Bookkeeping, Credit Control, and Payroll

Needed Skills for Complying with Regulations

Service Description

An outline for a comprehensive 5-day training program that covers bookkeeping, credit control, and payroll:

Day 1: Bookkeeping Basics and Bookkeeping Fundamentals

·         Introduction to Bookkeeping and Its Importance.

·         Key Bookkeeping Terminology and Concepts.

·         Legal and Compliance Requirements for Record-Keeping.

·         Types of Businesses and Their Accounting Needs. Double-Entry Bookkeeping

·         Principles of Double-Entry Accounting.

·         Chart of Accounts and Account Classification.

·         Journal Entries and Posting to Ledgers.

·         Setting Up a Manual or Digital Ledger.

Day 2: Recording Financial Transactions Transaction Recording

·         Understanding Debits and Credits.

·         Recording Sales Transactions and Revenue.

·         Handling Purchases, Expenses, and Suppliers.

·         Cash Flow Management and Bank Reconciliation. Inventory and Practice

·         Managing Inventory and Inventory Valuation.

·         Practice: Recording Various Financial Transactions.

·         Review and Discussion of Practical Exercises.

Day 3: Financial Statements and Reports Financial Statement Preparation

·         Income Statement (Profit and Loss Statement) Creation.

·         Balance Sheet Preparation.

·         Cash Flow Statement Overview.

·         Ratio Analysis for Financial Health. Interpreting Financial Statements

·         Generating Financial Reports Using Software.

·         Analysing Key Financial Ratios.

·         Understanding Financial Statements for Decision-Making.

·         Case Studies on Financial Analysis.

Day 4: Credit Control and Management Credit Control Basics

·         Introduction to Credit Control.

·         Credit Policy and Credit Assessment.

·         Credit Terms and Credit Limits.

·         Strategies for Credit Risk Mitigation. Debt Collection and Monitoring

·         Effective Debt Collection Techniques.

·         Credit Control Software and Tools.

·         Case Studies on Credit Control Success Stories.

·         Group Discussions on Credit Management Challenges.

Day 5: Payroll and Taxation Payroll Management

·         Payroll Processing, Deductions, and Payslip Generation.

·         Income Taxation and National Insurance Contributions.

·         Employee Benefits and Expenses.

·         Handling Payroll Records and Compliance. Taxes and Reporting

·         VAT Basics and VAT Returns.

·         Corporation Tax for Companies.

·         Tax Reporting to HMRC.

·         Year-End Closing Procedures.

Throughout the training program, participants will engage in practical exercises, case studies, and real-world scenarios relevant to bookkeeping, credit control, and payroll. Encourage active participation and provide support for hands-on practice with accounting and payroll software.