1.0 Background Information

As much as all professions are important, accounting profession is excellent and well known for its technicalities and professionalism. This is not just because all organizations (large or small) need the service of an accountant, but also that it is a noble profession, which makes the Institute of Chartered Accountants of Nigeria’s motor to be “Accuracy and Integrity”.

However, it is becoming rampant that many accountants lose their inherited recognition due to their inability to display expected professionalism at work. Despite the fact that the Institute of Chartered Accountants of Nigeria (ICAN) certifies a relatively large number of accountants every diet, it is quite disheartening that majority of these members lack practical experience required by most employers. While some members despise the Industrial Attachment programme/internship designed for the acquisition of practical experience, those who are willing find it difficult to get themselves engaged by audit firms – even when they are ready to get trained without any financial benefits.

Ameliorating these challenges, Muyesther Global Consult, in collaboration with Phisolad Management Consultants, designs Practical Laboratory for Accountants, which is aimed at introducing members of the profession to practical skill they will always need in the field – either as an employee or a self employed. 

2.0 About Practical Laboratory for Accountants

Practical Laboratory for Accountants is a training programme that is designed to add values to various classes of certificates borne by people in the Accounting Profession. Certificate holders of ND/AAT/HND/BSC/ANAN/ICAN/ACCA in accounting are presented with the opportunity of adding practical experiences to their academic/professional qualifications. Participants are introduced to various jobs expected to be performed by an Accountant in any organizations they might find themselves, creating the platform for continuous training via telephone or any other form of electronic means of communication.

2.1 Training Courses

Only few people understand that the job of an accountant is not limited to preparation of account, but that it extends to tax management and other accounting services as well. This is why Muyesther designed the following training courses as a summary of the professional roles of an accountant

i. Practical Financial Accounting & Ethics (PFAE)
ii. Practical Tax Management (PTM) and
iii. Development and Practical use of Accounting Packages (DPUAP)

A. Practical Financial Management & Ethics (PFAE)

This course is divided into two modules – with each to attend to practical issues relating to Financial Accounting and Professional Ethics.

a. Module One – Book Keeping in Practice (PFAE01)

We understand that theoretical book-keeping has been properly dealt with in classrooms/lecture halls, an Accountant needs more than this theoretical understanding. There are several qualified Accountants who might not be able to practically differentiate between an invoice and a receipt, or practically open different ledgers/ books of account. Hence, this module will be used to train participants on:

• Practical Maintenance of Books of Account – opening of income ledger, expenses ledger, purchases ledger, creditors ledger, debtors ledger, stock ledger, cash book et cetera;
• Practical Handling of Source/Supporting Documents – receipts, invoices, waybills, payment vouchers et cetera.
• Account/Internal-Audit department -preparation for external auditors, authority & approval et cetera.

b. Module two – Financial Accounting & Ethics in Practice (PFAE02)

This course is to enhance practical skill of accountants in terms of Financial Accounting and related Professional Ethics. Emphasis will be laid on the following accounting roles:

• Understanding Relationship Among Accounting Staff in Practice – account clerk, accounting officer, Accountant, Head of Finance et cetera;
• Accounting Policies in Practice – Income, Various classes of assets, various classes of liabilities, different classes of capital, going concern and post balance sheet events in practice;
• Practical Notes to Accounts -disclosures in practice, reporting in practice, bank reconciliation, error correction et cetera;
• Account Preparation in Practice – general ledger, trial balance, suspense account reconciliation, income statements, financial position et cetera.

B. Practical Tax Management (PTM)

It is practically the responsibility of accountants to manage the tax related issues of the organization that employ them, whereas many accountants lack practical experience in this field. This course is also divided into two modules, while each module is proffering solution to practical situations for accountants.

a. Module One – Practical Tax Deduction & Remittances (PTM01)

This course is designed, in practical terms, to show how an accountant is expected to be responsible for deduction and remittances of various forms of taxes in practice as follows:

• Tax deduction in practice – PAYE, VAT, WHT et cetera;
• Tax Remittances in practice – PAYE, VAT, WHY, CIT, EDT et cetera;
• Tax penalties and interest in practice – non-deduction, late remittances et cetera;
• Practical Tax Related Jargons- ITO, MSTO, LTO, RETURNS, LRP, ASSESSMENT etc.

b. Module two – Practical Tax Filing with Tax Authorities (PTM02)

PTM02 is designed to practically demonstrate how taxes are filed with tax authorities – including the following:

• Practical Filing with state internal revenue service, filing forms, e-ticket, submission, office copy, et cetera;
• Practical Filing with FIRS – assessment forms, e-ticket, submission, office copy, e-filing, e-registration et cetera;
• Penalties & Interest on non-filing/late filing in practice – PAYE, VAT, WHT, CIT et cetera.

C. Development/Practical Use of Accounting Packages

The course is to practically expose participants to accounting packages they might have to work with in practice. Highlight of the two modules of the course are as described below.

a. Practical Development of Accounting Packages (DPUAP01)

As much as this might not be the role of an accountant per se, accounting packages cannot be maximally engaged without a reasonable knowledge of Microsoft excel. This enables participants to manipulate reports from the accounting packages to suit the organizational use. The course invariably becomes an added advantage for participants as it enables them to develop accounting packages – either for private use or for potential clients. Topics under this are as follows:

• Practical use of Table/Graphic Reporting- pie chart, bar chart et cetera;
• Advance Excel in practice – use of pivot tables, lookup, vlookup, pivot chart and other accounting related excel functions;
• Practical Report Analysis – daily/monthly/annual trial balance, debtors ledger, creditors ledger et cetera;
• Document security – file protection, sheet protection et cetera.

b. Practical Use of Accounting Packages (DPUAP02)

It is no longer news that manual accounting system is gradually giving way to electronic system. Most organizations now use electronic accounting system in the place of analysis books and ledger books. This is why this course is designed to expose participants to the following:

• Introduction to accounting packages – peachtree, sage 50, Quickbooks, Dacace et cetera;
• Company setup in practice – opening/documentation of company information, chart of accounts, login manager et cetera;
• Practical Update of accounting data – customer & sales, vendor & purchases, inventory & services, employee & payroll et cetera;
• Practical Generation of reports – general ledger, account receivables, financial statements et cetera.

2.2 Training Duration

The training is designed to hold for a period of time as could be agreed with the potential participant. This could either be during the week or at weekends as may be so agreed. In the absence of any special request by the participant, the training shall be concluded within a maximum period of four days.

2.3 Targeted Participants

For intensive class, there is going to be only one person or group of individuals, who mobilize themselves for the training – haven discovered their similar need. Such individual has the option of specifying the course(s) to be taken, while the venue and the period shall be agreed upon.

2.4 Benefit to Participants

i. Ability to specifically dictate areas of interest;
ii. Practical experience in Financial Accounting, Tax Management and Development/Use of Accounting Packages;
iii. Opportunity to meet Professional Mentors/Colleagues in Practice;
iv. Building the confidence of participants at accounting job interview;
v. Linking participants to potential employers;
vi. Certificate of participation to be issued to each participant.

2.5 Benefit to the Profession

The training is specifically designed to add values to the certificates of participants by exposing them to practical issues which they tend to meet in the field. Invariably, participants should be able to demonstrate higher level of competence in performing their accounting jobs.

3.0 Stakeholders Responsibilities

The two main stakeholders for the training exercise are the participants and Muyesther Global Consult. The respective responsibilities are stated below:

3.1 Responsibilities of the Participants

i. It is the responsibility of the participants to make themselves available for the training as certificate will not be issued to anyone who fails to complete the training;
ii. Each participant is expected to pay the agreed training fee. 

3.2 Our Responsibilities

i. Provision of competent instructors/consultants who have been in practice for many years, and who will be able to impact the members with practical skill;
ii. Collection of both registration and training fee;
iii. Provision of light refreshment for participants during the training period;
iv. Issuance of certificate of participation to each participant.

4.0 Registration/Training Fee

The participant is expected to pay a non-refundable sum of two thousand naira (N2,000) as registration fee. This is mainly to enable us gather background information about participants to be prepared for, through the form to be filled online.

However, the training fee shall be a sum as may be agreed with the participants/sponsors – which may be a consequence of the number of proposed training courses, duration, venue et cetera.

Payment for the registration could be made using any of the following available modes of payment:

i. PAY TO BANK;
ii. Online payment or
iii. Payment at the training center.

5.0 Continuity of the Training

We understand that accounting profession is not static, which makes it susceptible to frequent changes. For this cause, a WhatsApp group page has been created, where all participants are automatically added for the continuity of the training.

Questions about difficult issues encountered in practice are posted on this WhatsApp page by any participants, which is to be promptly attended to by any of the consultants who are on the page.

More so, professional articles are uploaded to the training page on our website to keep participants abreast of current issues in the accounting profession

6.0 Certificate of Participation

Each participant is to be issued a certificate of participation. However, only candidates who have fully completed the training courses as highlighted in the course outline shall be issued the certificate.

7.0 Conclusion

We strongly believe that the training will have positive effects on all stakeholders including participants, existing employers, the school, public/private sectors that will employ those participants, which will invariably transcend to the Nation at large.

Should you require further information, kindly Contact Us.

Thanks.