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Level III Diploma in Small Business Financial Control
Type of Examination: Ongoing assignments through course provider
The qualification is designed for those responsible for the financial management of a small business.
The qualification is offered at Level III and holders of the ICB Level II Manual Bookkeeping will be exempt from modules 1 and 2.
The qualification comprises seven (7) modules each assessed by an assignment marked by the ICB Accredited Centre and moderated by ICB specialists.
Module 1. Accounting Records
1.1 The Accounting Equation
1.2 Business Documents and their purpose in both buying and selling
1.3 Accounting for cash and bank the analysed cash book including basic recording of input and output tax (VAT)
1.4 Bank Reconciliation Statement
1.5 Accounting for petty cash
Module 2. Value Added Tax (VAT)
2.1 Registration requirement
2.2 Inputs and Outputs, standard rated, exempt and zero rated supplies
2.3 Identify and calculate relevant inputs and outputs including the treatment of cash discount and bad debt relief
2.4 Accruals accounting and cash accounting basis
2.5 Accounting treatment for VAT
2.6 Completion of the VAT return
Module 3. Payroll
3.1 Methods of remuneration and calculation of Gross Pay
3.2 Statutory and Voluntary deductions
3.3 The principles of the system of PAYE
3.4 The preparation of the payroll
3.5 Starters and Leavers
3.6 HMRC forms and returns monthly and annual
3.7 The principles of SSP and SMP
Module 4. The Preparation and Interpretation of Financial Statements
4.1 The profit and loss account
4.2 The Balance Sheet
4.3 The above will include the treatment of provisions and adjustments
4.4 Mark-up and Margin
4.5 Performance Indicators to measure:
* Profitability
* Liquidity
* Financial Structure (simple gearing calculation)
Module 5. Taxation and the Self Employed
5.1 Preparation of accounts for tax purposes
5.2 Adjusting profit for non-allowable expenses
5.3 Capital Allowances, balancing allowances and balancing charges
5.4 Personal and other allowances
5.5 The tax liability including class 2 and class 4 NI
5.6 The small Ltd Company and taxation
Module 6. Pricing the Product or Service
6.1 Direct and Indirect Costs
6.2 Cost behaviour Fixed and Variable Costs
6.3 Recovery of Overhead.
6.4 CVP (cost, volume, profit analysis including break-even)
6.5 Target Costing
Module 7. Working Capital Control and Forward Planning
7.1 The working capital cycle and its effect on cash flow
7.2 The principles of credit control (control of debtors)
7.3 The preparation of functional budgets and the cash flow forecast
7.4 The preparation of the forecasted profit and loss account and balance sheet
7.5 Methods of funding short term deficits and short term surplus cash management
7.6 Analysis of forecast to actual expenditure through variances and their timely reporting
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