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Assessment to be based on naturally occurring evidence or realistic work environment
Understand the importance of financial records running a business.
Identify the key benefits of keeping financial records when monitoring the financial state of their business.
Explain why it is necessary in terms of meeting the legal requirements for the business.
Identify the financial measures and forecasts that are needed by their business.
Know the financial information that needs to be recorded in a business.
Identify the financial records that may need to be kept about sales, including cash and credit sales transactions, purchase transactions and creditors.
Identify the financial records that may need to be kept about their business assets and funds.
Describe the information that should be recorded in order to maintain credit control, cash flow and bank monitoring.
Be able to select an accounts management system to support a business.
Compare manual and computer based accounting systems.
Choose an accounting system and methods that are relevant to the trading status of their business.
Know how to produce financial records
Make sure all financial transactions are properly recorded in the appropriate place.
Make sure that the financial system will produce suitable invoicing and purchasing records.
Make sure that the way in which financial records are kept and reported on is in line with the legal requirements of the business.