Financial Fundamentals Level 1 | Free Workplace Education

Financial Fundamentals (Level I) is the fundamental program in the finance stream of Workplace Education and one program every business owner like you will want to have under your belt. Starting with key accounting terminology, you will be led step-by-step through the basics of the financial aspect of your business. In addition to understanding bookkeeping basics, you will be able to read, analyze and make financial decisions based on your company’s financial statements as well as know what needs to be done to comply with government reporting requirements.

Learning Outcomes:

• Understanding accounting definitions
• Identifying financial tools – deposit book, sales invoices, payment devices, online storage, log book, and online payroll calculator
• Knowing the role of the auditor and audit proofing
• Understanding the financial organization – controlling, protecting, organizing paper flow, and storage
• Identifying the components of basic bookkeeping – debits, credits, journal entries, and different options for accounting systems
• Reading, preparing and improving basic financial statements – income statement, trial balance, and balance sheet
• Completing government reporting – requirements and process of completing
• Understanding various tax issues and the process of filing taxes
• Understanding computerization options – Sage 50, QuickBooks, and mobile applications
• Pricing products and services
• Budgeting A-Z – personal requirements, budget for business, and excel spreadsheet introduction (prepared manually)
• Completing a cash flow projection
• Analyzing financial data – liquidity, solvency, turnovers and comparison to industry standards
• Reviewing all concepts of accounting activity