| More about Bookkeeping & Accounting Studies |
College SA offers a wide range of programmes to suit everybody, from those starting out on their careers as Junior Bookkeepers, to people wanting to make the move into top management by getting the highly recognised Institute of Certified Bookkeepers (ICB) qualifications. What is the difference between Bookkeeping and Accounting?Before we go any further, let’s firstly explain the difference between Bookkeeping and Accounting. Both fall under the bigger umbrella of Financial Management, which basically includes all aspects concerned with the planning of businesses’ income and expenditure in order to survive financially. Bookkeeping focuses on the day to day functions relating to a company’s finances, whereas Accounting could be associated with the more long-term functions and involves accurate interpretation of financial statements. One could simplify it by saying that Bookkeeping is the first step in Financial Study, while Accountancy courses go into far more detail and analysis. Let’s break it down even more: Bookkeeping: A Bookkeeper’s responsibility is to maintain a daily record of a company’s business, in other words to record what goes out and comes in. The mechanical aspect of the recording of data is central to Bookkeeping courses, as it entails the recording of financial transactions. Bookkeepers need to reconcile accounts and, if necessary, be able to identify misguided transactions in order to correct this. Bookkeeping is a critical function in firms and organisations, as these reports are used to keep management up to date on the financial position of the company. At the end of the month, these journal totals will be transferred to a general ledger for the preparation of financial statements. This is where Accountants take over. Accounting: An Accountant uses the information recorded by the Bookkeeper to prepare monthly financial statements and year-end tax returns. They manage the information provided to prepare budgets, perform cost analysis, make predictions about a company’s financial future, and so forth. Accountants therefore need to possess all the skills required for Bookkeeping, as they would need to interpret this information to perform their function as Financial Managers. In other words, Accountancy courses would focus on the summarising of data, as well as the interpreting of financial data, as the end purpose of Accounting is to help managers make informed decisions regarding their businesses. Accountants rely solely on the financial transactions recorded by the Bookkeepers to perform their tasks; therefore, these two jobs are interlinked. Accountancy studies should also prepare the student to be able to communicate findings based on the financial analysis, so that business owners and stake holders alike are up to date with a company’s financial state. When it comes to Accounting technicians, special attention is given to responsibilities such as the preparation and maintenance of accounting, statistical and analytic reports related to payroll, utility billing, business licensing, etc. General supervision would be performed by a manager in the Finance Department of a company. Where to start?College SA offers various Financial Management programmes, each linked to a specific institute or academic body:
The best way to start a career in Financial Management is to become a Bookkeeper with the Institute of Certified Bookkeepers’ (ICB) Junior Bookkeeping course. When you have completed this programme, you can go on to study towards the Senior Bookkeeping qualification. Both the ICB’s Junior and Senior Bookkeeping Certificate courses then give you access to higher level bookkeeping training, and they form the first steps towards becoming an Accountant. What does this mean? Well, after obtaining the Junior and Senior Bookkeeping Certificates, you can enrol for ICB’s more advanced National Diploma: Technical Financial Accountant. If you want to take it even further, National Diploma: Financial Accountant would be the ultimate step. As you can see, the qualifications build on each other. You cannot become and Accountant without first learning the principles of Bookkeeping. ICB offers a range of Full Qualifications. for students who want to pursue Financial Studies, as well as specific Short Courses for those who merely want to become more acquainted with Bookkeeping in general. This year, thus far, College SA is the only College using the complete range of study material commissioned by the ICB, for the ICB programmes. This means we use all the study texts, guides and workbooks that is developed specifically for the ICB. All this material is approved by the ICB. This is the only complete set of study material approved by the ICB for their courses. To find out more about College SA as a College, click HERE for MORE INFORMATION |
