Learn More About Our New Class – Accelerated DISCOVERBOOKKEEPING

May 21, 2012 by 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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Inside DISCOVERBOOKKEEPING: The Accounting Equation

May 15, 2012 by 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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Inside DISCOVERBOOKKEEPING: Chart of Accounts

March 2, 2012 by 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 by 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 by 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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Community Spotlight: Board Member – René Peña

December 19, 2011 by 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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Community Spotlight: Co-Founder, Instructor – Maurice Smith

November 10, 2011 by Leave a comment

This November, vision is quality of the month and what better way to discuss about it than to interview Maurice Smith. Members of our community know Maurice as the Co-Founder of The Bookkeeping Center (TBKC) and as the Instructor of DISCOVERBOOKKEEPING (DB). With 40 years of bookkeeping experience, Maurice has shared his invaluable expertise and wisdom with over 100 participants since DB began in the Fall of 2007. We were fortunate to catch up with Maurice in his busy schedule and conducted an interview. Read more to learn new facts about Maurice.

Maurice Smith, Co-Founder of The Bookkeeping Center and Instructor of DISCOVERBOOKKEEPING

1. What inspired you to join the accounting industry?

I was a math major and naturally worked in fields that dealt with numbers (banking and accounting, insurance claims).

2. Why did you become a bookkeeping instructor?

I love to teach and give information to people until they understand the concepts. I see the quizzical expression on their faces and then after a few sessions, they get it. I love the satisfied feeling I get when people finally get it.

3. What’s the difference between teaching at TBKC and BMCC?

The time-span is the only difference. And, TBKC has the “Advanced” portion which BMCC does not.

4. What do you think is the most crucial accounting concept?

The Accounting Equation.

5. If there is one thing you can change about bookkeeping, what would it be?

For business owners to have automated record-keeping.

6. What direction do you think the bookkeeping field will take in the future?

As technology advances, I think record-keeping will change as well. As I mentioned, automated record-keeping may take a foothold. Although, there will still be a need for someone to review and make corrections.

7. What sources do you recommend for new bookkeepers who need help in bookkeeping?

Have a mentor on speed dial who can answer those questions you have.

8. How much has TBKC changed since its inception?

Greatly for the better. More interest has brought in new ideas on expanding the program. And, with the inclusion of alumni, workshops and social media we reach many more interested parties.

9. How can TBKC continue to serve the NYC community?

By reaching out to other non-profits and businesses to see what their needs are and seeing if we are able to help.

Maurice’s presence continues to play an influential factor in our growing organization. DB wouldn’t be recognized as an award-winning program without Maurice’s strong passion for bookkeeping and teaching. Thank you, Maurice for sharing your in-depth knowledge about bookkeeping with us!

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TBKC Wants You to Join Our Community

October 26, 2011 by Leave a comment

Dear Friends,

For this month, I would like to discuss “Community.” A community is traditionally considered to be a locality inhabited by a group or a social group of any size whose members reside in a specific locality. It also means a group sharing common characteristics or interests and perceiving itself as distinct in some respect from the larger society within which it exists.

TBKC’s community consists of our staff, our friends and families; our participants, their friends and families; our volunteers; our donors; our Facebook friends; our LinkedIn connections; our E-Newsletter recipients; and our official and unofficial partners in the workforce development community. The specific common characteristics of TBKC’s community are interests in the field of bookkeeping and job readiness skills development. We are committed to providing low-income and unemployed individuals with these tools so that they can find meaningful employment.

Our organization is distinct in the workforce development community because no other organization does what we do. The uniqueness of TBKC is represented in our program. As most of you know, DB teaches bookkeeping. Other programs around the metro area teach bookkeeping, but they do not provide a curriculum on par with DB. Some may teach the fundamentals and most others teach QuickBooks, but you will not find another organization that teaches both the fundamentals of accounting and then the computerized accounting software of Peachtree and QuickBooks, as well as the many other facets of our program. We go even further in our instruction. Check out our website for a full explanation of our curriculum.

We were also fortunate this month to celebrate our second annual, On Top of Success event. Not only did our guests and the staff had a wonderful evening together with delicious food, great drinks, and soothing live music, it was also a big accomplishment for the organization. Our guests witnessed eleven participants graduate from DB, our beloved Susan Goscewski received the 2011 Outstanding Volunteer Award, and our hardworking graduate, Sharon Price accepted this year’s Maurice A. Smith Bookkeeping Achievement Award. From this event, TBKC gained perfect 10’s: raised over $10,000, had over 100 attendees, and received over 10 different corporate donors’ contributions to our gift bags. To say the least, our second annual event was a success!

TBKC is an active workforce development organization with a growing community, and we hope you will continue to support us. Since the summer of 2010, we have received approximately 400 inquiries from passionate individuals all over the five boroughs of New York City who are ready to change their lives. Moreover, 78% of our participants find work upon completion of the program. Even our online audience has expanded to over 900 followers on Twitter and over 100 followers on Facebook.

Thank you for taking the time to read this letter. If you are interested in joining our community, please contact our Communications Associate, Lolita Wong at lolita@tbkc.org.

We appreciate your interest in our organization and I look forward to hearing from you.

Sincerely,

Thomas P. Graham IV
Executive Director
The Bookkeeping Center

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A Celebration of Excellence at The Bookkeeping Center

September 29, 2011 by Leave a comment

Dear Friends,

This month, we want to explain how the value of ‘Excellence’ is promoted by our organization.  Excellence is defined as the quality of being outstanding or extremely good.   The pursuit of excellence may be a cliché, but there really is no substitute for achieving it.  As a workforce development organization that trains individuals in financial administration, it is only natural that we try to instill this value in our participants as well as into our organizational DNA.

DB teaches the fundamentals of accounting during the first semester because these are concepts all bookkeepers need to excel in their career.  We start with the terminology that participants will apply to their work every day. Then, we gradually layer in the remaining fundamental concepts so that our participants will have the best chance at becoming outstanding members of the accounting industry.  With a computerized semester covering the most popular accounting software programs in the industry, we feel that we are providing our participants with a competitive edge in today’s job market.

Another way we ‘build’ our bookkeepers to be extremely good at what they do is to promote the values you have read about in my previous letters.  Along with those other tenets, we promote excellence in soft skill areas via our workshops and organizational policies. Our business attire and punctuality requirements, our professionalism rewards, and our many job readiness workshops all play a part in our pursuit of excellence.

Furthermore, we celebrate excellence many times throughout the year.  Our annual benefit, On Top of Success (OTOS), is coming up in October and it is the culmination of many of our organizational efforts.  This year, we are including a graduation as part of the festivities.  Four times each year, our participants graduate from DB and for everyone involved, it is a wonderful experience where we get to thank our graduates for their dedication and wish them well on their future personal and professional endeavors.  This year at OTOS, join us in congratulating our graduates on a job well done!

As you can see, TBKC is growing rapidly and we remain focused on the pursuit of excellence.  As a growing organization, we are constantly reviewing our efforts and analyzing our participant evaluation information to continuously improve our services.  If you would like to help, please contact Lolita Wong at lolita@tbkc.org.

Thank you for your time and interest in TBKC.

 

Sincerely,

Thomas P. Graham IV
Executive Director
The Bookkeeping Center

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Class of Fall 2011 – The Journey with DISCOVERBOOKKEEPING

September 28, 2011 by Leave a comment

We are very excited to announce that our Class of Fall 2011 is graduating from DISCOVERBOOKKEEPING (DB)! Our graduates from the Class of Fall 2011 joined DB earlier this year (January 2011), and they make up our largest class since the redesign of DB. Representing the third graduating class under this redesign, we continue the tradition of asking our graduates a few questions to understand their experience in DB. Some of our graduates (Alexandra, Anastasiya, Arthur, Rosita, and Kam) shared with us their opinions:

Maurice Smith, Instructor (second from the left) with some graduates from the Class of Fall 2011.

1. How has your knowledge/perspective in bookkeeping changed since the first day of class?

Alexandra: Almost all of my knowledge of bookkeeping comes directly from the class experience, or from having enrolled in the program. So far, that includes joining AIPB, several LinkedIn groups, and beginning to move the finances of a non-profit to QuickBooks. Engaging AIPB newsletter material, Q&A on LinkedIn (even if it’s just as a reader at this point), as well as beginning to work as a bookkeeper, I feel at the edge of, but definitely ON, the playing field, whereas before, I was barely among the spectators.

Anastasiya: I am very happy that I found DB. This course gave me confidence that I am able to be professional in the US. That means a lot for me and my future. Actually, it changed my way of thinking. The last semester assured me that my age doesn’t mean anything. I am able to learn and absorb absolutely new information in English. I am very proud of myself and that gave me more, and more energy and enthusiasm.

Arthur: For me, I thought that bookkeeping is simply debit & credit and I was extremely confident during my first day of class that the course would just be a review of what I learned in college. But I was definitely wrong. I grappled with every lesson taught by our instructor. With determination, coupled with constant practice during computer labs, my knowledge in bookkeeping has remarkably improved – learning Peachtree, MYOB, QuickBooks and payroll, most of all.

Rosita: Basically, the program has refreshed my knowledge in accounting terminologies and procedures which I have learned when I was in school. But more importantly, the knowledge in bookkeeping using the various accounting software made a lot of difference.

Kam: I am much more familiar with the process of bookkeeping.

2. What else would you have liked to learn if DB was longer?

Alexandra: Hearing more about different positions where bookkeeping know-how is used would be helpful. I expect a newbie like me is unaware of how many positions directly use, or would be enhanced by, bookkeeping knowledge.

Anastasiya: I would like to deepen my knowledge and have more practice with both programs: Peachtree and QuickBooks.

Arthur: If DB was longer, I would like to learn bookkeeping of a manufacturing company because my ambition is not only to work in clinics or law offices but with big companies, which are more challenging and rewarding.

Rosita: I would like to learn more bookkeeping topics emphasizing on the following:

  • Reports and aging of Accounts Receivables on a per client basis
  • Reports on Client’s Accounts Payables according to due dates
  • How to write checks

Kam: I wish to have a more in-depth and thorough use of the accounting software. I prefer the exercises to be more extensive (covering more different cases).

3. How will you use the bookkeeping knowledge you’ve gained after the completion of the program?

Alexandra: Next steps for me: apply for a Corporate Internship Program position, study for certification test, and finish entering the non-profit’s financial transactions to QB.

Anastasiya: I was already offered to make reconciliations at the company I’ve been working at, a daycare. It starts today. What can be more?! I will definitely learn and prepare for the CB exam.

Arthur: The knowledge I got from the program will be my tool to my plan for a career shift. Though I am a banking professional, I want to practice my accounting profession here in New York, thus I joined the program. This will be my stepping stone to get a bookkeeping certificate which will boost my career prospects, making me more attractive to prospective employers and eventually realizing my long-term plan to become an accountant.

Rosita: The knowledge I got from the program will be my stepping stone to become a certified bookkeeper in the future. My immediate plan is to start my job search in the bookkeeping field with the end view of gaining more experience. Since I have a captured market here in New York and New Jersey, getting the bookkeeper’s certificate and eventually to have my own bookkeeping business are my long–term plans.

Kam: I hope to find an accounting/bookkeeping related job.

 

Congratulations Class of Fall 2011! We look forward to celebrating your success on October 14th! It will definitely be an evening to remember with your friends and family.

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