2nd Edition by Edwin Olima FCCA
"ACCOUNTING INSIGHT" IS FOR YOU IF YOU ARE IN ANY OF THE FOLLOWING GROUPS
Entrepreneurs, business managers and staff.
You may just be starting a business of your own, or you have already been in business but are finding that your accounting records are not what they should be. This book will help put accounting in perspective for you. If you do not have the time to prepare accounts at least you will know what you expect of the person(s) that you employ to do the work for you. It is not uncommon for businesses to fail because their accounting records were badly maintained and so with poor knowledge of the performance of the business a good business idea gets choked.
If you are a manager, you may have your boss demand accounts from you or that you understand what the profitability of your division is. In fact you could be responsible for keeping the accounting function of your division running. This book will help you understand the accounting essentials to achieve that goal.
Staff employed in business affect accounting information directly and indirectly. Knowing how ones job will affect the accounting function will help in improved information flow and less errors.
As a trainee accountant I found that it was easy to get side tracked with unimportant account reconciliation's and correction of client errors. In addition, demanding clients and last minute job requests meant that it was not easy to appreciate the fullness of the accounting/bookkeeping required to get a job effectively and efficiently done.
It was not until 2 to 3 years into practical work that I began to acquire a good feel for the three essential accounting areas sales, purchases and bank transactions. Once I had the overall picture of accounting in mind I found it easier to make judgments as to what was important to get the job done and what was not.
By using this book you learn how to put all the important pieces of accounting information together and prepare a set of accounts without the usual stress or deadlines of the work place. You will also be able to prepare a set of accounts from any stage of incomplete records (from source documents or client summaries thereof). I used to find doing accounts jobs from incomplete records difficult. It was only when I had mastered the accounting method in this book that I could take on any job with efficiency and effectiveness.
Finally, some financial directors, trainee accountants and auditors may start their accountancy profession after university and progress up the ranks in a firm without having had a solid book-keeping experience as the book-keeping is done for them by the staff they manage. This book however can help bridge that key gap so that by understanding the mechanics of accounting/bookkeeping one is better able to appreciate the deeper origin of financial accounts and perform financial directorship or auditing of financial accounts with much more confidence.
Anyone baffled by accounts and accountants.
Finally you may be one of those who think accounting and accountants are not your cup of tea but you have to deal with them in work or your business. Every time you speak to someone in the accounts department or to your accountant you have a feeling of being lost, unable to understand what is being said or required, boredom e.t.c. If this is you, do not give up, there is hope. I promise you that by the time you have finished with this book the world of accounting will not be one of those bad experiences that you have to avoid but a useful service that you can benefit from very well once you know its workings and purpose! We all want to know how well we are doing in money terms and "Accounting Insight " gives you what the specialists have known for millennia.