|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|
|National Certificate: Small Business Financial Management|
|SAQA QUAL ID||QUALIFICATION TITLE|
|48736||National Certificate: Small Business Financial Management|
|SGB GET & FET Business, Commerce and Mngment Stud|
|PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY||NQF SUB-FRAMEWORK|
|FASSET - Financial and Accounting Services SETA||OQSF - Occupational Qualifications Sub-framework|
|National Certificate||Field 03 - Business, Commerce and Management Studies||Finance, Economics and Accounting|
|ABET BAND||MINIMUM CREDITS||PRE-2009 NQF LEVEL||NQF LEVEL||QUAL CLASS|
|Undefined||120||Level 4||NQF Level 04||Regular-Unit Stds Based|
|REGISTRATION STATUS||SAQA DECISION NUMBER||REGISTRATION START DATE||REGISTRATION END DATE|
|LAST DATE FOR ENROLMENT||LAST DATE FOR ACHIEVEMENT|
|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 qualification does not replace any other qualification and is not replaced by any other qualification.
|PURPOSE AND RATIONALE OF THE QUALIFICATION|
|The Certificate in Small Business Financial Management is specifically designed for those learners who are already, or those who wish to become, owner-managers or those who are responsible for the keeping of the financial records, of a small business.
The Qualification meets the needs of the following learners:
This Qualification could be regarded as the first step in a learning pathway in financial management and accounting, which would end with Accounting and/or Financial Management Qualifications at NQF level 8. The Qualification will be of value to the learner who wishes to study further in the field of Business Planning/Development or Accounting. The knowledge and skills in the National Certificate in Small Business Financial Management: Level 4 underpin the learning at higher levels with a thorough grounding in the fundamental knowledge, understanding and skills associated with the record-keeping and financial management required for operating a small business.
The qualifying learner will have:
In South Africa the labour force is increasingly called upon to be self-employed or to seek employment in small businesses in contrast to the past where the majority of workers were employed by large companies, the State and parastatals. This situation has led to a large increase in the number of small companies with a small labour force.
Business strategic planning and company management need to be very carefully done in the small business and margins of error in terms of financial planning and management need to be kept to a minimum if small companies are to survive. Financial management complements business financial and strategic planning, general management and human resource management.
Unfortunately many small businesses do not survive because of poor financial management and strategic planning. The future well-being of the South African population depends upon the creation and survival of small businesses in the country. The National Certificate in Small Business Financial Management: Level 4 is aimed at providing the entrepreneur and/or a staff member with the necessary knowledge and skills to manage the financial affairs of a small business, thereby assisting it to remain solvent, profitable and compliant with the various legislation relating to taxes, levies, etc.
The Qualification offers learners the opportunity to develop their knowledge and skills associated with the key financial management tasks to be performed in small firms. Specifically, they should be able to perform tasks relating to the keeping of records, VAT, payroll, the preparation and interpretation of final accounts, taxation and the Receiver of Revenue, costing and pricing of products, management of working capital and financial planning and control.
|LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING|
|It is assumed that learners are competent in Communication and Mathematical Literacy at NQF Level 3.
Recognition of Prior Learning
This Qualification may be obtained in whole or in part through a process of RPL. Recognition of prior learning means the comparison of the previous learning of a learner howsoever obtained, against the learning outcomes required for this Qualification in terms of the Specific Outcomes of the constituent Unit Standards and the Exit Level Outcomes of the Qualifications as a whole. The learners will be credited with the knowledge and skills and competencies already mastered. The learner will be credited with the Unit Standards already mastered and will not need to prove competence in them again. If competence can be shown in all the Outcomes, the complete Qualification may be awarded to the learner.
Procedure for Recognition of Prior Learning
A learner requesting RPL will have an initial informal discussion with the registered assessor to establish if there is a likely case for RPL. The basis for RPL will be that the learner has already mastered some or all of the knowledge, skills, attitudes and values contained in the Qualification and can demonstrate the required competence. The learner will be expected to present evidence that the outcomes have been covered to the required level.
The main sources of evidence of competence are:
A combination of the above sources of evidence is likely and where possible this should be collected in the learner's accounting environment. Regardless of the source of evidence, the assessment should be checked bearing in mind the following non-negotiables:
The assessor applying RPL could use any of the following tools and techniques to assess competence:
The learner could be required to prepare a portfolio, which will comprise a collection of evidence of prior learning.
|RECOGNISE PREVIOUS LEARNING?|
|Level, Credits and learning Components assigned to the Qualification
This Qualification consists of a planned combination of learning components to equip the learner with the knowledge and skills required for effective financial record-keeping and financial management of a small business. The Unit Standards making up this Qualification have been grouped together as Fundamental, Core and Elective Components making up a total credit value of 120 credits.
Unit Standards at NQF Level 4 in Communication in a first South African language to the value of twenty credits and Unit Standards at NQF Level 3 in Communication in a second South African language to the value of twenty credits have been included in the Qualification. This has been done to enable the Qualification to meet the requirements of a Further Education and Training Certificate (FETC), which is a requirement for admission to higher education. It also will equip the learner to communicate more effectively in our multi-lingual country.
Unit Standards at NQF Level 4 in Mathematical Literacy to a value of 16 credits have also been added to the Qualification to enable the learner to develop the skills and knowledge necessary to perform the routine and basic calculations required for effective and efficient financial record-keeping and management.
All the Unit Standards in the Fundamental Component are compulsory.
Unit Standards to the value of 44 credits have been included in the Core Component. These Unit Standards contain the knowledge and skills required by a person who is responsible for financial management and record-keeping in a small business.
All the Unit Standards in the Core Component are compulsory.
Unit Standards to the value of 25 credits have been included in the Elective Component. These Unit Standards cover a range of computer Literacy Skills that would be of benefit to a person involved in small business financial management and record-keeping.
The learner must choose Unit Standards from this component to the value of 20 credits.
|EXIT LEVEL OUTCOMES|
|The qualifying learner will be able to:
1. Record business transactions, produce quotations and invoices and prepare reconciliation statements as per organisational requirements and recognised bookkeeping practice.
2. Calculate Value Added Tax and prepare returns as required by legislation.
3. Calculate gross pay, statutory deductions and prepare IRP 5s as required by legislation.
4. Prepare and interpret final accounts as per organisational requirements.
5. Calculate the cost of a product and distinguish between fixed and variable costs, carry out break-even analysis and calculate the selling price of a product.
6. Calculate working capital for an organisation.
7. Prepare a business plan and a budget for a small business.
8. Communicate effectively in the workplace.
|ASSOCIATED ASSESSMENT CRITERIA|
|1.1 Receipts are issued and payments made as per organisational requirements.
1.2 A record of receipts and payments is kept as per organisational requirements.
1.3 Quotations and invoices are produced as per organisational requirements.
1.4 Debtors and creditors are recorded as per organisational requirements.
1.5 Supplier's statements and the bank account are reconciled as per organisational requirements and standard bookkeeping practice.
2.1 Value Added Tax is calculated using the current rules and rates of VAT.
2.2 VAT is recorded in the books of account and returns are completed and submitted to the relevant authority by due date.
2.3 Income tax is calculated and Tax returns are completed for a sole trader.
3.1 Gross wages are calculated from time records.
3.2 Deductions are calculated as per statutory requirements.
3.3 Wages are paid and payslips are produced to show gross and net pay.
3.4 Relevant IRP 5 forms are completed at year end for employees.
4.1 Adjustments are made for stock evaluation, depreciation and bad debts.
4.2 A trading and profit and loss account and balance sheet are prepared for a sole trader and a partnership.
4.3 Liquidity and profitability ratios are calculated to assess the performance of a small business.
5.1 The various costs involved in producing a product are calculated using standard formulae.
5.2 The difference between fixed and variable costs is understood and explained using examples from the organisation.
5.3 The break-even analysis is calculated for an organisation using standard procedures and formulae.
5.4 The selling price of goods is calculated using standard formulae.
6.1 The level of the working capital required is calculated for a business.
6.2 The dangers of overtrading are understood and examples applicable to the organisation are used as illustration.
6.3 The effects of cash flow are explained for a business.
7.1 A business plan for a small business is drawn up for submission to a financial institution.
7.2 Performance of a small business is monitored against the budget.
8.1 Effective oral communication is engaged in with internal and external clients using appropriate listening and speaking skills and techniques.
8.2 Written texts are read and understood and the necessary oral and/or written replies are made to clients.
8.3 Reports, memorandums, notices and letters are produced using the correct format, language and register for the circumstances and the client.
Evidence of competence can be demonstrated in a variety of ways; however the following guidelines need to be borne in mind when learners are assessed:
Assessors should design assessment tools and conduct assessments against the Unit Standards specified in the Qualification as well as the Exit Level Outcomes in an integrated way. Assessment of competence will be done through a combination of formative and summative assessment tools, techniques and procedures, which do not discriminate against learners in an unjust or invalid way. Formative assessment will integrate theory with practice.
A final summative assessment combining theory and practical competencies will be done through learners writing a series of examinations covering all learning areas.
|A comparative study of international Qualifications in Financial Management at this level has indicated that this Qualification compares with the International Association of Bookkeepers Diploma in Small Business Financial Management. The Unit Standards comprising this Qualification can also be favourably compared with the National Occupational Standards for Small Firms and the National Standards for Accounting as registered in the United Kingdom.|
|This Qualification articulates horizontally with:
The Qualification articulates vertically with:
Formative assessment will be conducted internally by the provider with moderation being done by the relevant ETQA.
|CRITERIA FOR THE REGISTRATION OF ASSESSORS|
|Anyone performing assessment to determine competence for this Qualification should:
|As per the SAQA Board decision/s at that time, this qualification was Reregistered in 2012; 2015.|
|ID||UNIT STANDARD TITLE||PRE-2009 NQF LEVEL||NQF LEVEL||CREDITS|
|Core||114742||Calculate tax payable by a small business||Level 4||NQF Level 04||6|
|Core||114733||Complete PAYE documents||Level 4||NQF Level 04||7|
|Core||114737||Cost and price a product||Level 4||NQF Level 04||6|
|Core||114741||Finalise and interpret accounts||Level 4||NQF Level 04||4|
|Core||114740||Manage working capital||Level 4||NQF Level 04||5|
|Core||114738||Perform financial planning and control functions for a small business||Level 4||NQF Level 04||6|
|Core||114735||Perform Value Added Tax calculations and complete returns||Level 4||NQF Level 04||5|
|Core||114736||Record business financial transactions||Level 4||NQF Level 04||5|
|Fundamental||8968||Accommodate audience and context needs in oral communication||Level 3||NQF Level 03||5|
|Fundamental||8972||Interpret a variety of literary texts||Level 3||NQF Level 03||5|
|Fundamental||8969||Interpret and use information from texts||Level 3||NQF Level 03||5|
|Fundamental||8970||Write texts for a range of communicative contexts||Level 3||NQF Level 03||5|
|Fundamental||9015||Apply knowledge of statistics and probability to critically interrogate and effectively communicate findings on life related problems||Level 4||NQF Level 04||6|
|Fundamental||8974||Engage in sustained oral communication and evaluate spoken texts||Level 4||NQF Level 04||5|
|Fundamental||12417||Measure, estimate & calculate physical quantities & explore, critique & prove geometrical relationships in 2 and 3 dimensional space in the life and workplace of adult with increasing responsibilities||Level 4||NQF Level 04||4|
|Fundamental||8975||Read analyse and respond to a variety of texts||Level 4||NQF Level 04||5|
|Fundamental||7468||Use mathematics to investigate and monitor the financial aspects of personal, business, national and international issues||Level 4||NQF Level 04||6|
|Fundamental||12153||Use the writing process to compose texts required in the business environment||Level 4||NQF Level 04||5|
|Fundamental||8976||Write for a wide range of contexts||Level 4||NQF Level 04||5|
|Elective||7546||Describe the application and impact as well as social implications of information technology||Level 2||NQF Level 02||5|
|Elective||7576||Demonstrate the ability to use a database for business purposes||Level 3||NQF Level 03||5|
|Elective||7567||Produce and use spreadsheets for business||Level 3||NQF Level 03||5|
|Elective||7575||Produce presentation documents for business||Level 3||NQF Level 03||5|
|Elective||7570||Produce word processing documents for business||Level 3||NQF Level 03||5|
|LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION:|
|PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION:|
|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.||Academy of York Pty Ltd|
|2.||Altimax (Pty) Ltd|
|3.||BRILLIANT ACCOUNTING AND TRAINING (PTY) LTD|
|4.||Definitive Training Solutions CC|
|5.||Institute for Management Development (Pty) Ltd|
|6.||INTRACCOUNTS (PTY) LTD|
|7.||Self-study - FASSET|
|8.||Visionary Academy (Pty) Ltd|