SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Manage finances for a new venture 
SAQA US ID UNIT STANDARD TITLE
119674  Manage finances for a new venture 
ORIGINATOR
SGB Generic Management 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Generic Management 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular-Fundamental  Level 2  NQF Level 02  10 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2015-07-01  2018-06-30  SAQA 10105/14 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2019-06-30   2022-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
Learners working towards this standard will be learning towards the full qualification, or will be working within a SMME (Small, Medium, Micro Enterprise) environment, specialising in New Venture Ownership and Management, where the acquisition of competence against this standard will add value to their job. This standard will also add value to entrepreneurs who are seeking to develop their entrepreneurial skills so that they can become more marketable for bigger contracts, including commercial and public sector contracts, for example the Department of Public Works programmes.

The qualifying learner is capable of:
  • Explaining financial controls for managing a business
  • Identifying and applying accounting practices and procedures
  • Managing business accounts and maintaining business records
  • Utilising financial statements to identify business progress 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    All learners accessing this qualification must be in possession of a GETC or equivalent qualification. The learner should be competent in Communication and Mathematical Literacy at NQF level 1. 

    UNIT STANDARD RANGE 
    N/A 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain financial controls for managing a business. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The necessity of banking and banking accounts are discussed with examples of the consequences of not having them. 

    ASSESSMENT CRITERION 2 
    Skills for interpreting bank statements and operating banking accounts are explained with examples. 

    ASSESSMENT CRITERION 3 
    The various types of accounts are identified and explained in relation to own business venture. 
    ASSESSMENT CRITERION RANGE 
    Types of accounts include but are not limited to cash books, journals ledgers, balance sheets.
     

    ASSESSMENT CRITERION 4 
    Financial concepts and principles are related to own business venture. 
    ASSESSMENT CRITERION RANGE 
    Financial concepts and principles include but are not limited to start-up capital, working capital, cash flow management, profit forecasts, management of assets and liabilities.
     

    SPECIFIC OUTCOME 2 
    Identify and apply accounting practices and procedures. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Accounting systems are explained with reference to own venture. 

    ASSESSMENT CRITERION 2 
    Suitable accounting support structures are identified in accordance with own business requirements. 
    ASSESSMENT CRITERION RANGE 
    Accounting support structures include but are not limited to the appointment of an Accounting Officer, Accounting Clerks, Bookkeepers, Coaches/mentors.
     

    ASSESSMENT CRITERION 3 
    Taxation requirements required in the administration of finances are explained in relation to own venture and controls for managing these requirements are identified to ensure that legislative regulations are adhered to. 

    ASSESSMENT CRITERION 4 
    The elements of an income and expenditure statement are analysed in relation to own business venture. 

    ASSESSMENT CRITERION 5 
    The elements of a cash flow statement are explained in relation to own business venture. 

    ASSESSMENT CRITERION 6 
    Payment terms and procedures relating to liabilities are identified and implemented accordingly. 

    SPECIFIC OUTCOME 3 
    Manage business accounts and maintain business records. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Books of account are identified for interpretation purposes. 

    ASSESSMENT CRITERION 2 
    All records pertaining to all financial and related transactions are kept and stored for input into books of account. 

    ASSESSMENT CRITERION 3 
    Key issues pertaining to books of accounts are discussed and explained in relation to own business venture. 

    ASSESSMENT CRITERION 4 
    Books of accounts are kept on a monthly basis to ensure effective financial management of business venture. 

    SPECIFIC OUTCOME 4 
    Utilise financial statements to identify business progress. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The elements of an income and expenditure statement are analysed in relation to own business venture. 

    ASSESSMENT CRITERION 2 
    Income and expenditure statement is compared to cash flow statement. 

    ASSESSMENT CRITERION 3 
    Profit/loss is ascertained accordingly to determine financial progress of business. 

    ASSESSMENT CRITERION 4 
    Financial records are compared to business plans to determine whether business objectives are being met, and problem areas are rectified accordingly. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • Any individual wishing to be assessed (including through RPL) against this unit standard may apply to an assessment agency, assessor or provider institution accredited by the relevant ETQA, or an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Anyone assessing a learner against this unit standard must be registered as an assessor with the relevant ETQA, or an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this unit standard or assessing this unit standard must be accredited as a provider with the relevant ETQA, or an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Moderation of assessment will be conducted by the relevant ETQA at its discretion. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    The learner must demonstrate an understanding of:
  • A basic understanding of financial controls and books of accounts required to manage a business, including cash books, journals, ledgers, balance sheets
  • An understanding of how to select suitable accounting/financial support resources
  • A basic understanding of financial concepts including start-up capital, working capital, cash flow management, profit forecasts, management of assets and liabilities
  • A basic understanding of taxation requirements required in the administration of finances
  • A basic understanding of income and expenditure and how to interpret this for a small business 

  • UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Identify and solve problems using critical and creative thinking processes to evaluate and manage the finances of own business. 

    UNIT STANDARD CCFO WORKING 
    Work effectively with others as a member of a team, group, organisation or community to identify financial management problems and rectify them. 

    UNIT STANDARD CCFO ORGANISING 
    Organise and manage oneself and one's activities responsibly and effectively to ensure that all financial records are kept and that books of account are kept on an least a bi-monthly basis. 

    UNIT STANDARD CCFO COLLECTING 
    Collect, analyse, organise and critically evaluate financial and related information in order to effectively control finances of own business. 

    UNIT STANDARD CCFO COMMUNICATING 
    Communicate effectively using visual, mathematical and/or language in the modes of oral and/or written persuasion to compile financial management information and books of account. 

    UNIT STANDARD CCFO SCIENCE 
    Use science and technology effectively and critically, showing responsibility to the environment and health of others to gather necessary data for inclusion in business plan. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Demonstrate an understanding of the world as a set of interrelated systems by recognising that factors influencing the finances of a new venture do not exist in isolation and that wider economic issues can affect finances. 

    UNIT STANDARD CCFO CONTRIBUTING 
    Participating as responsible citizens in the life of local, national and global communities by in ensuring that financial information is interpreted and managed within the context of economic, socio-political and community trends and developments. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    N/A 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  49648   National Certificate: New Venture Creation (SMME)  Level 2  NQF Level 02  Reregistered  2018-06-30  SERVICES 
    Elective  57162   National Certificate: Aluminium Fabrication and Installation  Level 2  NQF Level 02  Reregistered  2018-06-30  CETA 
    Elective  58955   National Certificate: Chemical Manufacturing  Level 2  NQF Level 02  Reregistered  2018-06-30  CHIETA 
    Elective  65769   National Certificate: Glazing  Level 2  NQF Level 02  Reregistered  2018-06-30  CETA 
    Elective  58206   National Certificate: Wholesale and Retail Operations  Level 2  NQF Level 02  Reregistered  2018-06-30  W&RSETA 
    Elective  58950   National Certificate: Gas Installations  Level 3  NQF Level 03  Reregistered  2018-06-30  CHIETA 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. 2013/077851/07 South Africa (Pty) Ltd 
    2. Ave Amagora General Trading 
    3. C C S SKills Development 
    4. Centre For Business Education & Training 
    5. Gemini Training And Development Pty Ltd 
    6. Khangela Hygiene Services 
    7. Liza Gresse Consulting 
    8. Marrian Ridge Computer Centre (Pty) Ltd 
    9. Martiq 1223 cc 
    10. Michris Consulting And Global Skills 
    11. Occupation-Defined Learning 
    12. SDTSA Training Providers 
    13. SOUTHPRO SKILLS DEVELOPMENT 
    14. SSD Consultants 
    15. The Ed Agency Pty Ltd 
    16. UBUHLE HR & Management Consultants 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.