Namely, Flooring Payable, Contracts in Transit, and Bank Reserve accounts. The construction industry, particularly builders and developers, work with Jobs in Progress and Progress Billings. Manufacturing businesses must have a system in place that will track progress of raw materials and labor through to the finished product so that the owners can establish their cost per unit. Since the universities and colleges don t teach these small business concepts, the opportunities are great for the accountant knowledgeable about these areas . To confirm this, next time you talk with an accounting graduate ask them how Flooring Payable, Contracts in Transit, and Bank Reserve Account are used.
Chances are very good that they won t have a clue.
Now, before you get critical of their training or capability remember that the colleges are grooming them for the Fortune 500 not the used car dealer. I ve mentioned in this article are small business issues for businesses typically employing less than 100 employees. We recognized the value of these concepts years ago, so our course, covers all types of businesses including those that I ve mentioned above. And the course is suitable for the beginning accountant and for the college graduate. You will even have an opportunity to do the books for these businesses and practice them for yourself before working on the real thing.