Overview

The Work Placement module provides learners with real-world experience in an accounting or finance-related role, focusing on practical application of the knowledge and skills learned throughout the course. This module is designed to help learners apply bookkeeping, payroll, VAT, and financial management skills in a professional setting while developing key competencies such as communication, teamwork, and problem-solving.

Learning Objectives

By the end of the work placement, learners should be able to:

1. Apply theoretical knowledge of bookkeeping and accounting in real-world scenarios.
2. Perform essential accounting tasks, including processing invoices, managing ledgers, and preparing financial statements.
3. Use accounting software to manage payroll, VAT returns, and other financial records.
4. Communicate effectively with clients, team members, and other stakeholders.
5. Ensure compliance with accounting standards and regulations in day-to-day tasks.
6. Manage time efficiently and prioritize tasks in a professional environment.
7. Gain experience in a range of financial processes, such as reconciliations, tax submissions, and payroll management.

Work Placement Structure

1. Introduction and Orientation
   • Understanding the company’s accounting processes.
   • Overview of the role of the finance or accounts department.
   • Health and safety procedures.
   • Introduction to team members and key stakeholders.
2. Bookkeeping and Financial Record-Keeping
   • Maintaining ledgers for accounts payable and receivable.
   • Processing invoices, payments, and receipts.
   • Recording transactions using accounting software (Sage, QuickBooks, Xero, etc.).
   • Assisting with petty cash management.
3. VAT Return and Compliance
   • Assisting in the preparation of VAT returns.
   • Understanding VAT reporting schedules and deadlines.
   • Maintaining records for VAT audits.
   • Applying VAT schemes under professional supervision.
4. Payroll Processing
   • Assisting in payroll calculations and processing.
   • Handling statutory deductions such as National Insurance and PAYE.
   • Generating payslips and managing employee payroll records.
   • Ensuring compliance with pension auto-enrolment.
5. Bank Reconciliation
   • Reconciling bank statements with financial records.
   • Identifying and resolving discrepancies in accounts.
   • Assisting with month-end and year-end reconciliations.
6. Preparation of Financial Statements
   • Assisting in the preparation of profit and loss statements.
   • Supporting the preparation of balance sheets and cash flow statements.
   • Preparing trial balances under supervision.
   • Assisting with financial audits.
7. Software Training
   • Gaining hands-on experience with professional accounting software.
   • Managing digital records in compliance with Making Tax Digital (MTD).
   • Generating reports for financial analysis and review.
8. Compliance and Ethical Standards
   • Understanding the importance of financial accuracy and compliance.
   • Adhering to ethical standards in accounting and financial reporting.
   • Assisting in audits and maintaining compliance documentation.
9. Progress Review and Feedback
   • Regular feedback sessions with a supervisor or mentor.
   • Reflecting on progress and identifying areas for improvement.
   • Setting personal goals and improving professional competencies.

Assessment and Certification

At the end of the work placement, learners will:

• Complete a reflective journal documenting their learning experiences.
• Receive feedback from their placement supervisor.
• Present a final report outlining the tasks completed, skills developed, and knowledge gained.
• Achieve certification upon successful completion of the work placement.

This work placement provides learners with the opportunity to transition from theoretical learning to practical application, preparing them for entry-level roles in finance, bookkeeping, and accounting.