UNIT
Not applicable.
This unit describes the performance outcomes, skills and knowledge required to undertake financial management within a work team in an organisation. This includes planning and implementing financial management approaches, supporting team members whose role involves aspects of financial operations, monitoring and controlling finances, and reviewing and evaluating effectiveness of financial management processes in line with the financial objectives of the work team and the organisation. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement. |
This unit addresses the requirement for managers to ensure that financial resources are used effectively. This is done by ensuring access to budget/s and ongoing monitoring expenditure against the budget/s. The unit applies to managers working in small and large business environments and not for profit organisations. |
Not applicable.
This unit contains employability skills. |
Elements describe the essential outcomes of a unit of competency. | Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. | |
Evidence of the following is essential: financial skills required to work with and interpret budgets, ageing summaries, cash flow, petty cash, GST, and profit and loss statements knowledge of the record keeping requirements for the ATO and for auditing purposes. | |
Assessment must ensure: access to appropriate documentation and resources normally used in the workplace. | |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit: assessment of written reports indicating broad knowledge of managing budgets and managing financial resources in the organisation demonstration of techniques using financial record keeping software direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate oral or written questioning to assess knowledge of requirements for organisational record keeping and auditing review of contingency plans review of identification of cost variations and expenditure overruns evaluation of documentation reportingon budget and expenditure review of documentation identifying and recommending improvements to financial management processes. | |
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example: other units from the Diploma of Management. | |
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. | |
cash flow projections long-term budgets/plans operational plans short-term budgets/plans spreadsheet-based financial projections targets or key performance indicators for production, productivity, wastage, sales, income and expenditure | |
financial managers, accountants or financial controllers supervisors, other frontline managers | |
contracting out or outsourcing human resources and other functions or tasks diversification of outcomes finding cheaper or lower quality raw materials and consumables increasing sales or production recycling and re-using rental, hire purchase or alternative means of procurement of required materials, equipment and stock restructuring of organisation to reduce labour costs risk identification, assessment and management processes seeking further funding strategies for reducing costs, wastage, stock or consumables succession planning | |
access to specialist advice documentation of procedures help desk or identified experts within the organisation information briefings or sessions intranet-based information training including mentoring, coaching and shadowing | |
arranging for use of corporate credit cards banking debt collection ensuring security, accuracy and currency of financial operations invoicing clients, customers and consumers maintaining journals, ledgers and other record keeping systems maintaining petty cash system purchasing and procurement wages and salaries payments and record keeping | |
hardware and software human, physical or financial resources record keeping systems (electronic and paper-based) specialist advice or support | |
reporting of: assets consumables equipment expenditure income stock wastage | |
bank statements credit card statements financial reports invoices and receipts ledgers and journals logs petty cash records spreadsheet-based records | |
bank account records cash flow data contracts credit card receipts employee timesheets files of paid purchase and service invoices income and expenditure insurance reports invoices job costings petty cash receipts quotations taxation records wages/salaries books | |
Management and Leadership - Management |
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