This unit describes the skills and knowledge required to implement and review financial management strategies on a regular basis, including by using new and emerging digital technologies.  It applies to individuals who operate a small business that stands alone, or that 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:
Other
Study level:
Vocational and further education (TAFE)
Unit code:
BSBSMB421

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: - manage the business according to financial goals; - monitor the business against financial plan and make changes as required, and; - identify opportunities to implement new and emerging digital technologies to support the financial management of the business. Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.Students will also be expected to demonstrate the following knowledge: - key features of benchmarking; - key features of financial decision-making relevant to the business; - key features of significant financial indicators; - key purposes of financial reports; - key features of balance sheet preparation and interpretation; - key features of debt collection procedures or strategies; - key features of profit and loss statement preparation and interpretation, and; - key features of 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.