Financial Controls
Financial Controls is a key capability grounded in sound knowledge of accounting principles. It involves rigorous checks and balances, rooted in the creation, execution, and monitoring of sound financial procedures. Effective application of Financial Controls ensures a company's stability, making it critical to operational success and long term financial viability.'
Level 1: Emerging
At a foundational level you are beginning to understand basic financial controls and why they matter in Finance and Accounting. You follow established procedures accurately and raise any irregularities you notice to your team or supervisor. Your attention to detail helps protect company assets and supports effective financial processes.
Level 2: Proficient
At a developing level you are learning to follow established financial controls and procedures with guidance. You check your work for accuracy and help spot errors, supporting compliance and reliable financial reporting. Your careful approach helps maintain trust in day-to-day finance operations.
Level 3: Advanced
At a proficient level you are able to consistently apply established financial controls within your area of responsibility. You regularly monitor processes, identify potential risks or discrepancies, and take corrective action to ensure accurate and compliant financial records. Your strong attention to detail helps maintain the integrity of the organization’s finances.
Variance Analysis
Variance Analysis is the practice of identifying and interpreting differences between actual and budgeted financial outcomes. It requires adept data interpretation skills and an understanding of the financial strategies in question. This proficiency enables more precise forecasting and decision-making, heightening financial stewardship and organizational efficacy.
Level 1: Emerging
At a foundational level you are learning to compare actual financial results against budgets and spot basic differences. You follow set procedures to gather data and seek help to understand what these differences mean. This builds your confidence in reading simple reports and helps you support your team’s financial decisions.
Level 2: Proficient
At a developing level you are able to identify basic differences between actual and budgeted figures, seeking guidance as needed to interpret those variances. You use simple analysis techniques to support routine financial tasks and reporting. Your growing skills help your team improve the accuracy of financial monitoring and decision-making.
Level 3: Advanced
At a proficient level you are able to independently conduct variance analysis, accurately identifying key differences between actual and budgeted financial results. You interpret the underlying causes and trends, explaining their significance to your team or manager. Your work directly supports stronger forecasting and timely financial decisions within your organization.
Taxation
Taxation is the financial capability of interpreting and executing tax-related tasks. It incorporates comprehensive knowledge of tax legislation, ability to provide tax advice and the capability to prepare accurate tax returns. Strong capability in taxation supports economic decision-making and contributes to business sustainability.
Level 1: Emerging
At a foundational level you are able to follow basic tax processes and apply standard tax rules with supervision. You assist with preparing straightforward tax documents and maintaining accurate records for finance and accounting tasks. Your work supports compliance and helps your team meet routine tax obligations on time.
Level 2: Proficient
At a developing level you are able to follow clear guidance to complete basic tax tasks and prepare accurate records under supervision. You recognize different types of taxes and follow established procedures, seeking help when unsure. Your work supports compliance and helps your team meet reporting deadlines.
Level 3: Advanced
At a proficient level you are able to confidently interpret and apply current tax legislation in routine finance and accounting tasks. You prepare accurate tax returns, provide sound tax advice for standard situations, and identify tax implications for business decisions. Your expertise ensures compliance, reduces risk, and supports the organization’s financial health.
Finance Risk Assessment
Finance Risk Assessment is the ability to analyze financial data to identify potential risks and liabilities. It entails a solid understanding of financial trends, market dynamics, and regulations affecting the finance and accounting fields. This capability aids in creating effective strategies to mitigate financial risks, impacting overall business resilience and growth.
Level 1: Emerging
At a foundational level you are able to recognize basic financial risks and liabilities by following established procedures and seeking guidance when needed. You understand simple financial reports and can spot obvious trends or discrepancies. Your contributions help ensure that routine risks in finance and accounting are identified early, supporting more experienced team members.
Level 2: Proficient
At a developing level you are beginning to recognize financial patterns and identify straightforward risks in reports and data. You use guidance and established procedures to support risk assessments, while building your understanding of regulations and market factors. Your work helps your team to spot potential issues early and improve decision-making.
Level 3: Advanced
At a proficient level you are able to assess complex financial data to identify potential risks and underlying liabilities. You recognize patterns and anticipate how changing regulations or market developments may affect your organization’s financial position. Your work supports informed decision-making and helps your business avoid losses and stay on track for growth.
Revenue Management
Revenue Management is the knowledge-based oversight and strategic control of an organization's revenue streams. In the context of finance and accounting, it involves the direct application of economic principles to maximize profitability. The impact is seen in financial stability, growth, and enhanced decision-making capabilities.
Level 1: Emerging
At a foundational level you are able to recognize the main sources of your organization’s revenue and understand how accurate record-keeping affects financial outcomes. You support basic revenue tracking by following established processes and guidelines. This helps ensure reliable financial information for your team and contributes to informed decision-making.
Level 2: Proficient
At a developing level you are learning to support revenue management by gathering and organizing financial data related to income streams. You begin to recognize patterns and contribute simple analysis to forecast revenue and identify basic risks or opportunities. Your work helps your team make more informed decisions and supports the organization’s financial stability.
Level 3: Advanced
At a proficient level you are able to analyze and interpret revenue data to identify trends and opportunities, applying accepted finance and accounting methods. You use this insight to recommend and implement improvements that directly support profit targets and organizational goals. Your actions help drive stable revenue streams and inform better financial decisions.
Reconciliation
Reconciliation is the financial process of comparing two sets of records to ensure the figures are correct and in agreement. It not only helps maintain an orderly financial management system but also assists in detecting errors, discrepancies, and frauds. In the field of Finance and Accounting, capabilityed reconciliation brings accuracy and credibility to financial reporting.
Level 1: Emerging
At a foundational level you are able to follow clear instructions to match basic financial records, such as invoices and payments, to check for any obvious differences. You rely on guidance to spot errors, raising issues for further review. Your attention helps support accuracy and trust in the team’s finance processes.
Level 2: Proficient
At a developing level you are able to perform basic reconciliations with regular guidance, following set procedures to match financial records and identify obvious errors or mismatches. You work mainly with straightforward accounts and raise issues when you spot discrepancies. Your attention to detail helps support accurate financial reporting and builds your confidence in handling routine reconciliation tasks.
Level 3: Advanced
At a proficient level you are able to independently carry out complex reconciliations, identifying discrepancies and resolving them efficiently. You confidently manage a range of financial records, ensuring all figures are accurate and aligned. Your attention to detail upholds the integrity of financial reports and supports decision-making across the organization.
Payroll Administration
Payroll Administration is the effective management of financial records related to employee compensation. Grounded in extensive knowledge of tax regulations and accounting principles, it encompasses the accurate calculation of wages, deductions, and benefits. This capability, crucial in ensuring legal compliance and employee satisfaction, directly impacts a company’s financial integrity and reputation.
Level 1: Emerging
At a foundational level you are able to follow payroll instructions and accurately enter basic employee data, such as hours worked and leave taken, into payroll systems. You understand the importance of careful record-keeping and comply with standard payroll procedures. Your accurate input helps ensure employees are paid correctly and supports the integrity of payroll records.
Level 2: Proficient
At a developing level you are learning to process payroll transactions with close guidance, checking your work against established procedures. You follow basic instructions to calculate pay, deductions, and leave, gaining confidence with payroll systems. Your growing accuracy helps ensure both your team and employees are paid correctly and on time.
Level 3: Advanced
At a proficient level you are able to manage end-to-end payroll processes with accuracy and consistency, applying a strong understanding of relevant tax laws and workplace agreements. You resolve most payroll issues independently, ensuring timely payments and proper record-keeping. Your work supports compliance and helps maintain trust between employees and the business.
General Ledger Management
General Ledger Management is the capacity to oversee and maintain financial records encompassing all business transactions. This capability requires precise data entry, stringent regulatory compliance, and astute financial analysis. Impactful ledger management provides business insights, aids fiscal decision-making and upholds organizational integrity.'
Level 1: Emerging
At a foundational level you are learning to record and organize basic financial transactions in the general ledger with close supervision. You follow set processes to ensure entries are accurate and comply with company policies. Your attention to detail helps maintain reliable financial records that others rely on for decision-making.
Level 2: Proficient
At a developing level you are able to accurately record routine transactions in the general ledger and follow established processes with guidance. You check your entries for accuracy and understand the importance of these records for reporting and compliance. Your work helps maintain reliable financial data and supports informed decisions across the business.
Level 3: Advanced
At a proficient level you are able to accurately manage the general ledger, ensuring all entries reflect true financial activity and comply with relevant standards. You spot and correct discrepancies, reconcile accounts, and support month-end close processes efficiently. Your work gives others reliable financial data for reporting and informed decision-making.
Forecasting
Forecasting is the ability to predict financial trends and outcomes based on current data. This finance and accounting capability involves largely analysis, risk evaluation, and forward planning. Its impact enhances budgeting, strategic decisions, and shapes successful business practices.
Level 1: Emerging
At a foundational level you are able to gather and interpret basic financial data to support simple forecasting activities. You contribute to routine forecasts under guidance, learning how predictions inform budgeting and decision-making. Your work helps your team plan by providing reliable, straightforward input into financial projections.
Level 2: Proficient
At a developing level you are able to use basic financial data to help identify patterns and contribute to forecasts under guidance. You support your team by gathering information and flagging possible risks, though you still rely on others to interpret trends. Your input helps shape more accurate budgets and early-stage planning.
Level 3: Advanced
At a proficient level you are able to analyze financial data to create reliable forecasts that support effective budgeting and planning. You confidently assess potential risks and adjust forecasts when circumstances change. Your forecasts inform decision-making and contribute to stronger financial outcomes for your team or organization.
Financial Reporting
Financial Reporting is the capability of compiling key data and information relating to financial transactions within a business. It requires expertise in financial analysis, accounting metrics, and the interpretation of numbers. This capability not only facilitates accurate business forecasting but also ensures compliance with legal requirements, enhancing financial transparency and corporate credibility.
Level 1: Emerging
At a foundational level you are able to gather, organize, and record straightforward financial transactions using established processes. You work under guidance to check your work and ensure information is accurate and complete. Your attention to detail helps support reliable financial records and builds your understanding of how financial reporting benefits the business.
Level 2: Proficient
At a developing level you are able to gather and organize basic financial data with some supervision, following set procedures and formats. You check figures for accuracy and help prepare standard financial reports for your team. Your work improves the reliability of financial information and supports compliance with reporting standards.
Level 3: Advanced
At a proficient level you are able to accurately prepare and interpret financial reports, ensuring all data is complete and meets reporting standards. You identify potential risks or discrepancies and address these with minimal supervision. Your work supports confident business decisions and helps maintain compliance and transparency across the organization.
Financial Compliance
Financial Compliance is the ability to ensure all financial activities align with internal and external regulations. It requires a keen understanding of the current financial laws and accounting standards. By maintaining proper financial compliance, businesses can mitigate risk and improve operational efficiency.
Level 1: Emerging
At a foundational level you are aware of basic financial compliance requirements and follow clear instructions to support accurate record-keeping. You understand the importance of adhering to established policies, such as processing transactions correctly or maintaining documentation. By doing so, you help reduce errors and assist your team in meeting external and internal standards.
Level 2: Proficient
At a developing level you are learning to follow financial policies and procedures with guidance, checking your work against set regulations and company standards. You seek clarification when unsure and report potential compliance concerns to your manager. Your attention to these details helps prevent errors and supports your team in staying compliant.
Level 3: Advanced
At a proficient level you are able to interpret and apply relevant financial regulations and standards in your daily work, ensuring your team’s activities are compliant. You identify and address compliance risks as they arise, supporting consistent adherence across finance operations. Your actions help safeguard the organization and build confidence in its financial practices.
Financial Analysis
Financial Analysis is the systematic evaluation of businesses, projects or budgets using financial data. This capability is integral to understanding financial health and making informed business decisions. Proficiency requires abilities in interpreting data, forecasting, budgeting, and understanding of financial principles and accounting norms. This fosters improved performance, risk mitigation and value creation in a financial context.
Level 1: Emerging
At a foundational level you are able to identify and organize basic financial data for simple analysis. You can follow instructions to help create basic reports or summaries, supporting others to interpret results. Your work supports sound record-keeping and helps your team make informed, everyday financial decisions.
Level 2: Proficient
At a developing level you are beginning to analyze basic financial data and can identify key trends or issues with guidance. You apply standard financial principles to interpret simple reports and support forecasting or budgeting activities. Your work helps your team spot potential risks and informs everyday financial decisions.
Level 3: Advanced
At a proficient level you are able to interpret complex financial data to spot trends, assess risks, and make sound forecasts. You apply a thorough understanding of accounting principles to support budgeting and guide business decisions. Your analysis helps improve financial performance and supports informed, practical choices across the organization.
Expense Management
Expense Management is the proficient auditing, processing, and tracking of business costs. This capability necessitates an understanding of financial frameworks and the ability to analyze, control and reduce operational expenditures. It significantly impacts the organization's profitability, driving economic efficiency and demonstrating fiscal responsibility.
Level 1: Emerging
At a foundational level you are learning to process and track business expenses accurately, following set guidelines and basic financial procedures. You support your team by recording, verifying, and organizing expense information, helping to ensure compliance. Your actions lay the groundwork for reliable reporting and contribute to the organization’s financial integrity.
Level 2: Proficient
At a developing level you are able to follow established expense management processes and assist with the review and entry of business costs. You can accurately track and report routine expenses, flagging inconsistencies or potential issues to your supervisor. Your attention to detail helps maintain compliance and supports cost control within the organization.
Level 3: Advanced
At a proficient level you are able to accurately review and process a wide range of business expenses, ensuring they comply with company policies and relevant financial guidelines. You spot trends in spending, recommend ways to control costs, and help others follow best practice. Your careful management of expenses supports the business to be more efficient and financially responsible.
Ethical Practice
Ethical Practice is the demonstration of integrity and professionalism in financial and accounting tasks. This involves adhering to regulatory standards, conducting fair transactions and providing honest reporting. The impact is trust, promoting responsible financial management and fostering business credibility.
Level 1: Emerging
At a foundational level you are learning to follow established rules and procedures in your finance or accounting work. You seek guidance when unsure and ensure transactions and records are honest and accurate. This helps build trust within your team and supports the fair management of financial information.
Level 2: Proficient
At a developing level you are beginning to follow ethical standards in your finance and accounting work, seeking guidance when you’re unsure. You carry out tasks honestly and with care, understanding the importance of accurate records. Your actions help to build trust within your team and support responsible financial practices.
Level 3: Advanced
At a proficient level you are consistently upholding ethical standards and regulatory requirements in your financial and accounting work. You demonstrate sound judgment when faced with ethical dilemmas, ensuring transparency in all transactions and reports. By doing this, you build trust with colleagues and stakeholders, supporting the organization’s reputation for integrity.
Cost Management
Cost Management is the methodical approach to planning and controlling monetary resources, specifically within the Finance and Accounting sector. Its encompassing skills include budgeting, forecasting, and scrutinising costs to inform decision making. Effective Cost Management behaviors drive financial efficiency, and through strategic action, add significant value to the organization.
Level 1: Emerging
At a foundational level you are learning to recognize basic cost concepts and follow standard processes for tracking expenses in Finance and Accounting. You support your team by accurately recording financial data and asking questions when unsure. Your attention to detail helps maintain reliable cost information for day-to-day business decisions.
Level 2: Proficient
At a developing level you are beginning to support cost management activities by assisting with basic budgeting, forecasting, and cost analysis tasks. You follow established processes in Finance and Accounting and seek guidance when challenges arise. Your growing attention to financial details helps your team make more informed decisions and improves cost awareness within your area.
Level 3: Advanced
At a proficient level you are able to develop and manage budgets, track spending, and analyze cost drivers to support informed decisions. You use financial data to identify cost savings or efficiencies in projects and operations, ensuring resources are used wisely. Your input leads to practical, evidence-based recommendations that strengthen the organization’s financial position.
Chart of Accounts Management
Chart of Accounts Management is the ability to effectively arrange, supervise, and adapt a company's financial structure. It involves deep knowledge of financial mechanisms and the capability to configure accounting systems accurately. This capability enables optimum financial reporting and analysis, contributing to sound business decision-making.
Level 1: Emerging
At a foundational level you are able to recognize the main components of a chart of accounts and understand their basic purpose in supporting financial records. You follow established rules when entering data and can locate relevant accounts with supervision. Your accuracy helps ensure that accounting information is kept organized and reliable for your team.
Level 2: Proficient
At a developing level you are able to follow established processes for maintaining and updating the chart of accounts under supervision. You recognize how changes affect financial records and reporting, and you seek guidance when unsure. Your contributions help to keep accounts accurate and support reliable financial information.
Level 3: Advanced
At a proficient level you are able to manage and update the chart of accounts to reflect business changes or reporting needs with minimal supervision. You adapt account structures to support accurate financial reporting and regulatory compliance. Your work ensures financial data is organized and reliable, supporting confident decision-making across the business.
Asset Management
Asset Management is the ability to effectively steward a company's financial resources, specifically physical and intangible assets. It is crucial in maintaining fiscal viability and driving growth, focusing on maximizing returns and minimizing risk. Demonstrated by sharp analysis, prudent decision making, and a comprehensive understanding of market trends, it directly influences financial stability and profitability.
Level 1: Emerging
At a foundational level you are learning to recognize different types of company assets and understand their role in financial records. You accurately keep basic asset data and follow established procedures for tracking and reporting. By doing so, you help maintain reliable asset information for sound financial decision making.
Level 2: Proficient
At a developing level you are starting to take responsibility for tracking and maintaining company assets within set processes. You learn from more experienced colleagues to support accurate records and help identify risks or opportunities for improvement. Your work supports reliable financial data and contributes to sound asset management decisions.
Level 3: Advanced
At a proficient level you are confidently managing company assets by tracking their value, identifying potential risks, and making informed recommendations for optimal use. You apply financial and market data to support decision-making and improve asset performance. Your actions help strengthen the company’s financial position and support steady, sustainable growth.
Cash Flow Management
Cash Flow Management is the ability to effectively track, analyze, and optimize an organization's revenues and expenditures. It spans the robust understanding of income streams, adept execution of payment schedules, and strategic forward planning. This capability directly underpins financial stability, enables well-informed decision-making, and fosters long-term business resilience.
Level 1: Emerging
At a foundational level you are able to recognize the main sources of income and typical expenses within your area of work, recording and reporting them accurately. You follow set procedures to help monitor cash flow and flag any irregularities to your manager. This helps keep financial records clear and supports your team’s financial awareness.
Level 2: Proficient
At a developing level you are building your ability to monitor and record cash inflows and outflows with guidance. You can assist with basic forecasting and help ensure payment and receipt schedules are met on time. Your attention to these tasks helps your team maintain accurate records and supports more informed day-to-day financial decisions.
Level 3: Advanced
At a proficient level you are able to consistently monitor and analyze cash flow, ensuring that all income and expenses are accurately tracked and managed. You proactively identify potential shortfalls or surpluses and adjust payment schedules as needed. This lets you support financial stability and help your team make confident, timely decisions.
Budgeting
Budgeting is the process of creating a financial plan for a defined period. In the context of finance and accounting, it encompasses the meticulous allocation of resources based on predicted income and expenditures. Effective budgeting requires strategic analytical skills, disciplined financial management behaviors, and an in-depth understanding of an organization's financial processes. This allows for efficient cost management, resulting in maximized profits and organized control over financial activities.
Level 1: Emerging
At a foundational level you are learning to follow basic budgeting procedures and use standard financial tools under direct supervision. You contribute by gathering data and entering information to support your team’s budget planning. Your careful attention helps ensure accuracy in financial records and builds your understanding of budgeting in a finance and accounting environment.
Level 2: Proficient
At a developing level you are beginning to support the budgeting process by gathering data and assisting with the preparation of simple budgets under guidance. You follow established procedures to help track income and expenses, ensuring accuracy in basic financial records. Your contribution helps your team maintain clear financial oversight and meet reporting requirements.
Level 3: Advanced
At a proficient level you are able to prepare and manage budgets for projects or business units with accuracy and foresight. You analyze financial data, anticipate variances, and adjust allocations to keep spending on track. Your approach ensures resources are used efficiently, supporting both organizational goals and financial stability.
Audit Coordination
Audit Coordination is the proficiency to oversee and guide audit processes whilst adhering to financial laws and regulations. It mandates familiarity with both internal and external audit standards, as well as the ability to liaise effectively with relevant stakeholders. Mastery of this capability ensures the integrity of financial data, contributing to sound decision-making in an organization.
Level 1: Emerging
At a foundational level you are able to support basic audit activities by providing accurate information and following clear instructions. You understand the importance of compliance with relevant financial laws and standards, and can respond to simple audit queries from auditors or colleagues. This helps maintain reliable financial records and supports a culture of transparency in your organization.
Level 2: Proficient
At a developing level you are supporting audit activities by preparing financial documents and responding to audit queries under supervision. You work with internal teams and external auditors, gaining understanding of audit timelines and compliance requirements. Your contribution helps ensure accurate records and timely responses, building the foundation for robust audit practices.
Level 3: Advanced
At a proficient level you are able to manage audit processes from planning through to completion, ensuring all activities comply with applicable financial regulations and standards. You confidently support both internal and external auditors, coordinating information and responses in a timely manner. Your oversight helps maintain the accuracy and reliability of the organization’s financial records.
