Tax matters, arithmetic issues, reconciling of bank statements, logging of supply orders and credit invoices are just aspects of a business which most individuals find hard to deal with. This might be as a result of business not being an inherent knowledge or it not being a field of study. Nowadays, most small scale business owners find a lot of business related issues difficult to keep up with and this in turn affects the state of the business. A business owner that is unable to handle the affairs of his business may most likely face dissolution.
What most people don’t understand is that compared to starting a business, remaining in business is a difficult feat. For a business startup, all that is needed are ideas, proposals and funding but the day to day activities of keeping a business relevant and on top of current economic situations is not something that can be achieved easily. Individuals that do not have backgrounds in the world of finance or accounting are best advised to take up business courses.
Business courses exist for people who are willing to broaden their knowledge on the business world as well as keep them up to date on the latest developments. The benefits of business courses cannot be undermined as they touch on most aspects of the financial world like:
• Business Statistics
• Accounting Standards and Guidelines
• Financial Reporting
• Income Statements
• How To Handle Customers and Clients
• Auditing etc
For those still wondering about how taking a few of the courses above can be beneficial, then here’s a brief rundown.
• For taxation purposes: most countries have rules and guidelines regarding how the tax liability of individuals, companies and SME’s should be calculated. In the case of a small business or individual, it is most likely the computation of tax liability is computed by oneself and the fact that the individual does not have financial background might mean errors can be made. Omission or errors in computation of tax liability when discovered by tax authority might be viewed as tax avoidance which is illegal and punishable. To avoid this, it is best to enrol for a course expatiating on such issues.
• Accounting Standards and Guidelines: the IFRS which is a governing body for accounting standards makes updates to these standards which are mandatory by law. Even the government of a country like Australia has standards and regulations which must be followed when preparing income statements and filing tax claims. Enrolling in a business course is a means to be updated on these standards.