Learn More About Our New Class – Accelerated DISCOVERBOOKKEEPING

May 21, 2012 Leave a comment

We are proud to announce our new class for Summer 2012. The class consists of 11 bright and hardworking individuals who show great passion to learn the essentials of bookkeeping within 12 weeks. Currently in the fourth week, they are reviewing the fifth chapter of the course book, Journalizing Transactions. With the curriculum of DISCOVERBOOKKEEPING going at a pace three times faster than its previous schedule, we are proud of our new class for their great attendance, in-class participation, and exam grades.

The following are some demographics information about our current class:

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Introduction to the Corporate Internship Program (CIP) – Part 1 of 2

May 15, 2012 Leave a comment

Upon completing the third component, Advanced Bookkeeping of DISCOVERBOOKKEEPING (DB), participants have the opportunity to take one of two paths: 1) a one-on-one consultation with TBKC staff to discuss their career aspirations, or 2) apply to be an intern with our corporate sponsor – The Bookkeeping Company of New York City. Participants accepted into the Corporate Internship Program (CIP) receive the following benefits:

• Experience in a hands-on learning environment with an active agency
• Increase the level of workplace confidence
• An opportunity to increase employability and improve their resume
• Enhance bookkeeping and office administration skills
• Develop or bolster professionalism

The CIP was launched at the end of 2011. Our first group of interns (Graduates of DB’s Class of Fall 2011), Anastasiya J., Rosita N., Elena V., and Ileana V. would like to share their experience with you.

1. Describe your experience with CIP.

Ileana: Awesome.
I was treated like the bookkeeper I know I can be.
I was challenged to apply and build upon what I had learned in DB, to take ownership of my projects/assignments, and to take responsible for my own time management. I was also challenged to stand by my bookkeeping decisions and trust my instincts, to ask as many questions as necessary and give just as many suggestions.
Assuming the role of a bookkeeper during my time at CIP became a real confidence booster, and essential to my professional growth.

Rosita: The experience I got from the CIP was very challenging; doing “actual” office work, and learning to use some of the office equipment. I gained so much practical knowledge, especially in navigating the computer. The experience of making a presentation gave me so much confidence.

Elena: CIP gave me the opportunity to be in the real atmosphere of a bookkeeping company – with unorganized paperwork, old and unclear receipts, clients that want the work to be done yesterday, etc. But it is part of a daily bookkeeper job that we have to be aware of. It was also a nice experience.

2. What have you learned that is different from DISCOVERBOOKKEEPING?

Anastasiya: It is a real experience with real clients. I deal with different types of company so I can see the differences in their paperwork and QB entries.

Ileana: DB became the foundation for which my experience at CIP was built on.
CIP became the place where I came to better understand the information I learned in DB.

3. What is your favorite part of the program? The least favorite?

Anastasiya: My favorite part is that I get to work with accountants advising, which helps to understand, to learn more and faster. The least favorite: I would like to continue this experience as a part-time job!

4. What else would you like to learn or explore more of?

Ileana: I would like to work with different clients that have different bookkeeping needs. (This variety, I feel, will help me be a better rounded bookkeeper.)

Rosita: For me, I’m satisfied with all the aspects of the program, everything that I appointed were taken cared of considering the time limit.

Elena: I’d like to take part in the whole bookkeeping process for a company, beginning with entering data and ending with reporting and reconciling.

5. From a scale of 1 to 10 with 10 being the highest, how would you rate CIP?

Anastasiya: I would rate my experience as being the highest. I’m still not confident that I am able to do this kind of work by myself, but I am sure that I am able to be as a good team member in this field.

Elena: A big 10!

Please stay tuned for the next  newsletter as we feature the second half of the interview with our Corporate Program Interns.

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Inside DISCOVERBOOKKEEPING: The Accounting Equation

May 15, 2012 Leave a comment

After the Chart of Accounts chapter we move onto The Accounting Equation. Essentially, the Accounting Equation is a simple mathematical form that sums up the relationship among the accounting elements. It is also the foundation for the double-entry bookkeeping system:

Assets = Liabilities + Capital*

*in a corporation, Capital is known as Owner’s Equity (stockholders’ equity)

As defined, Assets are what a business owns, Liabilities are what a business owes, and Capital is the difference between assets and liabilities. It is important to note that the reason why liabilities are placed before capital is because of the legal priority given to the creditors’ claim to assets than owner’s claim to assets.

Each business transaction has at least two effects on the Accounting Equation known as the “dual effect”. Depending on what the business transaction entails, it can increase or decrease one to two elements of the Equation. The method used to record a business transaction is referred to as the “double-entry accounting,” where there are equal number of debit and credit entries.

For our participants to grasp the basic concept of the Accounting Equation, our DISCOVERBOOKKEEPING course book includes in-class assignments and homework problems. We first introduce the Equation from a mathematical aspect where both sides have to balance. Then we progress to reading business transactions and determining which elements of the Equation they each effect. It is also the chapter where the purposes of T-Accounts are explained, as well as, how to prepare a Trial Balance and financial statements: Income, Capital, and Balance Sheet.

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Federal Funds to Train the Jobless Are Drying Up!

April 9, 2012 Leave a comment

‘Research suggests [job training] delivers better returns…for people from extremely low-income background…’

Help The Bookkeeping Center train talented individuals to find meaningful employment!

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Inside DISCOVERBOOKKEEPING: Chart of Accounts

March 2, 2012 Leave a comment

From the Bookkeeping Terminology chapter of our course book, we define Chart of Accounts as: a list of financial accounts usually by title but can be in numerical form. As simple as the definition may seem, the complexity of each company or organization’s chart of accounts depend on the operation of the business. The chart of accounts is categorized by looking at two financial statements together, the Balance Sheet and the Income Statement.

Imagine a blank sheet of paper in landscape orientation, where going across the paper you see the 3 accounts classifications of the Balance Sheet, or essentially the Accounting Equation: Assets = Liabilities + Capital. Directly below Capital is the 3 accounts classifications from the Income Statement: Revenue, Costs of Goods Sold, and Expenses. The presentation of chart of account is typically in the following order:

(1) Assets – how quickly the accounts can be converted to cash (liquidity)
(2) Liabilities – divided into current and non-current debts
(3) Capital – consists of Owner’s Equity: Investment, Withdrawal; Stock and Retained Earnings
(4) Revenue – based on what is being sold, usually in alphabetical order
(5) Cost of Goods Sold – based on what is purchased to resale, usually in alphabetical order
(6 – 9) Expenses – accounts are listed in alphabetical order.

In the Chart of Accounts chapter of DISCOVERBOOKKEEPING, we review four different real companies’ charts of accounts. These four sample companies provide our participants a sense of how financial accounts are categorized, and how the names of the accounts companies use depend on 1) type of business entity (LLC, S-Corp, nonprofit, etc.), 2) operational activities of the business, and 3) needs of the end users of the financial statements.

Likewise, there are errors in the sample companies which highlight the common misconceptions with accounts classification. By reviewing these chart of account samples participants will become familiar with the basic accounts generally used to record business activities.

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TBKC Welcomes Pascal Amilcar as DISCOVERBOOKKEEPING’s Newest Instructor

January 25, 2012 Leave a comment

Since Fall 2011, Pascal Amilcar has played an active role in the instruction of the DISCOVERBOOKKEEPING program. He is the source our participants turn to for answers to bookkeeping questions. Currently, Pascal is instructing the Advanced Bookkeeping semester and will instruct the next Manual Bookkeeping semester beginning in May. Pascal’s ultimate goal is to refine and enhance various DISCOVERBOOKKEEPING program functions to ultimately produce the strongest bookkeepers possible.

Pascal Amilcar - New Instructor of DISCOVERBOOKKEEPING

More on Pascal’s Background:

Pascal has a tenacious interest in all things related to business, and for this reason he believes in learning all the intricacies of running an effective and profitable business. He has a Bachelor’s degree in Accounting from Baruch College with a minor in Computer Information on Systems. Pascal has three years of work experience as a bookkeeper. He also has professional experience supervising and training a bookkeeping staff. Pascal is currently on track to completing the Uniform CPA Exam and has passed two of the four sections. Moreover, Pascal is knowledgeable about auditing procedures (including internal controls, field work and reporting standards) and cost accounting concepts related to budgeting and cash flow analysis.

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Inside DISCOVERBOOKKEEPING: Bookkeeping Terminology

January 12, 2012 Leave a comment

What makes DB unique is the fact that we teach the fundamentals of bookkeeping and we do so by instructing our participants in the manual, double entry bookkeeping method. We created a course book that each of our participants receive on the first day of class. In its current form, our course book has a total of six chapters: 1. Bookkeeping Terminology, 2. Chart of Accounts, 3. Accounting Equation, 4. Debits and Credits, 5. Payroll, and 6. Journalizing Transactions. Beginning this year, the first of 2012, we will discuss the importance of each of these chapters. We want you to know why we feel that these topics are the fundamentals of bookkeeping.

 

 

 

Similar to how one learns the alphabet, there is a bookkeeping language that must be mastered in order to understand Accounting concepts. While children generally spend a year or more familiarizing themselves with twenty-six letters, our participants are asked to learn over a hundred bookkeeping terms and their definitions in one week. Although it is certainly stressful to absorb so much information within a short period of time, the participants are better served by understanding these terms at the onset of the course. Our participants begin using and applying the terminology they learn in the very next session. Manual bookkeeping instruction lasts for ten weeks and our participants are required to carry an 80% average on the various tests that are administered in this semester.

In sum, DISCOVERBOOKKEEPING’s terminology section contains 116 words. These are terms that each bookkeeper must know in order to not only fully comprehend the transactions he or she is recording, but also to fully explain what is taking place to others such as their coworkers and their superiors. In addition, maintaining a working knowledge of these words and definitions allows our participants to manage their own finances and to understand what and why they are taxed annually by the government.

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5 Years: 5 Reasons Why You Should Donate to The Bookkeeping Center

December 27, 2011 Leave a comment

Dear Friends,

The Bookkeeping Center (TBKC) has been serving the New York City community for over 5 years. Below are the top 5 reasons why before 2011 ends, you should make a donation to this workforce development nonprofit organization:

We build a better workforce one bookkeeper at a time. DISCOVERBOOKKEEPING (DB) is an in-depth training program that teaches our participants the fundamentals of bookkeeping and the most popular accounting software programs.

We are a resource center for our participants. We provide bookkeeping tips and answers, job readiness advice, and self-improvement opportunities.

We improve our program every semester. Doing so ensures that future participants receive a coherent educational experience. At the end of each semester, our current participants complete program evaluation forms to provide us with valuable feedback.

We offer job readiness workshops that prepare our participants to be efficient job seekers. Alumni and participants in the Advanced Bookkeeping semester of DB, receive support services that cover: resume creation and writing, basic and behavioral interviewing, networking, social media, public speaking, accounting industry, budgeting, excel, workers’ rights, temporary employment, and workplace etiquette.

We give our participants a head-start on the American Institute of Professional Bookkeepers (AIPB) Certified Bookkeeper’s Exam. During the Advanced Bookkeeping semester, participants review and pass 2 out of the 6 required exams. We give them the incentive to complete the process to become a certified bookkeeper.

Please consider a year-end gift to The Bookkeeping Center. You can write a check or donate online. By doing so, you are investing in a brighter future for New York City’s underserved workforce!

Thank you.

Best Wishes,
Thomas P. Graham
Executive Director
The Bookkeeping Center

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TBKC: The Next Leader in New York City’s Workforce Development Community

December 21, 2011 Leave a comment

Dear Friends,

The last value in our year-long series is Leadership. How important is the concept of leadership? Competent leadership strengthens a nation. Effective leadership helps businesses be successful. And visionary leadership helps a nonprofit organization achieve its mission.

Without leadership, resources are wasted. An organization’s momentum stalls and the implementation of thoughtful decisions are delayed. As a result, that organization is prevented from being successful.

My role at TBKC is one of leadership. Since coming on board, together with the staff and the board of directors, I have been able to develop our organization’s vision, refine our mission and create a strategy to accomplish our goals.

As you learned in my letter from April, TBKC’s vision is to someday be a key member in the New York City Workforce Development Community. In other words, eventually, we will be a leader in this community.

Our mission is to empower talented individuals to find meaningful employment by providing affordable, specialized financial trainings, job readiness assistance and work experience. When we say ‘meaningful’ employment, we are referring to a career. As opposed to a job, a career is a profession one uses to build one’s life around. With hard work and dedication to that profession, an individual can become a leader in his or her field. Through our work, we hope to guide the individuals in our community onto the right path of pursuing their passion: a career in bookkeeping and/or financial administration.

TBKC’s strategy to accomplish our mission is laid out in our strategic plan and our approach is directly related to our vision statements that I provided in my November letter. We have implemented our plans and are progressing confidently towards our goals.

The business community needs leaders as well. In this perilous economic climate, business owners need financial peace of mind. That peace of mind comes from a competent bookkeeper who will handle the financial recording, reporting, and analyses. A bookkeeper is a leader for a company’s financial accuracy. Enroll in our program to start your career in bookkeeping or volunteer at our organization to help us realize our goals and to build opportunity for tomorrow’s leaders.

If you would to explore available opportunities, please contact our Communications Associate, Lolita Wong at lolita@tbkc.org.

Thanks for your time and interest in TBKC. Best wishes for a safe and happy holiday season.

Sincerely,
Thomas P. Graham IV
Executive Director
The Bookkeeping Center

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Community Spotlight: Board Member – René Peña

December 19, 2011 Leave a comment

For the last month of 2011, our Community Spotlight series will feature our newest board member: René Peña. He joined the team earlier this year and it is time for our community to know more about René. With more than seven years of experience, René is an expert in public accounting and has focused on audit and management consulting services. He has experience in both the private and public sector, and is currently working at The OSG Corp., a private lending company. René also recently received his Certified Public Accountant (CPA) license.

You might have met René back in the summer when TBKC hosted a barbecue event, or at TBKC’s second annual benefit, On Top of Success (OToS) 2011, or you may have even attended the Accounting Industry Workshop René hosts for our alumni and participants in the Advanced Semester of DISCOVERBOOKKEEPING. For a chance to meet and network with René, come to our next event. The following is our interview with René.

1. How did you hear about TBKC?

René Peña - Newest Board Member of TBKC, "Accounting Industry" Workshop Leader

I heard about TBKC through a friend. As soon as I heard the mission statement and saw the passion behind it, I was immediately drawn in and wanted to learn how I could help.

2. Why do you think DISCOVERBOOKKEEPING is an important program in New York City’s workforce?

I’ve lived in NYC all my life and I’ve seen firsthand that jobs are available to the skilled. After the recession it has become more evident than ever that without the right set of skills, attaining a job can seem impossible. I feel that the DISCOVERBOOKKEEPING course provides the participants with the necessary skills to join the job market and create a new path for them.

3. What do you think is the most important thing a new accountant should know?

Accounting is not just debits and credits and the field of accounting is growing every day. Careers in accounting can differ from those that will have you traveling all over the world, working late nights, and where you are guaranteed to be home at a certain time to spend it with family plugging away numbers.

4. What was your experience hosting the “Accounting Industry” workshop on December 3rd?

The experience hosting the Accounting Industry is a great way to get to know participants of the program and a firsthand experience at how much enthusiasm and ambition the participants have.

5. What do you like best about being a board member of TBKC’s Board of Directors?

The best thing about being a board member of TBKC is being able to help out, whether it is giving the workshops or any other way I can in order to help those who are as hungry for knowledge as our participants.

6. How do you envision TBKC in 2012 and beyond?

I envision the word spreading about the wonderful work TBKC does and the classes getting bigger.

René contributes to the success of TBKC by sharing his knowledge of the accounting industry and engaging in the governance of the organization. TBKC would like to thank René for being such a dedicated board member. We also want to say to René: Congratulations on passing the CPA!

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