TAP> Financial Management Essentials for Entrepreneurs
Course Purpose 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 …
Course Purpose
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.
What you’ll learn
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
Duration: 1 Day
Featured Course
Organisational Needs Analysis
Course Curriculum
Curriculum
- 4 Sections
- 18 Lessons
- 1 Day
- Unit 1: Explain financial controls for managing a businessAssessment criteria:4
- 0.0The necessity of banking and banking accounts are discussed with examples of the consequences of not having them
- 0.1Skills for interpreting bank statements and operating banking accounts are explained with examples
- 0.2The 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
- 0.3Financial 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)
- Unit 2: Identify and apply accounting practices and proceduresAssessment criteria:6
- 0.0Accounting systems are explained concerning their venture
- 0.1Suitable 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)
- 0.2Taxation 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
- 0.3The elements of an income and expenditure statement are analysed about your business venture
- 0.4The elements of a cash flow statement are explained about your business venture
- 0.5Payment terms and procedures relating to liabilities are identified and implemented accordingly
- Unit 3: Manage business accounts and maintain business recordsAssessment criteria:4
- 0.0Books of account are identified for interpretation purposes
- 0.1All records about all financial and related transactions are kept and stored for input into books of account
- 0.2Key issues about books of accounts are discussed and explained about your business venture
- 0.3Books of accounts are kept monthly to ensure effective financial management of business ventures
- Unit 4: Utilise financial statements to identify business progressAssessment criteria:4
- 0.0The elements of an income and expenditure statement are analysed about your business venture
- 0.1Income and expenditure statements are compared to cash flow statements
- 0.2Profit/loss is ascertained accordingly to determine the financial progress of the business
- 0.3Financial records are compared to business plans to determine whether business objectives are met, and problem areas are rectified accordingly
Requirements
- Grade 11
- NQF Level 3
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Course Features
- Lectures 18
- Quizzes 0
- Duration 1 day
- Skill level All levels
- Language English
- Students 1931
- Assessments Yes