module provides training about the adequate entrepreneurial skills and
knowledge. It combines a set of units and additional thesis that touches the
topics related to how to start up your own business.
The module encompasses a number of units providing data about the essence and specific aspects of management accounting as a component of the information system of the enterprise; about the specific aspects in reporting expenses and cost price; about the various methods and approaches of cost price calculation; about the budgeting and control of expenses; about the measurement of the efficiency and the management of risk in the SME. The module presents management accounting as a link between the processes of management and reporting in the enterprise which provides the “right information at the right time” necessary for the development of managerial decisions.
The module encompasses a number of units providing data about the relation between management accounting and entrepreneurship. Among the major factors for the success of entrepreneurship are the knowledge and skills for developing entrepreneurship strategy, part of which is funding the entrepreneur’s enterprise. In its essence, funding involves activities on attracting equity from internal and external sources; restructuring funds within the enterprise; capital relief, etc.
Module 4: Formal instruments of control (Budgeting, Calculation, Performance measurement, Benchmarking, Transfer pricing)
Control is one of the important functions of management. By controlling, you can monitor whether you achieved your goals or not. The objective of control as a concept and process is to help, motivate, and direct employees in their roles and monitor the activities in the organization. Understanding managerial control process and systems is essential for the long- term effectiveness of an organization.
Module 5: Less formal instruments of control (Company culture, Competence and Development, Empowerment)
The SMEs do not only have formal instruments such as clear procedures, rules and guidelines but also have informal and unwritten processes such as company culture, competency development and empowerment in place for management control. These less formal instruments can not only boost gaol congruence but also can provide higher motivation amongst the employees and ensure organizational goals and strategies are appropriately implemented.
Module 6: New methods in Management Accounting (Balanced scorecard; Intellectual capital; Economic Value Added (EVA) and Market Value Added (MVA)
Module 6 contains tools and metrics that can be used from SMEs owners, in order to help them taking the right decisions for their business based on facts and calculations. The tools and metrics cover all the aspects of the business starting from the operational and continuing to the managerial and strategic aspects. The presentation of the tools and metrics includes apart from the theoretical part, practical examples and cases.
The module provides a quick reference guide to core accounting principles supported via specific performance measures, advices and case studies. The learning starts from do’s and don’ts. The main aim of the module is to teach the trainee how to easily understand and analyse financial data related to SME accountancy, using performance measures and case studies.