This unit describes the performance outcomes, skills and knowledge required to implement, monitor and review strategies for the ongoing management of a small business's finances. It also includes day to day financial management of the small business. Specific legal requirements apply to the management of a small business.

Unit details

Location:
Other
Study level:
Vocational and further education (TAFE)
Unit code:
BSBSMB406A

Assessment

Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each competency unit's learning outcomes and performance criteria requirements, including the setting of project and 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: - analytical skills to interpret financial data; - communication skills to negotiate capital and to report on performance; - literacy skills to interpret legal requirements and financial reports, and; - numeracy skills to calculate costs, prices, profit and other financial information.Students will also be expected to demonstrate the following knowledge: - benchmarking; - financial decision making relevant to the business; - financial indicators; - purpose of financial reports; - preparation and interpretation of budget/actual reports; - principles for preparation of balance sheets and their interpretation; - principles for preparation of profit and loss statements and their interpretation, and; - stock records/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.

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