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Apprenticeship training course

Accounting finance manager (level 6)

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Information about Accounting finance manager (level 6)

Manage and implement accounting, finance systems and processes.

Knowledge, skills and behaviours
View knowledge, skills and behaviours

Knowledge

  • The regulatory framework of financial accounting that apply to sole traders, partnerships, companies, charities, and public sector organisations.
  • Accounting concepts and standards in UK GAAP and IFRS as applicable to sole traders, partnerships, companies, charities, and public sector organisations.
  • The technology available for financial accounting, reporting, and internal controls. For example, iXBRL
  • Approaches to analysing issues relating to competitors, stakeholders and market trends. For example ratio analysis, trend analysis, stakeholder analysis, competitor analysis.
  • Approaches to data analytics using technology to visualise findings from the analysis of financial and non-financial data from internal and external sources.
  • The requirements of the data commissioner under GDPR, and other stakeholders.
  • Digital technology and protocols to protect data from cyber attacks and data corruption.
  • The principles of legal, professional, and ethical frameworks including regulations regarding money laundering, criminal finance, data protection, health and safety, computer misuse and cybercrime.
  • The principles of digital systems management to ensure they are compliant with all relevant legal, professional and ethical frameworks.
  • The principles and significance of reconciling internal system records with external information sources such as banks and suppliers.
  • The purpose and techniques of budgeting and forecasting required to manage revenue, expenditure and cash flow.
  • The use of digital technology to compile, manage and report on budgets
  • Approaches to creating cash flow forecasts.
  • The use of digital technology to forecast, monitor and report on movements in an organisations' cash flows.
  • Approaches used to analyse the financial and non-financial impact of management decisions.
  • The use of digital technology to provide management reports to assist decision making.
  • The importance of taxation in society and its impact on government policy.
  • The relationship of UK taxation to the accounting and finance function within organisations.
  • Implications for taxation reporting and obligations of organisational or client decision making.
  • Principles of digital technology used to process data and fulfil organisational and HMRC digital taxation reporting requirements.
  • The importance of the internal and external audit function and the significance of providing information requested from the audit teams to fulfil their duties.
  • Strategic planning techniques that are used by organisations to analyse, develop, and implement strategy.
  • Approaches to digital technology used to analyse, communicate, monitor and report on implementing strategy and meeting strategic objectives.
  • Approaches to identify and evaluate quantitative and qualitative factors that influence business performance.
  • The use of technology to collect, analyse and communicate quantitative and qualitative data.
  • The sources of finance that are available to organisations.
  • Approaches to using technology to identify and apply for finance and maintain credit relationships.
  • The legal and organisational framework for managing receivables, credit control, and internal and external relationships.
  • Approaches to using technology that manages credit control for internal and external stakeholders.
  • The principles and practice of designing, implementing and maintaining internal controls that mitigate risk and prevent issues, such as with quality, accuracy, fraud, cyber-attacks, or other irregularity.
  • Approaches to internal controls for both manual and digital systems and processes, with consideration for the control environment.
  • Approaches to managing external relationships that affect the organisation.
  • Approaches to digital technology to produce relevant information for stakeholder reports such as Integrated Reporting or Environmental Social and Governance (ESG) reports.
  • Principles of effective staff recruitment, training, appraisal, mentoring and management.
  • Approaches to use of digital technologies to appraise, monitor and manage staff.

Skills

  • Prepare financial statements, or extracts thereof, in accordance with International Financial Reporting Standards (IFRS) and UK Generally Accepted Accounting Practice (GAAP).
  • Identify and use appropriate digital technology to achieve desired outputs in the context of producing statutory of financial reports.
  • Analyse financial and non-financial internal data and compare with benchmark data such as from competitors, stakeholders, and market trends.
  • Use data analytics tools, visualise findings, make evidenced-based recommendations for future action and communicate them.
  • Interpret and implement the latest guidance on secure data management to satisfy the requirements of the Data Commissioner and GDPR.
  • Implement protocols and technology that minimise risks to data integrity and cyber security.
  • Evaluate internal and external factors relevant to the operational compliance of the organisation with all necessary legal, professional and ethical frameworks.
  • Apply the principles of digital systems management to ensure continued compliance with all relevant frameworks applicable to the organisation.
  • Analyse and interpret the reasons for differences between internal and external source documentation and produce reconciliations that clearly identify those differences and required actions.
  • Create budgets and forecasts using the most appropriate tools and techniques.
  • Interpret budget reports to evaluate the reliability of forecasts and to identify variances which require further action.
  • Calculate and interpret cash flow forecasts.
  • Interpret cash flow reports and identify future action required to manage cash balances.
  • Apply management accounting techniques to assist decision making within the organisation.
  • Interpret management reports, and utilise a variety of media, including verbal communication, to deliver advice that impacts management decisions.
  • Interpret and apply HMRC rules and guidance to produce tax calculations and statutory returns.
  • Implement and manage systems and processes that gather the information required by HMRC.
  • Analyse and summarise organisational or client decision making and the impact on taxation reporting and obligations.
  • Implement and manage the technology to satisfy HMRC reporting requirements for digital taxation.
  • Produce the information required by internal and external auditors in a clear format.
  • Evaluate strategic options, taking into consideration the impact of internal and external factors.
  • Develop, communicate, and deliver operational plans that meet strategic objectives; being able to set targets and KPIs, manage resources, and monitor and measure outcomes to establish operations effectively, efficiently and economically.
  • Ability to interpret quantitative and qualitative data in order to assess business performance, and utilise a variety of media, including verbal communication that demonstrates emotional intelligence, to make recommendations.
  • Analyse and interpret the process of how data is collected, extracted, analysed and reported.
  • Evaluate the impact of different sources of finance on an organisation, including risk and recommend appropriate finance options.
  • Advise organisations and implement technology to raise finance and maintain credit relationships.
  • Design and manage a compliant credit control system that meets strategic objectives regarding customers, insurers, and cash flow.
  • Implement technology that enables delivery of a credit control system that meets strategic objectives.
  • Analyse, design, implement, communicate, monitor and review internal control systems and processes that mitigate risk, including error, fraud, and cyber risks.
  • Document organisational manual and digital internal controls, identify weaknesses, and make practical recommendations for improvement.
  • Develop and maintain effective relationships with internal and external stakeholders.
  • Identify relevant information to be included in reports used by stakeholders.
  • Identify potential improvements to HR policies and activities such as recruitment, training, appraisal, mentoring or management.
  • Evaluate the effectiveness of digital technology used to appraise, monitor and manage staff.

Behaviours

  • Conscientious and diligent attention to detail that strives for completeness and accuracy.
  • Rigorous and empirical approach to the analysis of data and research the facts and gathering expert opinion before recommending action.
  • Committed to continuing professional development (CPD) by keeping up to date with the latest legislation, releases from standard setters, the latest advances in, and applications of, digital technology as applicable to accounting and finance and guidance from HMRC.
  • Objective and capable of independent and team working, committed to a reflective approach and therefore continuous improvement of internal and external relationships, including reviewing their own performance and performance of their team.
  • Act with professional scepticism including a questioning mind, being alert to conditions which may indicate a possible misstatement due to error or fraud and a critical assessment of evidence.
  • Act with professional judgment and values. Apply ethical standards in making informed decisions about the courses of action that are appropriate to their business or their client including acting in the public interest.
  • Creative, innovative and enterprising when seeking solutions to business needs. Positive and adaptable, responding well to feedback and need for change. Open to new ways of working and new management theories.
Apprenticeship category (sector)
Legal, finance and accounting
Qualification level
6
Equal to degree
Course duration
36 months
Maximum funding
£27,000
Maximum government funding for
apprenticeship training and assessment costs.
Job titles include
  • Accounting and finance manager
  • Accounts manager
  • Accounts semi-senior
  • Accounts senior
  • Company accountant
  • Credit controller
  • Finance manager
  • Financial accountant
  • Financial controller
  • Reporting accountant
  • Systems accountant

View more information about Accounting finance manager (level 6) from the Institute for Apprenticeships and Technical Education.