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What you should know about financial reporting

What you should know about financial reporting | SouthLondonCollege

Financial reporting and statements are a very important part of maintaining a successful business. However they are not something that most business owners look forward to doing. Financial reporting is something that is often left to be handled when it is absolutely needed. Often, a professional is hired for the purpose.

When done properly, financial reporting is actually very insightful. Hiding behind all those numbers, figures and formulas are the keys to analysing the overall performance of a business and to becoming more successful.

What are the basic types of financial reports?

  • Balance sheets
  • Income statements
  • Statement of owners’ equity
  • Statement of cash flows

Each statement has its own tale to tell

There is a reason as to why there are different financial reporting systems. They all bring into light different aspects and combinations of information that will give you insight into your business. For instance;

  • Balance sheets will show the financial health of the business.
  • Income statements will show how much money is coming in at a specific point of time.
  • Statement of cash flows will show you how the money is being moved around a specific time.
  • Statement of owners’ equity will show you the changes in equity for a time limit.

Financial reporting is a reflection of real world events

For business owners who get overwhelmed by financial statements remember that each figure represents a real event for the business e.g. purchasing supplies, selling goods and services, getting a loan from the bank, etc. By focusing on the real events and how they impact financial reporting, the financial statements will make more sense.

Financial reporting is always packed full of jargon

You think financial reports are hard to understand? That is because they have a lot of jargon which is exactly why you should get used to the keywords and terms that are used.

Financial reporting is always about learning

The laws that turn the financial incidents keep changing and that is why, for a successful career, you require a keen eye and a sound knowledge of the latest events and laws that come to be. Continuing your education is therefore, a must.

At South London College our programmes are dedicated to ensuring that you gain the latest skills and knowledge that can carry your career forward.

Diploma in Financial Reporting and Taxation – Level 4

This diploma in financial reporting and taxation – level 4 (USA Standards) has been developed exactly for that purpose. This extensive course will relay the latest financial and taxation aspects to help you advance your financial reporting and taxation career.

This insightful course will first enlighten you on the role, duties and responsibilities of financial accounting and tax. All the accounting and financial reporting regulations and ISAB accounting framework will be presented through this course, after which you will explore the various financial statements needed for an effective financial accounting process. This course will also walk you through the accounting standards, principles and policies that has to be followed while carrying out the accounting process.

This course will then move onto taxation by teaching you about taxes, types of taxes and taxes in financial statements. You will get to delve into the whole concept of international and financial statement taxes, employee benefits, corporate governance, ethics and financial reporting, capital management and many more that will further solidify your knowledge on financial accounting and taxation.

The course has been endorsed under the ABC Awards and Certa Awards Quality Licence Scheme. This means that Global Edulink* has undergone an external quality check to ensure that the organisation and the courses it offers, meet defined quality criteria. The completion of this course alone does not lead to a regulated qualification* but may be used as evidence of knowledge and skills gained. The Learner Unit Summary may be used as evidence towards Recognition of Prior Learning if you wish to progress your studies in this subject. To this end the learning outcomes of the course have been benchmarked at Level 4 against level descriptors published by Ofqual, to indicate the depth of study and level of demand/complexity involved in successful completion by the learner.

This certificate will enhance your skills to work for a number of job positions in the accounting or finance industry. You can also use this certificate to win the job promotion or salary increment you have been wishing for to progress in your career. Mentioned below are some of the job positions this certificate will help you in, along with the average UK salary per annum according to https://www.payscale.com,

  • Accountant – £28,565 per annum and above
  • Tax Accountant – £29,001 per annum and above
  • Accounts Assistant – £18,883 per annum and above
  • Accounts Executive – £22,243 per annum and above
  • Staff Accountant – £24,115 per annum and above
  • Accounting Assistant – £20,352 per annum and above
  • Accounting Clerk – £17,609 per annum and above
  • Accounts Payable Clerk – £19,801 per annum and above

Diploma in Advanced Financial Reporting – Level 5

This Diploma in Advanced Financial Reporting – Level 5 might just be the course for you. This advanced course aims to build on your basic financial reporting knowledge by taking you through all the financial accounting processes and principles to create and report financial statements within an organisation.

This comprehensive course will familiarise you with the role of financial reporting within an organisation. You will be taught on how to create effective financial statements and statements of financial position to help the management make appropriate strategic decisions based on them. Topics such as equity finance, group accounts, long-term finance, piecemeal acquisition, foreign currency, cash flow and many other aspects of advanced financial reporting will also be duly covered through this course.

The role of equity finance in raising capital will be emphasized in this course, followed by modules that will explore the advanced financial reporting techniques needed for a smooth financial reporting process. By the completion of this course, you will possess all that you need to get into or make substantial progress within the finance industry.

Once you successfully completed the Level 5 Diploma in Advanced Financial Reporting you will gain the knowledge that will give your career the jumpstart you have always wanted. With this completion you can further expand your education or go onto work in numerous positions that will also put you in line to demand a higher salary or job promotion. The average UK salary per annum according to https://www.payscale.com is given below.

  • Financial Reporting Manager – £54,441 per annum or above
  • Accountant – £28,612 per annum or above
  • Finance Manager – £37,955 per annum or above
  • Accounts Manager – £26,803 per annum or above
  • Accounts Executive – £22,196 per annum or above
  • Staff Accountant – £25,261 per annum or above

Why wait? Get started. Contact our team on [email protected] for more information.

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