ICB Level 2 and 3 Bookkeeping with Starting Your Own Business

• 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

• 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

• 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

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

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.

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.

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.

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.