This unit describes the performance outcomes, skills and knowledge required to take responsibility for budget management where others may have developed the budget. It requires the ability to interpret budgetary requirements, allocate resources, monitor actual income and expenditure, and report on budgetary deviations.

Unit details

Location:
Industry
Online
Other
Study level:
Vocational and further education (TAFE)
Unit code:
SITXFIN003

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 a budget for a business over a three-month period that meets the specific business' needs; - undertake at least two of the following to inform management of the above budget: discussions with existing suppliers; evaluation of staffing and rostering requirements; evaluation of impact of potential roster changes; review of operating procedures; sourcing new suppliers; - monitor income and expenditure and evaluate budgetary performance over the above budgetary life cycle, and; - complete financial reports related to the above budget within designated timelines and using correct budget terminology.Students will also be expected to demonstrate the following knowledge: types of financial records: bank deposit documentation; bank statements; banking summaries; business activity statements; cheque books; credit card transaction statements; invoices; journal entries; labour and wages reports; merchant statements; merchant summaries; transaction reports; - types of budgets: cash budgets; cash flow budgets; departmental budgets; event budgets; project budgets; purchasing budgets; sales budgets; wage budgets; whole of organisation budgets; - factors for consideration in the preparation of financial and statistical reports: cash flow; commercial account activity; commission earnings; covers and financial return; daily, weekly and monthly transactions; expenditure; income; occupancy rates and financial return; performance of department, project and/or products and services; sales performance; sales returns; staff costs; stock levels; variance in income and/or expenditure; wastage; yield; - use, contents of and formats for: budgets; financial reports, and; statistical reports; - budget terminology, and; - specific industry sector and organisation: use of budgets to control costs and enhance profitability; importance of budget control; techniques for maximising budget performance; financial reporting procedures and cycles; features and functions of accounting software programs used to manage budgets.

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.