BSBFIN601 - Manage organisational finances
Nominal hours
Location
Industry
Prerequisites
Co-requisites
(Corequisite units must be studied concurrently with this unit)
Overview
This unit describes the skills and knowledge required to undertake budgeting, financial forecasting and reporting. This unit also describes the skills and knowledge required to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to reviewing financial information, analysing financial risks, preparing a budget and reporting on financial activity.The unit applies to individuals who have managerial responsibilities which include overseeing the management of financial and other resources across a business unit, a series of business units or teams, or an organisation. It covers all areas of broad financial management. In a larger organisation this work would be supported by specialists in financial management.
Assessment
For Melbourne campuses
Assessment tasks will be designed to reinforce & extend knowledge and skill competence within set & controlled parameters in accordance with each units learning outcomes & performance criteria requirements, including 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, including evidence of the ability to:
- manage finances for at least one organisation or work area.
In the course of the above, the candidate must: - review previous financial statements
- prepare, implement and revise a budget that:
- aligns with business plan
- is based on research and analysis of previous financial data and cash flow trends
- meets compliance, statutory and organisational requirements
- contribute to financial bids and estimates
- communicate with other people, including:
- reporting on financial activity and making recommendations
- ensuring managers and supervisors understand key elements of relevant budgets
- analyse effectiveness of existing financial management approaches, including:
- reviewing financial management software
- managing risks of misappropriation of funds
- ensuring systems are in place to record all transactions
- maintaining audit trail
- complying with due diligence.
Students will also be expected to demonstrate the following knowledge:
- processes to establish and review profits and losses from financial statements
- requirements for financial probity
- principles of accounting and financial systems
- key functions of financial management software
- key components of a financial budget
- Legislation and conventions relevant to financial management in organisation
- Australian Tax Office (ATO) requirements for Goods and Services Tax, Company Tax, Pay As You Go (PAYG).
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):