BSBFIN501 - Manage budgets and financial plans
Overview
This unit describes the skills and knowledge required to undertake financial management in an organisation or work area. It includes planning and implementing financial management approaches and supporting and evaluating effectiveness of financial management processes.The unit applies to managers in a wide range of organisations and sectors who have responsibility for the effective use of financial resources within work teams. They are responsible for ensuring that financial resources are managed in line with the financial objectives of the team and organisation.
Assessment
For Melbourne campuses
Assessment tasks will be designed to reinforce & extend knowledge and skill competence within set & controlled parameters in accordance with each unit’s learning outcomes & 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 budget and financial plan of an organisation for one reporting period.
In the course of the above, the candidate must:
*communicate with relevant people to clarify budget and financial plans, negotiate changes and disseminate information
*prepare, implement and modify financial contingency plans
*monitor expenditure and control costs
*support and monitor team members
*report on budget and expenditure
*review and make recommendations for improvements to financial processes
*meet record-keeping requirements for Australian Taxation Office (ATO) and for auditing purposes.
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.
As part of a course
This unit is studied as part of the following course(s):