Basic Accounting Skills
Budgets and Managing Personal Finances
COURSE AIM
Many employees struggle with managing their personal finances, and as a result cannot concentrate effectively on their jobs. The stress from having too much debt, leads to poor job performance. This course helps employees manage their personal finances, so as to ensure a minimum of personal debt and being able to live within their means.
The micro lending environment, and buying goods on credit has left many low level earners paying enormous fees in interest, and thus exacerbating their chronic debt and stress. This course shows employees how to manage the various aspects of personal finances including: using credit, household budgeting, vehicle and housing finance, credit cards, residual financing schemes, and consolidating debt.
COURSE OUTLINE
- Understand what financial management is and why it’s necessary?
- Preparing a budget based upon previous monthly costs.
- Comparing differences between budgeted costs and actual expenditure.
- Making wise choices on which items to cut when overspending has occurred.
- The dangers of borrowing money to finance debts.
- Credit cards and their dangers
C
COURSE OUTCOME
- Understanding the need for Personal financial management
- Personal Financial Planning
- Personal Budget Planning
- Preparing a budget for my household expenses
- Evaluating expenses
- Monitoring finances
- Variance analysis
- Managing Debt
- Consolidating debt
- The New Credit Act
- Legislation on debt counselling
- Saving money
- Credit cards and their dangers
- Arranging Motor vehicle finance through a bank
- Residual financing schemes and lease schemes
- Bank Finance terms
- Housing loans
- Bank charges
- Housing loans
- Legislation on salary deductions
- Garnishee orders
STOCK MANAGEMENT
COURSE OUTLINE
Upon completing this course, the learner should be able to:
Apply the management of stock and fixed assets in a business unit
- Differentiate between fixed assets and stock in a business unit
- The concepts of fixed assets and stock
- The different fixed assets in a business unit
- Stock in a business unit
- Office stationery as stock
- The problems that occur if there is insufficient stock
- Problems if a business unit has too much stock
The influence that stock management can have on the profitability of a business
- The need for stock control
- Two different ways of managing stock
- Pareto’s Law
- Just In Time
- The importance of quality, quantity, time, price and source in managing stock Internal control system to safeguard stock
- Quality, quantity, time, price and source: Good storekeeping and materials handling
- The rate of stock turnover for a business unit
- Economic Ordering Quantity Model (EOQ)
- Managing Office Stationery as “stock” in a business unit
The management of fixed assets in a business unit
- The fixed assets in a business unit
- The asset register for a business unit
- The valuation of assets in a business unit
- Reasons for depreciation
Apply the basic principles of stock and fixed asset management to a business unit
- The risk associated with the management of stock in a business unit
- The risk associated with the management of fixed assets in a business unit
- Plan to minimise the risk associated with fixed assets in a business unit