This unit describes the skills and knowledge required to undertake financial management within a work team in an organisation. It includes planning and implementing financial management approaches, supporting team members whose role involves aspects of financial operations, monitoring and controlling finances and reviewing and evaluating effectiveness of financial management processes.  It applies to managers in a wide range of organisations and sectors who have responsibility for ensuring that work team financial resources are used effectively and are managed in line with financial objectives of the team and organisation. 

Unit details

Location:
Study level:
Vocational and further education (TAFE)
Unit code:
BSBFIM501

Assessment

Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit's learning outcomes and 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: - use financial skills to work with and interpret budgets, ageing summaries, cash flow, petty cash, Goods and Services Tax (GST), and profit and loss statements; - communicate with relevant people to clarify budget/financial plans, negotiate changes and disseminate information; - prepare, implement and modify financial contingency plans; - monitor expenditure and control costs; - support and monitor team members; - report on budget and expenditure; - review and make recommendations for improvements to financial processes, and; - meet record keeping requirements for the Australian Taxation Office (ATO) and for auditing purposes.Students will also be expected to demonstrate the following knowledge: - describe basic accounting principles; - identify and explain the relevant legislation and current requirements of the Australian Taxation Office, including the Goods and Services Tax (GST); - explain the key requirements for financial record keeping and auditing, and; - describe the principles and techniques involved in managing: budgeting; cash flows; electronic spreadsheets; GST; ledgers and financial statements; profit and loss statements.

Where to next?

As part of a course

This unit is studied as part of the following courses. Refer to the course page for information on how to apply for the course.

VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.