ReviewLecture4.1
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Step 3 & 4: Book of Final EntryLecture4.2
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Day 3: Challenge & RecapLecture4.3
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Types of Books of AccountLecture4.4
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Day 4: Challenge / AssignmentLecture4.5
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7 Comments
During the pandemic and if my client asks me if he will continue doing the business because of the incurred losses I cannot answer a direct yes or no. There are still other factors to consider and I will just advise him to shift the focus of the business to adapt to the situation. If he can invest, in the meantime, in food or sales of health essentials, maybe he can cut the losses and perhaps be able to bounce back in his business, rather than totally closing the business.
As a bookkeeper and my client’s single proprietor, asking me if he will continue doing the business or not due to the incurred losses of this covid19pandemic, I rather not answer it but I will give some ideas or platforms to widen his/her business. There is a lot to do than closing the business during the pandemic. I believe in the power of online selling and it is a trend nowadays.
Likewise, it depends on the type of business the owner is operating and other factors such as how much money they have lost and how much it would cost them to shift the focus of their business to something more lucrative during the pandemic. For instance, if they have a restaurant, it would be better for them their business model from offering dine-in services to something more focused on food deliveries. They can also look into opportunities in the online selling, health, DIY and home improvement sectors to offset whatever losses they may have and turn their slump into a profit.
I would not be able to answer the question of the client as a bookkeeper as it was mentioned in the earlier lesson that a premise bookkeepers operate under is that the business will be operational until the next year. However, I will make a personal assessment considering the nature of the business and work with the client to come up with solutions which will hopefully maintain the profitability of the company through the pandemic.
For example, I am a bookkeeper in a clothing business. As a bookkeeper, I will not answer yes or no to his question. and as they say, many factors need to be considered before closing a business. as I am a former small business owner and online seller, I can give him ideas and solutions that can help to restore the losses. We can adapt being an online seller to different e-commerce platforms.
It depends upon the products or services offered by the business. If the products are not necessities, i will advise him to close temporarily and resume again if the situation is already stable. But if the products are not luxurious and are major need of the publlic, the business will cotinue to operate during pandemic.
I think it will be depend on what business will he/she open.