Clarifying financial controls for business management, applying accounting practices and procedures, overseeing business accounts, and maintaining accurate records, as well as utilising financial statements to assess business progress, are crucial aspects of effective financial management in a business context.
Learners working towards this standard will be learning towards the full qualification, or will be working within a SMME (Small, Medium, Micro Enterprise) environment, specialising in New Venture Ownership and Management, where the acquisition of competence against this standard will add value to their job. This standard will also add value to entrepreneurs who are seeking to develop their entrepreneurial skills so that they can become more marketable for bigger contracts, including commercial and public sector contracts, for example the Department of Public Works programmes. The qualifying learner is capable of explaining financial controls for managing a business, identifying and applying accounting practices and procedures, managing business accounts and maintaining business records and utilising financial statements to identify business progress
Course Content
- The necessity of banking and banking accounts are discussed with examples of the consequences of not having them
- Skills for interpreting bank statements and operating banking accounts are explained with examples
- The various types of accounts are identified and explained concerning own business ventures. Types of accounts include but are not limited to cash books, journals, ledgers, and balance sheets
- Financial concepts and principles are related to own business ventures (financial concepts and principles include but are not limited to start-up capital, working capital, cash flow management, profit forecasts, and management of assets and liabilities)
- Accounting systems are explained concerning their venture
- Suitable accounting support structures are identified by their business requirements (accounting support structures include but are not limited to the appointment of an accounting officer, accounting clerks, bookkeepers, and coaches/mentors)
- Taxation requirements required in the administration of finances are explained about own ventures, and controls for managing these requirements are identified to ensure that legislative regulations are adhered to
- The elements of an income and expenditure statement are analysed about your business venture
- The elements of a cash flow statement are explained about your business venture
- Payment terms and procedures relating to liabilities are identified and implemented accordingly
- Books of account are identified for interpretation purposes
- All records about all financial and related transactions are kept and stored for input into books of account
- Key issues about books of accounts are discussed and explained about your business venture
- Books of accounts are kept monthly to ensure effective financial management of business ventures
- The elements of an income and expenditure statement are analysed about your business venture
- Income and expenditure statements are compared to cash flow statements
- Profit/loss is ascertained accordingly to determine the financial progress of the business
- Financial records are compared to business plans to determine whether business objectives are met, and problem areas are rectified accordingly
- Non-accredited: Short course only
- Duration: 1h 30m
- Delivery: Classroom/Online/Blended
- Access Period: 12 Months
