This is a 2-part series which provides an overview of accounting essentials for law firm professionals who do not have a financial skills background.
Part 1
Geoff Franks will take you through an overview of the accounting process to improve your understanding of accounting reports. Geoff will outline the double entry accounting system, showing how transactions recorded flow on to the financial statements, the common groupings within an Income Statement and Balance Sheet explained. We will being each topic with practical easy examples building towards the more complex.
You will learn:
- What double entry accounting means
- Income Statements, including common expense classifications
- The three sections of a Balance Sheet, including the key groupings for assets and liabilities
- The jargon used by accountants.
Part 2 - coming soon
This session will dig deeper into financial statements, looking at the equity section of the Balance Sheet, and exploring asset valuation issues. The purpose of depreciation will be addressed, and the accounting rules around intangible assets.
Participants will learn about:
- The presentation of owners’ equity for sole traders, partnerships and companies
- Asset valuation issues, particularly intangible assets and inventories
- Depreciation and amortisation.
Who are these webinars for?
- Lawyers and business advisers needing to read a client’s financial statements.
- Small business owners and staff seeking a better understanding of business accounts.
