Bookkeeping Training and Accountancy Training

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Bookkeeping Training and Accountancy Training

Despite the many similarities between bookkeeping and accountancy, the two functions are actually completely different. Many UK businesses are unaware of the subtle, but important differences between the two functions which sometimes leads to a confusion between the need for bookkeeping specific training or accountancy specific training.

Bookkeeping is the process of recording and maintaining a business’ financial transactions. Simply speaking, bookkeepers maintain the records of a business’ financial activities. The objectives of bookkeepers are to regularly and systematically record financial transactions such as payments, receipts and invoices into ledgers and accounts so that business owners and managers are aware of their financial position. In effect, bookkeepers answer the question “what financial transactions have occurred in my business?”

Accountancy is everything that happens after bookkeeping. The function of accountancy involves a number of analytical, recording and reporting processes to turn financial data created by bookkeepers into useful management information. Company accountants are often responsible for creating and setting up the business’s bookkeeping function, as well as overseeing final accounts. In effect, accountants answer the question “how financially stable is my business?

Bookkeeping training

Bookkeeping training specific training, in all it forms, is focused on the development of the processes and knowledge needed to provide an effective bookkeeping function to a business or organisation. Bookkeeping training varies between basic courses, intensive courses and professional qualifications, but the fundamentals of bookkeeping training include:

  • Double-entry bookkeeping
  • Recording purchase and sales ledger invoices
  • Recording payments and receipts (debits and credits)
  • Preparing financial statements
  • Reconciliations
  • Trial Balance
  • Suspense accounts
  • VAT and Payroll

Accountancy Training

Accountancy training is much more focused on the development of reporting and analytical skills. Accountancy training provides delegates with a professional qualification and the chance to become affiliated of chartered with governing bodies including CIMA, The ACA and The ACCA. Since it is the role of an accountant to turn data prepared by bookkeepers into valuable management reports, accountancy training is focused on developing the following areas:

  • Setting up financial systems
  • Castings
  • Month/Year end processes
  • Balance Sheet, Fixed Asset registers and Profit and Loss preparation
  • Audit
  • Taxation
  • Report writing