A Practical Guide to Entrepreneurship and Financial Compliance

Acquire skills and abilities to develop, organise and manage a business ventureCandidates will understand the mindset involved in setting up and the use of different strategies.
Identifying any risks involved to better manage the businessWill explain how to identify, manage and resolve future risks and methods adopted should be put into practice.
Resources needed and other implementation proceduresHow to use sources of funds, and methods of funding, e.g., loans, shareholders’ loans, etc.
Setting up your own company / trade as self-employedCandidates will learn how to incorporate a new company with all the necessary documents and strategies involved if trading as self-employed.
Identifying the market trend for better prospectsHow to undertake research using media and online documentation to understand customers’ preferences.
Use of models, e.g., SWOT analysis, SMART analysis, and othersBy using these models, candidates will be in a better position to identify strengths, weaknesses, opportunities, and threats, and for better compliance. Aspirants will use the concepts gathered in managing their own businesses.
Identifying your customers and suppliers in order to manage cash flow properlyIdentifying credit-worthy customers, preparing quotations and tenders, and managing repayment methods.
Setting your own financial planCandidates will plan using feasibility studies such as cash flow and financial forecasts to understand how the business will manage inflows and outflows.
Posting of invoices and reconciliationCandidates will learn how to prepare sales invoices and reconcile trade receivables and payables, ensuring compliance with authorities.
Payroll management: salary & CSG/NSF/Levy/PAYE contribution calculationAspirants will be able to prepare payslips and calculate payroll including deductions such as CSG, PRGF, and others.
Preparation of management accountsA management accountant ensures that the business is financially stable. We will explain how to prepare monthly accounts for better control and management.
Profit and loss and cash flow forecastWe will explain how to compare a cash flow forecast against a profit and loss forecast, contributing to understanding the cash vs accrual concept.
Budgeting: actual vs budget – variance analysisWe will explain the importance of preparing a budget. Figures will be compared to actual results, analyzing positive and negative variances.
Use of software or Excel for bookkeepingCandidates will have the option to prepare accounts on Excel or use accounting software. Both strategies will be explained.
Gathering all the skills acquired during accounts clerk and advanced technical trainingCandidates will apply skills learned in both Accounting for Accounts and Advanced Technical Training for Accounting and Finance.
Filing of company and personal monthly and annual returnsAll businesses shall comply with the law. Candidates will learn how to file monthly returns and annual accounts. Trainers will share their expertise.
Compliance, rules and regulations towards the authoritiesWill explain how to comply with laws, deadlines for filing, and penalties, interest, and sanctions in case of non-compliance.
General discussions and ad hoc reportingStudents will share ideas using Q&A and learn how to maintain proper administrative and accounting records for ad hoc reporting.