BSBSMB406 - Manage small business finances

Unit code: BSBSMB406 | Study level: TAFE

Credit points

N/A

Location

Footscray Park

Industry

Sunshine

Werribee

Prerequisites

N/A

Overview

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.

Assessment

For Melbourne campuses

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.

Required reading

The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by the Polytechnic and/or via the Polytechnic e-learning system.