online accounting and bookkeeping courses

It’s the second largest industry in Australia, and the financial services sector is growing fast! Ideal for bookkeepers, payroll managers, assistant accountants and accounts supervisors, our Certificate of Accounting will teach you about forecasting, budget management, financial reports, compliance, tax legislation, corporations law and management accounting.

Online accounting and bookkeeping courses will also enhance your valuable “soft” skills including customer service, attention to detail, interview techniques and decision making.

Learning Outcomes

Outcomes achieved by undertaking online accounting and bookkeeping courses include:

• Learning how to provide financial and business performance information
• Exploring client information forms (CIF) and client expectations, goals and objectives
• Gaining an understanding of company officers, board of management and financial institutions
• Learning about inline management, partnerships and incorporated, unincorporated organisations, shareholders and sole traders
• Exploring financial plans, legal and financial requirements, reconciling depreciation and GST and business structure
• Gaining an understanding of adjustment of borrowings, asset liquidation, funding alternatives, accounts receivable management and business plans
• Studying cash flow forecasting (CFF), inventory management, net present values(NPV), BAS requirements and PAYG obligations
• Examining compliance, debtor fault, corporations law and taxation legislation
• Understanding how to prepare tax documentation for individuals including tax obligations
• Attaining knowledge of the classification of income, market value and asset value, net realisable amounts, calculation based on gross margins and the retail inventory method
• Gaining insights into calculating depreciation, prime cost methods, financial and system discrepancies, accrual and cash accounting, prepaid income, prepaid expenses and income statements
• Learning about calculating clients tax obligations, annual PAYG instalment notices, income tax lodgement, tax tables, medicare levy surcharge, health rebates and seniors tax offsets
• Exploring how to calculate capital gains tax or losses, GST and fringe benefits tax (FBT), benefits and allowances, medical expenses tax offset, superannuation and the family tax benefit A and B
• Gaining an understanding of tax free income, specialist advice, integrity and privacy legislation, obtaining client signature, authorisation and endorsement, tax file numbers and submitting documentation to the ATO
• Studying statement of changes in equity, inventory usage reports, ordering supplies, the tax practitioners Board (TPB), tax agent services, ATO reviews and audits and ATO expectations
• Examining how to manage budgets and forecasts
• Understanding sales and expenditure, master, cash, production, labour and overhead budgets
• Attaining knowledge of budgeted state of financial performance, financial and capital budgets, cash flow budgets and controls, reporting expenditure, capital budgets and accruals
• Attaining knowledge of rolling forecasts, variable expenditure, contribution margin, breakeven point analysis and highlighting milestones
• Gaining insights into forecasting data, qualitative forecasting and budget assumptions and parameters
• Learning about SWOT analysis, estimates of cash flow, costs and revenues and cash receipts forecast
• Exploring financial risks and protection strategies, budget formats, calculating GST and statements of financial position
• Gaining an understanding of completing reports, comparing projections with market growth and development, not for profit (NFP projects), budget variances and variance reporting and budget audits
• Studying how to prepare financial reports for corporate entities, code, classify and check data, extract data from established systems, data coding, accrual accounting, the principle of double entry and the balance sheet
• Examining the Australian Accounting Standards Board (AASB), codes of conduct and license requirements, data conversion, the consolidation process and reconciliation
• Understanding transferring data to computerised systems, shrink wrapped software, entering data, valuing assets and inventory and calculating and recording depreciation
• Attaining knowledge of perpetual or periodic recording systems, cost method, net realisable value, calculations based on gross margins, retail method, the cash system and Australian standard records management
• Gaining insights into tax invoices, purchase orders, non-cash transactions, taxation reporting requirements, lodgement schedules, filing systems, FBT tax returns and PAYG withholding annual reports
• Learning about superannuation guarantee levy, data formats (charts and tables), delegated authorities, lodging annual reports with ASIC, conflict of interest, confidentiality and the structure and format of reports
• Exploring laws and regulations, effective internal controls, reporting against budgets, analysing results against budgets, examination of the figures, penalties, the accounting cycle, profit and loss reports and statements of retained earnings
• Gaining an understanding of statement of assets and liabilities, review statements for errors, journals, cash flow statements, chart of accounts, activity statements, annual GST information reports and transactions not reported in total sales
• Studying how to implement and maintain internal control procedure
• Gaining an understanding of activity statements, annual GST reports, transaction and auditable trails, integrity and ethical behaviour, variations in compliance, the role of auditors, ignorance or
• Exploring how to work effectively in the accounting and bookkeeping industry
• Gaining an understanding of how to determine business needs and expectations, active listening, asking questions and interview techniques
• Studying code of ethics, code of professional conduct, ATO office reports, software requirements and legislative and industry requirements
• Examining policies and procedures, industry codes of practice, flow charts and life cycle model
• Understanding how to review and adapt systems, determine tasks to be done, the consultation process and group decision making
• Attaining knowledge of objectives and strategies, time management, the urgency of tasks and feedback to team members
• Gaining insights into identifying areas for improvement, developing opportunities and adapting to changes in technology
• Learning about training needs analysis (TNA), professional development needs and staff reviews
• Exploring how to report on financial activity
• Gaining an understanding of property register, fixed asset register (FAR), calculating depreciation and asset and liability valuations
• Studying financial and system discrepancies, tax liabilities, how to prepare a trial balance and adjust accounts for prepayments or accruals
• Examining how to adjust expense account and revenue accounts, common balance day adjustments, general ledger adjustments and reverse adjusting entries
• Understanding how to review data for errors and compliance, prepare revenue statements, prepare a balance sheet, post revenue and expenses to the general ledger, close entries and correct or refer errors
• Attaining knowledge of correcting an incorrect posting, reverse and re-enter the transaction, double-entry and accrual principles, accounting systems and debit and credit rules
• Gaining insights into the accounting equation, accrual accounting, legislation, regulations and standards and code of practice
• Learning about the five basic bookkeeping principles, the bookkeeping cycle, financial forecasting and analysis and ethical requirements

And more!

Trends for Accounting in 2022

Despite the uncertainty around the continual impacts of the global pandemic, definite trends are emerging as the world adapts to a new normal. After you have completed one of our online accounting and bookkeeping courses, here are some that are definitely worth keeping on your radar.

The implications of climate change

With the recent announcement of the establishment of the International Sustainability Standards Board (ISSB) at COP26 in Glasgow, the conversation around climate change has become particularly relevant to the accounting and finance industries.

What was once predominantly an “ethical” issue is now one that is broadly recognised as having material financial opportunities and risks. Accountants will need to reconsider whether climate-related issues have a material impact on an organisation’s financial position, financial performance and financial prospects. They will also need to understand economic transition risks, particularly with the shift towards net zero emissions in the global economy.

Developments in technology

Artificial intelligence (AI) technology can provide massive opportunities for accountants and is now even more accessible. The use of AI provides opportunities to service a wider audience and allows accountants to more readily access and analyse data for their clients. Many AI-based platforms enable the detailed analysis of general ledgers for errors and can review thousands of invoices to find potential anomalies.

E-invoicing is also expected to grow this year. It offers a range of benefits including reducing manual data entry, faster payment times, greater accuracy, reduced risk of fraud and significant cost savings. The Australian Taxation Office (ATO) has estimated that up to A$28 billion can be saved over ten years by adopting e-invoicing systems.

Roles are evolving

Accounting and financial advice have always had some overlap, but as the accounting sector increasingly focuses on data analytics, more accountants are migrating into advisory positions. More complex technologies are being introduced into accounting businesses, allowing companies to focus on consulting services like growth sustainability, forecasting management and business intelligence. There is also expected to be a demand for people with financed-based AI automation and cloud skills.

With this increase in knowledge and skills, comes an increase in salary expectations. But in order to attract and retain the best staff, businesses also need to look at a range of benefits as employees revaluate their career goals and look for a better work-life balance. These include things like health and wellbeing initiatives, diversity and inclusion strategies, and career and professional development opportunities.

Accounting Statistics

1. There were over 3,000,000 chartered accountants worldwide in 2020 and the International Federation of Accountantshad 180 professional accounting organisations across 135 countries as its members.
2. The Big Four accounting firms (Deloitte, Ernst and Young, PricewaterhouseCoopers and KPMG) employed over 1,148,000 people worldwide in 2020.
3. Over 117,000 chartered accountants were based in Australia and New Zealand in 2020.
4. As of 2021, there were over 34,000 businesses offering accounting services in Australia, and the sector’s market size is estimated at around $26 billion.
5. There were over 8,700 accounting vacancies in Australia in early 2022. In fact, Seek reported that job ads looking for accountancy professionals had jumped by March to over 33 per cent year-over-year. Demand for accounting executives on LinkedIn also grew fivefold in Q2 of 2020.
6. The fastest growing average salaries upwards of $110,000 are in the following accounting sub-fields — systems analysis, business analysis, audit management, reporting management and service management.
7. According to CommBank, 68 per cent of accounting firms in Australia were satisfied with their business conditions in 2021. 52 per cent were also planning to acquire another firm to expand their staff and capability.
8. 83 per cent of companies were looking to increase their recruitment activity in 2021. Demand for accountants in Australia also surged with 71 per cent of leading firms reporting difficulty finding staff and 24 per cent had difficulty keeping quality staff.
9. 57 per cent of employers plan to raise accountant salaries by up to 3 per cent in 2021/22 mostly due to a shortage of candidates.
10. In 2020/21, there were twenty tax fraud convictions in Australia and nearly 200 successful prosecutions under the Tax administration Act 1953. Offences included avoiding authorities and failing to file or keep accounting records.

Accounting Professional Associations

If you are studying online accounting and bookkeeping courses it’s worth knowing about the main accounting bodies in Australia, of which there are three. All provide standards, professional guidelines, codes of conduct and minimum academic requirements that their members must adhere to.

#1 – Certified Practicing Accountants (CPA)

Certified Practising Accountant (CPA) is “a finance, accounting and business professional with a specific qualification. Being a CPA is a mark of high professional competence. It indicates a soundness in depth, breadth and quality of accountancy knowledge”.

A CPA accountant adheres to the CPAs high professional standards, is committed to continual improvement, must carry out periodic quality review assessments, and holds appropriate public liability insurance.

#2 – Institute of Public Accountants (IPA)

IPA accountants typically specialise in small and medium-sized enterprises (SME) so can provide expert financial, accounting and business structure advice relevant to businesses of this size. They understand the issues small businesses may face and can provide practical, effective solutions.

#3 – Chartered Accountants Australia and New Zealand (CA)

This is an internationally recognised network of around 120,000 accounting professionals who are committed to building successful, prosperous and sustainable businesses. A CA offers a range of services from risk management and strategic business plans to trusts, asset protection, financial structuring and income tax planning.

 

Gain a solid foundation of knowledge in accounting and financial services to update your skills or pursue a career in the industry with online accounting and bookkeeping courses such as our Certificate of Accounting.