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When you ask a 10-year-old, “What do you want to be when you grow up?” chances are high that you’ll receive answers such as, “Veterinarian,” “Doctor,” or even, “I don’t know.” Young Americans Center encourages young people to dream bigger by presenting them with a wide-range of future career options. A valuable partner in this work is the accounting firm Eide Bailly, introducing students to careers in finance through Young AmeriTowne and International Towne.
Each of the 9-17 shops in Young AmeriTowne has an Accountant. This student is responsible for paying all business expenses including paychecks, medical insurance, advertising fees and utilities. The Accountant also totals revenue and makes deposits into the shop’s bank account towards their team goal of earning enough money to pay back their starting loan, plus 10% interest, and to make a profit. Accountants write up to 20 business checks, and they use a pro forma income sheet to document their work. Accountants are some of the busiest and most responsible workers in AmeriTowne, and they deserve their 25% salary bonus!
Each of the 16 countries in International Towne has to manage “the books.” Finance Ministers use a balance of payments form to calculate the total income and expenditures of their countries. Income includes revenue from exports, import tariffs, sales and services. For example, Egypt sells a passport photo to each world citizen, and Singapore provides currency exchange for a fee. In addition to citizen’s salaries, a country’s expenditures also include imports, export tariffs and fees. The goal is to end the day with a positive balance of payments for their country.
The roles of the Accountant and Finance Minister demonstrate the importance of finance to businesses, government and countries. When leaders have accurate knowledge about their business or country, they can make informed decisions about pricing and strategy. Eide Bailly facilitates this real-world learning and demonstrates that young people are capable of pretty sophiticated accounting.
About Eide Bailly
Eide Bailly is a leading accounting firm with twenty-nine offices throughout Colorado and twelve other states. With offices in Boulder, Denver, Fort Collins, Golden and Grand Junction, Eide Bailly specializes in creating relationships with their clients to navigate a path to success. Eide Bailly has supported Young Americans Center for Financial Education since 2013 in AmeriTowne, International Towne and the Spotlight on YouthBiz Stars business competition and gala.