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ICB Level 2 and 3 Bookkeeping with Starting Your Own Business
Course Code
OSC1345
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Are you looking to pursue a career in bookkeeping and accounting, or even further your knowledge in the field? Then this ICB Bookkeeping Levels 2 and 3 course bundle could be just for you. From understanding the concepts of double-entry bookkeeping, to starting up your own business.
- Learn how to plan, set up, market and run a company.
- Gain knowledge of all aspects of bookkeeping.
- Starting with manual single-entry bookkeeping, and working up to fully computerised accounts for a limited company.
Course overview
This ICB Bookkeeping Levels 2 and 3 course bundle provides you with all you need to know about bookkeeping, whilst being ideal for students who want to achieve a career in the field. If you’ve already made a start to life in bookkeeping, this bundle will boost your skills and help you progress in your career. In the Level 2 course, you will learn to enter transactions, identify and correct errors, produce an initial trial balance, and more. Meanwhile, in the Level 3 course, you will explore how to control the sales and purchases ledgers, as well as the post-year adjustments.
With this bundle, you’ll also gain a strong understanding of your company’s finances, which can be one of the most vital factors that will influence its potential for success. Due to the expensive nature of hiring accounts, learning how to plan, set up, market, and run a company, all whilst gaining a knowledge of all aspects of bookkeeping, these courses could be perfect for you.
It is ideal for:
- Students who want to develop their accounting and bookkeeping knowledge
- Those aspiring to work or progress their career in accounting, finance, or bookkeeping.
Future career options:
- Chartered accounting
- Finance manager
- Management accounting
- External auditor
- Forensic accountant
- Stockbroker
- Internal audit
- Business analyst
Course duration
Up to 3 years.
Course outcome
You will receive an ICB Level 2 Certificate in Bookkeeping (AICB), an ICB Level 3 Certificate in Bookkeeping and Accounts (MICB) and a Certificate of Achievement in Starting Your Own Business Level 3.
Entry requirements
No prior bookkeeping knowledge is needed to enrol onto the ICB Bookkeeping Levels 2 and 3 course bundle, but you should have basic numerical skills.
Assessment
A mixture of tutor-marked assignments, online tests and an examination.
Course content
ICB Level 2 Certificate in Bookkeeping – Associate Membership AICB
- Understand the importance of adhering to a code of professional ethics
- Understand the legal differences between the structure of different types of businesses
- Understand the specific accounting requirements for different accounting systems
- Understand the basic accounting concepts
- Understand the importance of legislation that applies to bookkeepers
- Understand the importance of the chart of accounts
- Understand the importance of IT systems in a modern bookkeeping world
- Understand the basic principles involved in double entry bookkeeping including the format of the accounting equation
- Identify the various methods of payment and receipts to and from a bank account
- Understand the purpose and range of business documents
- Understand the need to accurately prepare business documents for goods and services supplied
- Understand the need to check business documents received
- Understand the various rates of VAT
- Understand how to correctly account for VAT in a bookkeeping system
- Understand how to account for VAT transactions with customers in, and suppliers from, other countries
- Understand the purpose of, and making entries into, a bookkeeping system
- Calculate the value of equity
- Understand how to upload and match bank transactions
- Understand the use of control accounts in the system
- Understand the purpose and need to record petty cash
- Post appropriate journal entries into the system
- Understand the purpose and use of the trial balance
- Reconcile relevant account balances
- Understand the need to correct errors
- Produce relevant reports
ICB Level 3 Certificate in Bookkeeping and Accounts – Full Membership MICB
- Understand the importance of adhering to a code of ethical principles
- Understand when and how to take appropriate action to cope with unethical behaviour
- Understand the legal differences between the structures of various types of businesses
- Understand the main accounting concepts that apply
- Understand the various accounting standards that are applied to the production of year-end accounts
- Understand the different VAT schemes that are available for use
- Understand the importance of being able to clearly communicate relevant information
- Understand the requirements for uploads to HMRC under making tax digital (as and when introduced)
- Reconcile debtors and creditors control accounts
- Write off a bad debt
- Correct errors in the accounts
- Reconcile the VAT account
- Complete a VAT return
- Account for the disposal of fixed assets
- Understand the need to allow for, and be able to post, adjustments to the accounts
- Provide for revaluation of assets
- Prepare a set of final accounts suitable for internal management purposes
- Calculate and post relevant amounts to appropriate profits as required
- Adjust capital share of partners
- Understand the importance of interpreting financial statements for internal management purposes
- Analyse and interpret financial statements
- Prepare a cash budget
Starting Your Own Business QLS Level 3
- Why start your own business?
- Character and motivation
- Before you start: managing yourself and planning
- Market research
- Sales and profits
- Competitors
- Financial planning
- Suppliers
- Employing people
- Stock and asset management
- Deciding on the form of your business (sole trader, partnership, limited company)
- How to decide what is best for you
- Setting goals for yourself
- Your product or service
- Value for money
- Competition
- Segmenting your market
- Pricing
- Identifying your potential customers
- Promoting your business
- Before sale
- After sale
- Understanding your business finances
- Working with figures
- Break-event point
- Fixed and current assets
- Cash flow
- Sources of finance
- Managing your money
- Why do you need a business plan?
- The format and structure of your business plan
- Yourself, your people. your values, your mission
- Your business model
- Your market
- Your competition
- Development
- Profit forecast
- Risks
Extra info
Assessment
For the Starting Your Own Business Level 3 course, you will be assessed through a series of written assignments, which are submitted to and marked by your tutor. There is no external examination required.
For the ICB courses, you will complete a number of Tutor Marked Assignments in preparation for your official assessments. For the Level 2 Certificate in Bookkeeping, as part of your official assessment, you will complete three online tests.
For the Level 3 Certificate in Bookkeeping and Accounts, as part of your official assessment, you will complete four online tests and an examination.
All online tests can be taken at home or at work, wherever you have access to a secure internet connection, so assessment is quick and simple. For any examinations, we can help you find an approved ICB examination centre in your area. You will be responsible for booking and paying for any assessments or exams
Course duration
Once enrolled, you can start at any time and will have three years to complete this bundle (one year per level).
You will also receive 12 months tutor support for each level, so you can work at your own pace.
Whilst studying your ICB courses you will also be required to install Sage software. You will have 6 months access to this software.
Study method
The course is designed for study by distance learning at home or at work. Students will receive all course materials by post, plus tutor support by email.
Course outcomes
On successful completion of all assessments, you will achieve an ICB Level 2 Certificate in Bookkeeping (AICB), an ICB Level 3 Certificate in Bookkeeping and Accounts (MICB) and a Certificate of Achievement in Starting your Own Business Level 3.
On completion of the ICB Bookkeeping Level 2 and 3 course bundle you will receive full membership status with the ICB and will be eligible to use the letters MICB after your name.
Awarding body
By offering relevant qualifications, the Institute of Certified Bookkeepers (ICB) promotes and maintains the standards of bookkeeping as a profession as the largest bookkeeping institute in the world.
Offering membership to students, their worldwide-recognised qualifications highlight your experience and competence within the bookkeeping and account profession.
Their courses help create highly qualified bookkeeping talent, which in turn helps business owners take control of their finances and support the economy as a whole.
The Starting Your Own Business Level 3 course has been endorsed by the Quality License Scheme for its high-quality. This course is not regulated by Ofqual and is not an accredited qualification. We will be able to advise you on any further recognition.
What next?
When you have successfully completed the ICB Bookkeeping Level 2 and 3 course bundle, you will receive full membership status with the ICB and start your career in the world of bookkeeping and accounting.
Q&As
No prior bookkeeping knowledge is needed to enrol onto this course, but you should have basic numerical skills. The SAGE software is accessible via a downloadable link, so you’ll need a computer or laptop with internet connection and storage.
- Dedicated personal tutor support
- Dedicated learner services
- Assignment marking and feedback
- FREE registration and 1 year subscription to ICB
- FREE Sage 50 Accounts software
- FREE CV critique service
- FREE employability guide to help you impress future employers
- FREE XO Student Discounts membership
- Comprehensive study guide
- Open Study College pen and highlighter
- Student notebook
The Sage 50 software will only work on computers which run Windows 7 or higher. Sage software will not run on Windows XP or on any Apple Macintosh computer. The software is available as a download only – you must have an internet connection and the ability to save the software to your device.
In order to achieve the full ICB qualification for each course you will be required to sit a number of online tests and an examination.
Yes. It is your responsibility to pay for all ICB assessments and examinations.
It's not a problem. We offer a course replacement service, so if you get into trouble and your course pack is lost or damaged, our Student Support Team can provide you with a new set of materials for a one-time additional fee.
That's not a problem. We want to make sure you're 100% confident about enrolling on the course and starting your study. So, just give our team of education specialists a call on 03300 563 100 and they'll do their best to help.