Training Course Syllabus:
Accounting and Bookkeeping Best Practices: 2-Day Workshop
Course Description: Top 5 reasons to attend this workshop. You will get: A comprehensive breakdown of several accounting issues that most businesses deal with and how to handle them.
A detailed understanding of business tax requirements based on the type of legal structure (i.e. Corp, LLC, etc).
A comprehensive analysis of bookkeeping and recordkeeping requirements.
A detailed understanding of how budgeting fits into accounting and the primacy of cash flow.
Learning on how to accounting policies and procedures can help a business improve financial reporting functions. Learning Objectives: Learn the importance of accounting and bookkeeping policies and procedures and how they make your financial reporting function more efficient.
Learn how develop and maintain consistent application of accounting principles and rules such as GAAP.
Learn documentation requirements for certain legal structures and how bookkeeping can help.
Learn how to develop written accounting policies and procedures. Areas Covered in the Seminar: IRS Recordkeeping Requirements for Businesses
How an Accounting System Helps With Financial Management
GAAP and Your Accounting System
Accrual vs. Cash Accounting
Understanding Employment Taxes
Understanding Business Taxes
Tax Planning for Corporate Finance
How Budgeting Fits Into Accounting and Primacy of Cash Flows
How to Develop Written Accounting Policies and Procedures Topic Background: When operating a business, everything done in the business goes right back to the financial management of the business. Financial management is the foundation for all businesses. In order to develop solid financial management practices, companies must have adequate accounting and bookkeeping procedures. Without proper accounting and bookkeeping procedures, companies cannot track the actual financial transactions the company has. Companies also are not able to report required information to Governmental entities or other industry entities that request certain information to be reported during the year. There are many aspects of accounting and bookkeeping, and it can get overwhelming. Therefore, not allowing things to get out of hand will help companies to better track and manage the financial aspect of their operations. This course will help companies gain a better understanding of some complex financial management issues. It will also help companies gain a better understanding of why it is crucial to their success to have compliant financial management practices. It is crucial for companies to be able to understand and interpret financial information. Having stable and dependable accounting procedures in place helps users of the financial information develop understanding and learn how to interpret the information. Having this in place helps companies make more informed and necessary decisions for the company´s best interest. In addition to being able to track financial information, having adequate accounting and bookkeeping practices in place, helps companies improve their performance. It aids management in being able to detect any problems that may be occurring in the company and develop solutions to correct the problems. Course Outline:
Day One (8:30 AM – 4:30 PM)
IRS Recordkeeping Requirements
Why businesses are required to keep records
Which records should businesses maintain
How long records should be kept
How bookkeeping aids in proper recordkeeping and developing a good recordkeeping system
How an Accounting System Helps With Financial Management
What an accounting system does and consists of
How the accounting system helps measure business financial health
GAAP and Your Accounting System
Criteria an accounting system contains in order to be in accordance with GAAP
Accrual vs. Cash Accounting
Who should use accrual based accounting and who should use cash based accounting?
Two GAAP principles under accrual based accounting
Accounting for assets, liabilities, income, and expenses
Accounting for petty cash
Understanding Employment Taxes
Payroll tax recordkeeping requirements
Reporting and depositing employment taxes
Employment tax due dates, tax forms, and penalties
Employer tax requirements for employee bonuses and other fringe benefits
Accounting for payroll transactions (including payroll deductions and taxes)
Day Two (8:30 AM – 4:30 PM)
Understanding Business Taxes
Business tax requirements based on company legal structure (federal and state)
Taxable and nontaxable income based on legal structure
Tax deductions and credits available for businesses
Legal tax liability minimization strategies for business income
IRC Section 481(b)-Tax Limitation Computation for changes in accounting method
Tax Planning for Corporate Finance
C Corporation vs S Corporation
Tax issues for corporate gains/losses, interest, and dividends
Requirements for indirect tax data compliance and tax return reporting to the Government
How to avoid abusive tax shelters
Employment and income tax compliance requirements for corporate executive compensation
How Budgeting Fits Into Accounting and Primacy of Cash Flows
How to Develop Written Accounting Policies and Procedures
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