Accounting — often called the language of business — is the process of recording, classifying, reporting and analysing financial data. And while the accounting requirements of every business vary, all organisations need a way to keep track of their money.

Unfortunately, there’s very little that’s intuitive about accounting. Many small businesses hire accountants to set up and keep their books. Other companies use accounting software like QuickBooks, CheckMark Multi-Ledger and M.Y.O.B. Accounting and keep their accounting functions in house.

It’s All about Balance
Using a system of debits and credits, called double-entry accounting, accountants use a general ledger to track money as it flows in and out of a business. They record each financial transaction on a balance sheet, which provides a snapshot of a business’s financial condition. Accountants record every financial transaction in a way that keeps the following equation balanced:

Assets = Liabilities + Owner’s Equity (Capital)

The Accounting Cycle
Accounting is based on the periodic reporting of financial data. The basic accounting cycle includes:

• Recording business transactions. Businesses keep a daily record of transactions in sales journals, cash-receipt journals or cash-disbursement journals.

• Posting debits and credits to a general ledger. A general ledger is a summary of all business journals. An up-to-date general ledger shows current information about accounts payable, accounts receivable, owners’ equity and other accounts.

• Making adjustments to the general ledger. General-ledger adjustments let businesses account for items that don’t get recorded in daily journals, such as bad debts, and accrued interest or taxes. By adjusting entries, businesses can match revenues with expenses within each accounting period.

• Closing the books. After all revenues and expenses are accounted for, any net profit gets posted in the owners’ equity account. Revenue and expense accounts are always brought to a zero balance before a new accounting cycle begins.

• Preparing financial statements. At the end of a period, businesses prepare financial reports — income statements, statements of capital, balance sheets, cash-flow statements and other reports — that summarize all of the financial activity for that period.

The Importance of Financial Statements
At the end of a period — either annually or more frequently, depending on the length of a business’s accounting cycle — accountants create financial statements that show the financial health (or decline) of a business.

Many people inside and outside a company use the information found in financial statements. Business owners and managers use the data in financial statements to chart the course of their companies, project revenues and expenses, monitor cash flow, keep tabs on costs and plan for the future. Present and prospective employees also want to see their employers’ financial performance.

Stockholders and investors closely examine financial statements to check a company’s performance. They want to compare a business’s financial statements with those of other companies to guide their investment choices. Bankers look at a company’s most recent financial statements when they make lending decisions.

Financial statements also make it easier to for accountants to prepare tax returns and report financial information to the Internal Revenue Service. In fact, so many business partners, investors, and other interested parties rely on your these documents that it’s important to get a handle on all the common financial reports your business will be expected to produce.

If you are interested in learning more about Accounting Basics and developing an understanding and appreciation of the importance of record keeping, check out our web-based course Accounting Basics.

Reference: AllBusiness

In an open world as ours, interactive communication technologies generate an impact which has an influence on both individual learners and the organisations administrating learning processes.

This new issue of eLearning Papers aims to contribute to the debate highlighting several articles which address the openness and changing world of learning as well as the pervasive nature of some related public policies.

Richard Straub argues that the idea of “openness” is emerging as a dominant attribute of key developments in our current economic and social fabric. Open systems are like living organisms with significant elements of self-organisation. But now, says Richard Straub, we have the necessary infrastructure and tools to operate in new ways in open systems. These new ways have a clear impact on business, employees, learners and innovation, and they require changes in our individual behaviours and institutional adjustments.

In this changing process, Web 2.0 has a significant role. Antonio Bartolomé offers a clear frame around the concept of “Web 2.0: ideas, technologies and implications for learning.” The article argues that Web 2.0 resources seem to have little impact on the structure and conception of the old learning paradigms on which today’s curricula are built. So, where are the new paradigms? The author says it is too early to speak of a new paradigm, but there are some elements that do not fit easily in the old eLearning models.

What about the changes at eLearning institutions due to Web.2.0? Juan Freire analyses this in the article “Universities and Web.2.0: Institutional challenges.” He describes a list of bottlenecks which constrain the institutional adoption of Web 2.0 when universities and their managers assume an active role to adapt to the new reality. The article concludes pointing out a set of elements for a Web 2.0 adoption in universities.

“Openness” is also associated with values such as tolerance, individual freedom, lifelong learning, intercultural cooperation and innovation. In the interview with Anna Kirah we appreciate her vision of innovative thinking and education. The first question invites us to read the rest: How did an anthropologist end up in teaching person-centred and innovative thinking to business managers?

We experience every day what openness means and the benefits it may offer. The article submitted by Aina Chabert and Monica Turrini describes an intergenerational learning experience and shows us an example of enhancing democratic values in the open world. The digital literacy and eInclusion of older citizens can be promoted with a help of “digital facilitators” and experiential learning, providing the elderly learners with real life experiences when learning to use ICT.

Source: elearningpapers

Ireland – 15th May, 2008 – The skills challenge facing the Irish economy was the subject of a major seminar organised jointly by the National College of Ireland (NCI) and the National Centre for Partnership and Performance (NCPP), and held in Dublin on May 15.

The ‘Learning at Work’ seminar was chaired by NCPP director Lucy Fallon-Byrne and was addressed by Minister for Lifelong Learning Seán Haughey, Leo Casey of the Centre for Research and Innovation in Learning and Teaching and Prof Chip Bruce, National College of Ireland.

Four national initiatives, designed to promote and encourage learning at work, were showcased also at the seminar, providing the 100-plus delegates with real-life examples of innovative responses to the future skills challenge.

Among the issues discussed at the seminar were:

• The role of workplace learning in driving and growing the Irish economy;
• The opportunities for, and obstacles to, workplace learning that exist in Ireland today;
• Effective ways of engaging employers and employees to ensure Ireland is equipped for the future skills challenge.

National College of Ireland president Paul Mooney said the message was simple:

“For Ireland Inc. to succeed, the barriers to workplace learning must be identified and systematically removed. To survive and prosper in a tougher global environment, we need to collectively up our game to out-think the competition.

“The highest performing companies of the future are the ones that are becoming engaged in workplace learning initiatives today. The time is now and there is zero room for complacency on this. The future is decided by those who sense change and actually start to do something to respond to this. For everyone else, the time bomb is ticking.”

A new DVD was launched by Minister Haughey. Produced by NCPP, the DVD profiles the practical experiences of five Irish public and private-sector organisations that have recognised and embraced workplace learning as an enabler of change. Their stories illustrate the value of promoting human talent and creativity in the workplace, and make a powerful business case for lifelong learning and workplace training and development.  Upskilling is now a necessity.

Copies of the DVD are available (free of charge) on request from the National Centre for Partnership and Performance.  Simply drop an email to Conor (conor@ncpp.ie) with your contact details, and he’ll post them out to you as soon as possible.

Source: Education MATTERS

“I bet I could have cut back on many of the seventy, eighty, and ninety-hour weeks that I’ve put in over the years,      if I’d been more systematic and rigorous in managing time!”

Get Aggressive About Managing Time!
Time and money are both very important in business. Yet, like me, many business people tend to give a lot more specific thought as to how to spend their money. Too often, how we spend our time is only thought of in terms of “What am I going to do today?” or “What should I do next?”

Just as a well-run business should carefully develop a strategy to determine how to spend its money, an effective businessperson should carefully develop a strategy to determine how to use his or her time.

Just as a well-run business follows a budget in spending money, an effective businessperson should also follow a budget (or schedule) in spending time.

Prioritize Your Time!
The first step in effective time management is not to develop a schedule, but instead to develop a time strategy. The time strategy should be based on a short list of time priorities.

You start by identifying the number one way you can most increase profits by use of your time; then the number two way; then the Number three way; etc. This short list of time priorities forms the foundation for your time planning for every week of the year.

These time priorities may be identical to key parts of your company strategy or they may be different. For example, if your company strategy is based upon excellent customer service, spending lots of your time in customer service may not be the best use of your time if you have a terrific customer-service manager.

Narrow Your Focus!
Focus is crucial for time management, and the fewer priorities you focus on at once, the more productive you will be.

After you have your major time priorities for the year established, you should allocate them by week or by month. Like it or not, a lot of our time each week is going to be eaten up by nonstrategic items that we have no control over; hence it is important to limit the number of strategic time goals we have for each week. So even if you have ten strategic time goals for the year, you may want to focus on no more than one or two of them in any given week.

For example, in a particular week you may plan on working on your number one time objective, let’s say planning improvements for the company’s major product line, and a secondary goal, let’s say re-evaluating the dealer marketing program, but no time on other secondary time goals that you plan on tackling during other weeks.

Set Aside Uninterrupted Time
Every week you should make up a detailed time plan, which you modify each day as needed. Except in times of crisis, try to make sure day-to-day issues don’t push your strategic time priorities off your schedule.

Generally your major strategic time priorities will involve such activities as planning, thinking, and developing ideas. More so than day-to-day issues, such activities require big blocks of uninterrupted time.

Constant interruption kills any hope of effective time management. One way to avoid interruption is to make it clear that when your door is closed you are not to be disturbed. Another is to have regular meetings, such as every week, with the people that you interact with the most and insist on saving nonpressing issues for these meetings.

Avoid My Time Traps!
These are some “time traps,” all of which have plagued me, that you should guard against:

• Spending a disproportionately high amount of time in the offices where the most congenial people are, as opposed to where the most important issues are.
• Wasting too much time getting daily updates on routine activities as opposed to waiting for a more meaningful weekly summary.
• Jumping too eagerly into the routine, more straightforward work and putting off the more complex and difficult work.
• Not starting the more important work first thing in the morning.
• Not bothering to make up a schedule for each day.
• Overscheduling–scheduling each day so tightly that it is impossible to stay on track and the schedule quickly becomes meaningless.

Source Streetwise Small Business Start-Up

Why are more companies choosing e-Learning for corporate training?
“e-Learning delivers more training to more people for less money. e-Learning saves time, money, resources, and it delivers measurable, tangible results”, according to Sean Griffin, Co-Founder of Learn Skills, the web-based skills and compliance based company.
Instant access to information is one of the driving factors in today’s Knowledge Economy. Lifelong learning is the key to a successful career. The key to this success is moving knowledge from the people who have it to the people who need it. e-Learning gives you the power to do exactly that. Virtually anyone can sharpen skills or develop new ones.
Key benefits associated with e-Learning with Learn Skills include:

• Inexpensive and Cost Savings: Without travel time or expenses, you’re putting more of your training budget into training, thus saving up to 40 to 60 percent. And students can access their courses as often as they need.
• Accessibility of Training: Deliver knowledge on-demand, with up-to-the-minute information. Learners can access training instantly, when and where they want or need it, either at the office or at home, 24/7.
• Flexibility: Students can choose from a variety of interactive self-paced courses, and they can take advantage of our extensive course listing. They have the option to complete a course in one session and split it into smaller chunks.
• Consistency: e-Learning is a more consistent delivery and not not reliant on the skills and knowledge of the trainer.
• Measurement: Learn Skills provides a selection of tools and applications to monitor learner’s progress, and produce detailed activity reports. You can easily monitor what employees have learned, when they’ve completed courses, how they performed, and their levels of improvement.
• Variety: Hundreds of in-depth courses are available instantly; covering everything from business skills and leadership to workplace safety and IT.

Learn Skills provides you with the learning environment that engages the unsupervised learner, resulting in employees who show more participation, more enthusiasm, and ultimately, greater learning success and increased productivity.

Our staff are ready to help you with any questions you may have, simply contact us.