It applies to individuals who operate a small business that stands alone, or is part of a department within a larger organisation. Individuals in this role interpret financial reports and other numerical data to develop financial management strategies.

Unit details

Location:
Study level:
Vocational and further education (TAFE)
Unit code:
BSBSMB406

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: - operate the business according to the business plan, including: - adhering to legal requirements; - meeting requirements of financial backers; - defining strategies for debt collection and contingencies for debtors; - managing cash flow; - defining key performance indicators; - communicating with relevant people, and; - monitor the business against financial plan and make changes as required.Students will also be expected to demonstrate the following knowledge: - discuss benchmarking; - explain financial decision-making relevant to the business; - summarise significant financial indicators; - outline purposes of financial reports; - clarify preparation and interpretation of budget/actual reports; - identify principles for preparing balance sheets and their interpretation; - outline debt collection procedures or strategies; - characterise principles for preparing profit and loss statements and their interpretation, and; - discuss stock records and stock control relevant to the business.

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.