SITXFIN003 - Manage finances within a budget

TAFE Victoria logo
Unit code: SITXFIN003 | Study level: TAFE
Footscray Nicholson
Footscray Park


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.


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:

  • 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.

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 not compulsory for any specific course. Depending on the course you study, this unit may be taken as an elective.

Search for units, majors & minors