Finance

​Finance Recap

What have you remembered from the morning session:

What is Governance?​

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​Helps to make ethical decisions in face of uncertainty and competitive pressure

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​Underpins decisions

​Individuals are responsible for ensuring that the adhere to policies & procedures Individuals are responsible for ensuring that they adhere to policies and procedures no matter how time critical the task is

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​Accountability

​What is Governance

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​What is Governance

​Legal Constraints

​Governance is set by the company, but must be in line with any legal requirementGovernance is set by the company but must to be in line with the any legal requirements

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​ https://quizlet.com/_8k8pa7?x=1jqt&i=2yzjw0

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​Click on the link and test your knowledge

​Click on the link below:

Spend 20 minutes looking at the Flashcards:​

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​Who was top of the leaderboard?

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​Who is todays winner?

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​Who are the HMRC & the FCA

Can you tell me who they are, and what they do?​

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​HMRC

​Who are they?

Are the UK's tax, payments and customs authority, and they have a vital purpose: They collect the money that pays for the UK's public services and help families and individuals with targeted financial support.

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About us - HM Revenue & Customs - GOV.UK

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​FCA

​Financial Conduct Authority

​The Financial Conduct Authority (FCA) regulates the financial services industry in the UK. Its role includes protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers.

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Financial Conduct Authority - GOV.UK

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​Why do we use Budgets

Split into three groups: (10 minutes to come together with your groups own thoughts, plus tell me how it works within your company)

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​Budgets

​Possible Reasons

• ​is a financial spending plan that estimates income and expenses for a specific period.

• ​allows a business to plan out expenses, reach business goals and anticipate operational changes.

• Without a budget, a business may experience overspending and underperformance, which could ultimately lead to the company's closure.

45 minutes to write up your notes and everyone to add to smart assessor​

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​Add the session to Smart Assessor

​Add this mornings session with Megan to Smart Assessor. (Take photos of workings out, and how you came to your decision)

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Also research your financial governance, with in your departments and your explanation of why budgets are important for your own company.​

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​Upload to Smart Assessor