Colour Accounting is a course designed to teach people how to read and understand financial information by presenting this information visually using storyboards, colours and pictures. The course material is delivered in such as way that it makes balance sheets, income statements and cash-flow statements easier to understand by making them interactive and engaging.
Colour Accounting training has been offered globally to accounting firms, banks, consulting firms, directors, government employees, insurance companies, lawyers, nonprofits and small businesses for more than 10 years. During that time, the programme has accumulated an impressive client list including Wharton University, Allen & Overy, Linklaters, KPMG, Goldman Sachs, the US government and UBS.
Bodden Compliance & Training Ltd. is hosting the first session of Colour Accounting to be held in the Cayman Islands, which will be delivered by guest trainer Jennifer Geier.
“The ability to accurately read your company’s or your client’s financial statements is an absolute necessity,” said Angela Mele of BCT. “These statements tell the story of the financial health of an organisation, a fund that you might be advising on, or where your small business profits are going. Colour Accounting is an interactive course that will teach you how to read numbers in a way that you will remember and be able to use in practice.” Course presenter Jennifer Geier said this specific accounting system is based on several visual aids. For example, balance sheet and income statement are presented in one visual interface with the colours green and yellow representing credit and debit.
“This way people can really see how the income statement is a part of the balance sheet and how debit and credit are elements to both,” she said.
As each participant receives their own visual framework represented by physical buckets and tickets, concepts like double entry accounting can not only be faster understood, but also memorised better.
Moreover, Geier said, “Participants can [literally] see how income is not cash and how a prepaid sale is not recorded in sales.” The course also prepares participants for the inevitable financial terminology by teaching accounting like a language. First, participants are gaining a robust understanding of the purpose of financial items through definitions in laymen’s terms, Ms Geier said. “This way later we can build on the understanding of jargon and it immediately clicks with them.”
Although the course will start at a relatively easy level, the following series of 14 business transactions will be more complex and participants will be asked to apply what they have learned previously, she said. “So it can become very difficult, but at the end of the course everybody has had at least two or three ‘a ha’ moments.”
The course is designed for financial professionals or anybody who wants to learn how business works. “The course is going to have more of a business focus, but in order to teach how business works, it is necessary to know how accounting works.”
The course will finish with an intense case study analysis. “We look at a trading balance sheet and income statement and ask critical questions. How does this work and why?” said Ms Geier. Bodden Compliance & Training is offering Colour Accounting as a one-day course on Thursday, 9 May at a cost of CI$350 per participant, which includes the workbook and materials, as well as refreshments and lunch.
For more information, contact Angela Mele at [email protected] or call 925-2724.