Accounts For Small Business (Preparation)

Course Ref No: AE52QQ001

NOCN Credits 3 Level 2

Why should I be interested in this course?

The aim of the course is to enable you to understand basic business financial procedures without the need to use double- entry bookkeeping.

How Will I Benefit?

This course is designed to give you an understanding of how small businesses maintain accurate and useful accounting records. You will discover how accounts are compiled and the uses of the data obtained from these records. You will learn about how businesses are set up, budgeting, writing up accounting books, financial forecasting and VAT.

Course Structure:

There are five modules to this course. An outline of each module is given below:

• The varying types of small business and how they are set up. (includes sole trader, partnership, limited liability company).
• Budgets and Forecasts . This includes Preparation of budgets, identifying variances and taking action, as well as cash  flow and profit forecasting. 
• The books of account and their completion. This will involve writing up a set of business accounting books, being able to understand the meaning of journals, ledgers and day books, as well as being able to understand how they contribute to the profit and loss account and the  business’ balance sheet.
• Balancing the books. This relates to preparing a trial balance, profit and loss account and a balance sheet.
• Understanding VAT- How VAT works, rates that apply, small business schemes and filling in a VAT return.

What Will I Achieve?

Successful completion of the course will qualify for an NOCN (National Open College Network) certificate. You will achieve three Unit Credits at level 2. This is a (UK) nationally recognised certificate and demonstrates to others your competence in this area.

 

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Accounting and Book-keeping

Course Ref AK12QQ001

NOCN Credits 3 Level 2

Why should I be interested in this course?

The aim of this course is to give you more in depth knowledge of how to interpret balance sheets and profit and loss statements.

How Will I benefit?

The course will give you a greater understanding of profit and loss statements, how to compare profit margins, VAT requirements and how business profits are taxed.

Course Structure:

The course is divided into modules covering the following subjects:

• How to read a balance sheet – examining trial and full balance sheets.
• Preparing a simple book-keeping log.
• The profit and loss statement – what it means and how it is prepared.
• How to calculate gross profit margins for individual products and / or services and for the business overall.
• VAT: When it is necessary to register and the benefits of voluntary registration for some businesses.
• Tax- how the taxman treats depreciation – the significance of capital allowances.
• Providing for taxation on profits – estimating tax amount on profit figures, and how this is shown.

What Will I Achieve?

Successful completion of the course will qualify for an NOCN (National Open College Network) Certificate at level 2; this is a UK nationally recognised qualification. You will achieve one Unit Credit per ten nominal hours of learning and as this course is based on 30 nominal learning hours, you will receive three credits.

 

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Accounts for Small Businesses (Interpretation)

Course Ref No: AE52QQ002

NOCN Credits 3 Level 2

Aim: To be able to interpret and utilise the outcomes of financial information for the benefit of a business.

It covers:

• How to interpret accounting information using a range of techniques and accounting concepts.
• How to identify areas of potential savings, evaluate projects, and use financial information to prepare a corporate plan.
• Methods of stock control, and an appreciation of the limitations of accounting statements, having regard for inflation and non-quantifiable items such as quality of labour and management.
• Aspects of the UK taxation system.

 

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Business Finance

Course Ref No: AA42QQ001

NOCN Credits 3 Level 2

Aim: To provide the ability to understand and apply a number of key financial areas for business organisations . It covers:

• Determining the most appropriate sources of finance.
• Producing appropriate financial documents ( eg basic profit & loss accounts, balance sheets etc) and being able to  interpret the results.

Using financial information to measure business performance.

 

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Costing & Pricing

Course Ref No: AE52QQ005 (level 2) Course Ref No: AE53QQ003 (level 3)

NOCN Credits 3 Level 2 or 3

Aim: To gain more in depth knowledge of how business costs are worked out and their effect.

on pricing and profitability.

It covers: (level 2)

• Preparation of a personal survival budget.
• Principles of overheads, direct costs, contribution and breaking even.
• Elements involved in costing process and calculating hourly costs.
• Pricing methods to determine maximum profit and the effect of discounts.
• Pricing structure & type of customer served.

The criteria for level 3 develops from the above, as follows:

• The relationship between personal drawings and business finance needs.
• Division of costs between various product / service groupings.
• Analysis of the basis of hourly rate costing and other costing procedures.
• The effects of market changes on pricing strategy.
• Analysis of business running costs.

 

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Financial Forecasting

Course Ref No: AE52QQ010 (level 2) Course Ref No: AE53QQ002 (level 3)

NOCN Credits 3. Level 2 or 3

Aim: To develop awareness of sources of business funding and the ability to put together the forecast costs of a proposed business.

It covers: (level 2)

• Estimating start up costs for a new business or costs of expansion / growth for an existing business.
• Depreciation forecasts on business assets.
• Use of sales forecasting to estimate profit & loss, and cashflow requirements.
• Identification of sources of finance for business.

The criteria for level 3 develops from the above, as follows:

• Analysis of start up or expansion costs.
• Selection of depreciation method.
• Use of spreadsheet to show more depth analysis of profit & loss and cashflow forecast.
• Analysis of the most appropriate source of finance in response to business needs.