Computing along with the whole information age is built on 0s and 1s. Those 0s and 1s are like the biological cells which are the fundamental units of life. In the world of business and commerce, the language most spoken is the language of accounting, and that language is expressed in credits and debits.
Debit comes from Latin’s “debitum” which means “what is owed” or simply debt; credit also comes from Latin, now “creditum” which means “having been loaned”. Since Luca Pacioli formulated the double-entry system in the 15th century, the core attributes remain.
As 2023 arrives, plan to understand basic accounting. If you do not, you simply follow others, blindly. And that means you will not rise to the highest level of your call because business is nothing but accounting, chronicled in statements like balance sheets and income statements.
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Indeed, your tech skill, your strategy session, your sales, your loans, and everything in that company comes down to debit and credit, souped with ingredients of asset, liability, equity, revenue and cost, with the asset (=liability + equity) and the revenue/cost delta (profit or loss). If you do not understand this, you are following others in the world of business, and opportunities will pass by which your antenna will not pick.
In 2023, try to understand basic accounting, the language of business. At Tekedia Institute, we have accounting and finance courses developed by (ICAN) chartered accountants and Chartered Financial Analysts (CFA). Register for Tekedia Mini-MBA and understand the unit of business. Some of our accounting modules in the program are as follows:
- Accounting – Ndubuisi Umunna (ACA), Head Finance, Grand Treasurers
- Auditing, Forensics, Controls – Yusuf O. Sanni (ACA), Chief Internal Auditor, BUA Cement Plc
- Internal Auditing Strategy for SMEs – Abel Osuji – Director, Internal Audit & Risk Control, African Export-Import Bank (Afreximbank) Egypt
- Managerial Accounting, Business Decision Making and Growth – Idris Ayinde, ACA, CFA, KPMG UK
- Building Your Business Financial Models (templates included) – Michael Olafusi, Financial Analyst Fellow Brightmore Capital
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Register for Tekedia Mini-MBA (Feb 10 - May 3, 2025), and join Prof Ndubuisi Ekekwe and our global faculty; click here.
