The goal of our Work Placement program is to give students valuable, real-world experience in an accounting or finance job. You will be able to use what you know about bookkeeping, payroll, VAT, and financial management in a professional setting through this module. You will learn important skills for the workplace, such as how to talk to people, work as a team, and solve problems. You will also build a strong base for a career in finance.

Goals for Learning

By the end of your placement, you will have learned how to:

• Use accounting rules in the real world.
• Do basic accounting tasks like making financial statements and processing invoices.
• Use accounting software that is standard in the industry to keep track of payroll, VAT returns, and financial records.
• Talk to clients, coworkers, and stakeholders in a clear and effective way.
• Make sure that accounting standards and rules are followed.
• In a busy work environment, prioritise and handle tasks well.

Get experience with a variety of financial tasks, such as payroll management, tax filing, and reconciliations.

How Work Placement Works

Welcome and Orientation

• A look at the company's finance department and how it works.
• Introducing the team members and other important people.
• Briefing on health and safety.

Keeping track of money and bookkeeping

• Keep track of your accounts payable and receivable.
• Handle receipts, payments, and invoices.
• Use accounting software like Sage, QuickBooks, or Xero to keep track of your transactions.
• Help with managing petty cash.

VAT Returns and Following the Rules

• Make sure your records are correct and file your VAT returns.
• Know when and how to report VAT.
• Use VAT schemes with supervision.

Processing Payroll

• Help with figuring out and processing payroll.
• Take care of legal deductions like PAYE and National Insurance.
• Make pay cheques and keep track of payroll records.

Checking the Bank

• Make sure that your financial records match your bank statements.
• Find and fix any differences.
• Help with the processes of reconciling at the end of the month and year.

Making the Financial Statements

• Help with making cash flow statements, balance sheets, and profit and loss statements.
• Help with audits and the preparation of trial balances.

Training for Software

• Get real-world experience with the best accounting software.
• Follow Making Tax Digital (MTD) rules when you manage digital records.
• Make financial reports for review.

Standards for compliance and ethics

• Make sure that all financial activities are correct and follow the rules.
• Follow the rules of ethics when you report and audit your finances.

Review of Progress and Feedback

• Regular meetings with a boss to give feedback.
• Think about how far you've come and what you want to do to get better.
• Get help from a mentor to improve your skills at work.

Test and Certify After finishing the work placement, you will:

Keep a journal where you write about your experiences. Get detailed feedback from your boss. Give a final report that sums up what you did, what you learned, and what skills you gained. Get a certification that shows you're ready for entry-level jobs in finance, bookkeeping, and accounting.