CPCCBC5019 - Manage building and construction business finances
Nominal hours
Location
Prerequisites
Co-requisites
(Corequisite units must be studied concurrently with this unit)
Overview
This unit of competency specifies the skills and knowledge required to manage and administer finances within a building and construction business. It includes managing business financial risks, revenue and expenditure and meeting statutory financial obligations.This unit of competency applies to builders, site supervisors and related construction industry professionals responsible for managing organisational finance systems to ensure the financial viability of a building and construction business.
Assessment
For Melbourne campuses
Assessment tasks will be designed to reinforce & extend knowledge and skill competence within set & controlled parameters in accordance with each unit’s learning outcomes & performance criteria requirements, incl the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines.
Students will be expected to demonstrate the following required skills:
* manage business financial systems and processes
* schedule, monitor and process incoming and outgoing payments
* manage budgeting, cash flow and debt recovery
* lodge monthly, quarterly or annual statements and pay tax and workplace liabilities for the registered business
* conduct a business financial risk assessment.
Students will also be expected to demonstrate the following knowledge:
* economic and industry trends
* financial concepts:
* revenue streams
* expenses
* project costings
* contingency planning
* business overheads
* profit
* key government sources for industry information
* Australian Consumer Law
* Competition and Consumer Act
* Australian Taxation Office (ATO) obligations for building and construction businesses:
* income tax
* capital gains tax
* payroll tax
* fringe benefits tax
* pay as you go (PAYG) instalments
* goods and services tax (GST)
* tax differences between a sole trader and a company
* registering for taxes
* methods of paying taxes
* maintaining business and taxation records
* accounting systems:
* types of invoices
* invoicing and collecting payments
* budgeting and reporting
* end of financial year
* payment methods:
* credit and debit card
* direct debit
* cheque
* cash
* analysing business finances:
* financial health check
* sales calculators
* profit ratios
* liquidity and finance ratios
* options to improve business financial position:
* recover outstanding debt
* reduce or rearrange expenses
* sell assets
* increase prices
* consolidate debt
* track and improve cash flow
* insurance policies:
* public liability
* builders’ risk
* income loss
* workers compensation
* commercial vehicles
* contractual financial arrangements:
* payment subject to quality of work
* product quality and compliance
* terms and conditions of payment.
Required reading
The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by Victoria University and/or via the Victoria University e-learning system.
As part of a course
This unit is studied as part of the following course(s):