British Institue of Innkeeping Accreditation Board

Licensed Retail Financial Management

The Licensed Retail Financial Management Certificate is a national qualification designed to help licensees gain a greater understanding of the financial structure of their business and develop the skills required to manage it more profitability.

What is the content of the qualification?

The qualification contains the following topics:

1.Key Costing Calculations and Terminology:

• Calculating gross profit
• Using gross margin
• VAT in practice

2.Weekly Income and Expenditure:

• Recording Income and Expenditure
• VAT returns
• Cash reconciliation

3.Stock Control:

• Stock loss prevention
• Stocktaking made simple
• Stocktaking records and calculations

4.The Profit and Loss Account:

• Key elements
• Interpretation
• The value of budgeting

5. Break Even and Profit Protection:

• Break even calculation
• Special Events, discounts, promotions
• Margin protection

6. The Balance Sheet:

• Key elements
• Interpretation
• Links with other statements

How is it assessed?

By examination and coursework.

Candidates sit a 45-minute examination made up of 5 questions which require short written answers and calculations.

How long is the course leading to the examination?

The course usually comprises three days of training.

These can be delivered separately or consecutively depending on the preference of the candidate and the eliverer.

What support material is available?

A comprehensive workbook is supplied to each candidate by the centre.

What does a candidate receive on successful assessment?

A certificate awarded by BIIAB.

Progression

The Licensed Retail Financial Management Certificate is a core requirement of the AQ Diploma portfolio.

Who is this qualification suitable for?

Manager/Assistant Manager/Tenant/Lessee

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