Award in Accounting Skills to Run Your Business

The aim of this qualification is to provide basic finance skills to help a business owner manage a healthy cash flow, gain an in-depth knowledge of financial documents and how to work more effectively with their accountants. In short, you’ll be well equipped to start and run a financially healthy business. If you already own your business or want to start up a new one, whether it’s a hairdressing salon or your own plumbing business, then this basic knowledge of accounting and finance will be essential.

Who it's for
The introductory level will suit you if:
  • You need basic knowledge of accounting and finance to run your business
  • You’ve recently started a new business or you’re planning to start one

How long you'll study
The qualification will take approximately 4 weeks to complete.

What you’ll learn
The introductory level consists of four units:

1. Budgeting for the small business
  • Understanding why there is a need to budget
  • Understanding operational budgets

2. Managing cash flow, keeping your business healthy
  • Understanding cash and the cash budget
  • Understanding how to monitor and control cash flows
  • Understanding the relationship between cash flow and credit customers

3. Understanding financial documents
  • Processing financial documents to credit customers and from credit suppliers
  • Understanding the income statement account
  • Understanding the statement of financial position

4. Sole traders, partnerships and limited companies - notification and essential principles
  • Understanding how sole traders and partnerships notify their liability and the consequences of non-compliance to income tax and national insurance contributions
  • Understanding the VAT return submission process

Benefits of studying this qualification
  • Lays the foundations in finance and business knowledge
  • You’ll gain the essential skills to help build a sustainable, profitable business
  • You’ll be awarded an accredited qualification
  • It’ll help you understand how to talk through financial information more clearly with your accountants and other professionals 
  • You’ll gain knowledge of your tax position and how to avoid difficult issues or fines
  • Boost the chances of your new business surviving the first two years.