BSBFIM601 - Manage finances

Unit code: BSBFIM601 | Study level: TAFE

Credit points

N/A

Location

Footscray Nicholson

Industry

Prerequisites

N/A

Overview

This unit describes the skills and knowledge required to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to financial bids and estimates, allocating funds, managing budgets and reporting on financial activity. It applies to individuals who have managerial responsibilities which include overseeing the management of financial and other resources across a business unit, a series of business units or teams, or an organisation. It covers all areas of broad financial management. In a larger organisation this work would be supported by specialists in financial management.

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:

plan for financial management;
read and review profit and loss statements, cash flows and aging summaries;
prepare, implement and revise a budget which aligns with the business plan, is based on research and analysis of previous financial data and cash flow trends, and meets all compliance requirements;
contribute to financial bids and estimates;
establish a budget and allocate funds in accordance with statutory and organisational requirements;
communicate with other people including: reporting on financial activity and making recommendations; identifying and prioritising significant issues, and; ensuring managers and supervisors are clear about budgets, and;
analyse the effectiveness of existing financial management approaches including reviewing financial management software, managing risks of misappropriation of funds, ensuring systems are in place to record all transactions, maintaining an audit trail and complying with due diligence.

Students will also be expected to demonstrate the following knowledge:

identify the requirements for financial probity;
describe the principles of accounting and financial systems;
explain Australian, international and local legislation and conventions that are relevant to financial management in the organisation, and;
outline the requirements of the Australian Tax Office, including Goods and Services Tax Company Tax, Pay As You Go.

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.