All about accounting

March 13, 2020

 

In his ninth blog, Ethan continues to write about experiences from his Business Officer Apprenticeship at Leeds East Academy:

Studying for an accounting qualification often seems daunting when faced with a new topic. I along with my classmates at college regularly stumble – which isn’t a bad thing – as we are taught new principles. I feel I am at a great advantage because of the range and level of experiences I am having at Leeds East Academy. I have great mentor’s which help facilitate further learning in the workplace.

"I feel I am at a great advantage because of the range and level of experiences I am having at Leeds East Academy."

After completing the first topic of Bookkeeping Transactions, I felt I had enough knowledge to fulfil my responsibilities at the Academy. I was dead wrong, or rather I have realised that there is always something more to learn which can enhance my skill-set. In college, and through my own study, I have learnt how to perform bank reconciliations, ledger reconciliations and what errors might occur in accounting and how to resolve them. I recognise that I have only learnt how to do it by reading a textbook and practice questions however, I have created a development plan with my line manager which will enable me to perform bank reconciliations monthly under the supervision of my line manager. Following this plan I will ensure that I am having relevant, invaluable experiences.

Whilst I am constantly looking forward at what more I can learn, I have spent time this week strengthening my skills and knowledge in purchasing. On a couple of occasions, I was asked to raise a purchase order for items. For these items it required me to email suppliers and request a quote for the goods that would be supplied - I had never done this. It is mostly budget holders that come to me with signed off purchase orders that I process. This experience involved me in the process at a different starting point.

 

Retrospectively, I understand more of why each section on the purchase order needs to be completed correctly as part of the financial controls. From this we can track the budget of different areas in the academy and become a more cost-effective business – the ultimate goal for any and every business.

 

 

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