What You Should Know about Financial Reporting

success of many businesses depend on financial reporting procedures. But, they are not something that most business owners look forward to doing. Financial reporting when ignored create significant issues. Often, professionals are available for the purpose.

Also, when done well, financial reporting is actually very insightful. Also, business performance often relates to numbers, figures, and formula analysis. This helps businesses to become 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 why there are different financial reporting systems. They all address different aspects and combinations of information for business insights. For example:

  • 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

Many business owners can get overwhelmed by financial statements. What they should remember that each figure represents a real event for the business. This includes purchasing supplies, selling goods/services, and a bank loan. But, financial statements make more sense if you know real events. Besides, that includes understanding of how they impact financial reporting.

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 used.

Financial reporting is always about learning

Because, the laws which turn financial incidents keep changing with time. That is why, for a successful career, you need a keen eye and a sound knowledge of the latest events and laws that come to be. Hence, continuing your education is a must.

At South London College, our programmes ensure disseminating the latest skills. Hence, we equip you with knowledge that can carry your career forward.

Diploma in Financial Reporting and Taxation – Level 4

The diploma in financial reporting and taxation – level 4 (USA Standards) aims to serve you. The course will relay the latest financial and taxation aspects to students. So, this will help them to advance their financial reporting and taxation careers.

Also, this insightful course will first enlighten you on the role, duties and responsibilities. These can include roles of financial accounting and taxation. The course will provide all the accounting and financial reporting regulations. it will also teach the ISAB accounting framework. After that, you will explore the various financial statements. Besides, this will ensure you effective financial accounting. process. But, this course will also walk you through the accounting standards, principles and policies. You will understand how to carry out the process.

Where Can the Course Take You?

This course will then move onto taxation. It will teach you about taxes, types of taxes and taxes in financial statements. You will delve into the whole concept of international and financial statements. Besides, you will explore taxes, employee benefits, corporate governance, ethics and financial reporting. Also, you will learn capital management and many more topics. That will further solidify your knowledge on financial accounting and taxation.

Moreover, The course is takes an approval of the ABC Awards and Certa Awards Quality license Scheme. This means that Global Edulink* has undergone an external quality check. This ensures 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, you can use it as an evidence of knowledge and skills gained.
You can use the Learner Unit Summary as an evidence.

Briefly, the evidence is towards Recognition of Prior Learning. Hence, that will allow you to progress your studies in this subject. To this end, the learning outcomes receive a benchmark at Level 4 against level descriptors.

Also, Ofqual published these descriptors to or show the depth of this study. it also describes the level of demand/complexity in successful course completion.

Your Salary after this Course?

This certificate will enhance your skills to work for many jobs. You can get good positions in the accounting or finance industry. You can also use this certificate to win a promotion. Mentioned below are some of the job positions this certificate will help you in.
In sum, 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 is the right course for you. This advanced course aims to build on your basic financial reporting skills. It provides knowledge by taking you through all the financial accounting processes. What’s more, you will learn principles to create and report financial statements within an organisation.

What The Diploma Offers

This comprehensive course will familiarise you with the role of financial reporting. You will learn how to create effective financial statements and the financial position. This will allow helping the management make appropriate strategic decisions based on them. Topics such as equity finance, group accounts, and long-term finance, are vital. You will learn about piecemeal acquisition, foreign currency, and cash flows. hence, you can learn about advanced financial reporting through this course.

This course will emphasise on the role of equity finance in raising capital. It offers modules to explore the advanced financial reporting techniques. Briefly, you can learn about smooth financial reporting processes. Upon course completion, you will learn everything to get into the finance industry.

What You will Get?

Completing the Level 5 Diploma in Advanced Financial Reporting offers great knowledge. You can jumpstart career you have always wanted. You can further expand your education or go onto work in lucrative positions. Hence, 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:

  • 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

In sum, why wait? Get started. Contact our team on [email protected] for more information.

Become the best at financial reporting

July 18, 2022

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