Course Title: Manage finances

Part B: Course Detail

Teaching Period: Term1 2017

Course Code: ACCT5365C

Course Title: Manage finances

School: 650T Vocational Business Education

Campus: City Campus

Program: C6155 - Advanced Diploma of Marketing and Communication

Course Contact: Sally Parrott

Course Contact Phone: +61 3 99255175

Course Contact Email: sally.parrott@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Nominal Hours: 80

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Pre-requisites and Co-requisites

None

Course Description

 

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.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBFIM601 Manage finances

Element:

1 Plan for financial management

Performance Criteria:

 

1.1 Review and analyse previousfinancial data to establish areas which have generated a profit or loss

1.2 Undertake research to review reasons for previous profit and loss

1.3 Review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle

1.4 Analyse cash flow trends

1.5 Review statutory requirements for compliance and liabilities for tax

1.6 Review existing software and its suitability for financial management

Element:

2 Establish budgets and allocate funds

Performance Criteria:

 

2.1 Use previous financial data to determine allocations for resources

2.2 Make informed estimates of new items for inclusion in budget

2.3 Prepare budgets in accordance withorganisational requirements and statutory requirements

Element:

3 Implement budgets

Performance Criteria:

 

3.1 Circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations

3.2 Manage risks by checking there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions

3.3 Review profit and loss statements, cash flows and ageing summaries

3.4 Revise budgets, as required, to deal with contingencies

3.5 Maintain audit trails to ensure accurate tracking and to identifydiscrepanciesbetween agreed and actual allocations

3.6 Ensure compliance with due diligence

Element:

4 Report on finances

Performance Criteria:

 

4.1 Ensure structure andformat of reports are clear and conform to organisational and statutory requirements

4.2 Identify and prioritise significant issuesin statements, including comparative financial performances for review and decision making

4.3 Preparerecommendations to ensure financial viability of the organisation

4.4 Evaluate the effectiveness of financial management processes


Learning Outcomes


Upon completion of this course students shroud be able to plan for financial management, establish and implement budgets and report on finances for an organisation.


Details of Learning Activities

A range of in class activities, discussion activities/exercises and face to face delivery will provide a range of learning and teaching experiences for students.


Teaching Schedule

 

Week

Week Commencing

Topics

Assessment

1

6 Feb

Course overview – Manage Finances

 

2

13 Feb

Spreadsheet, basic accounting concepts, key financial terms

 

3

20 Feb

Finance knowledge for business set-up

 

4

27 Feb

Financial analysis and statements #1

 

5

6 Mar

Financial analysis and statements #2

 

6

13 Mar

1.Statutory compliances & accounting computer systems

2. Student consultation session - Assess.1

 Assessment 1 due

19 Mar. Sun. 11.59pm 

7

20 Mar

Developing budgets #1

 

 

8

27 Mar

Developing budgets #2

 

9

3 Apr

Implement budgets and contingency plans

 

10

10 Apr

Review and evaluate financial management processes

 

 

13 Apr to

19 Apr

Mid-Semester Break

 

10

20 Apr

Review and evaluate financial management processes

 

11

24 Apr

Recommendations for financial viability of the organization

 

12

1 May

 Student consultation session - Assess.2

 

13

8 May

Revision for Final assessment - Written Test

Assessment 2 due

14 May Sun. 11.59pm

14

15 May

Final assessment - Test (Assessment 3)

 Assessment 3

 

15

22 May

Interviews/ Portfolio of evidence (if applicable)

  

16

29 May

Final resubmissions and assessment feedback

 

 

 

 

 

 

 

 

 


Learning Resources

Prescribed Texts


References


Other Resources


Overview of Assessment

 

Overview of Assessment

In order to achieve competency in this unit, you must provide the following performance and Knowledge evidence:

Performance Evidence

Evidence of the ability to: 

  • 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
  • ensuring managers and supervisors are clear about budgets.
  • 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. 

Knowledge Evidence

To complete the unit requirements safely and effectively, you must:

  • 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
  • outline the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, Pay As You Go.

 

Assessment Conditions

 

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial management field of work and include access to:

  • financial data
  • relevant legislation and Australian Tax Office requirements
  • examples of business plans, profit and loss statements, cash flows and aging summaries
  • organisational financial policies and procedures
  • financial management software.

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.

Feedback

Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.


Assessment Tasks

 

Assessment 1

Assessment Task 1 – Basic accounting and financial exercises/activities

Date handed out:  Week 1

Date and time due: Week 6 (19 Mar. 2017: Sun.11.59pm.)

Group or Individual: Individual submission of 2 out of 9 activities completed as a group of max. 4 students      

                  

Purpose:

This assignment will allow you to demonstrate an understanding of how to understand the different aspects of basic accounting and financial knowledge.

Requirements:

You will need to undertake a set of activities. Each student in the group will take responsibility for completion of 2 unique activities for that group. As a group, students will be required to research or finalize answers to a set of activities which analyses basic financial knowledge. Minimum word limit for each question is 500 words. Only include key points. Each activity/exercise must have it’s own reference section. Include a reference page. The completed answers are to be submitted electronically via Blackboard.

Assessment 2

Assessment Task 2 – The Business Plan Report

Date handed out:  Week 4

Date and time due: Week 13 (14 May 2017: Sun.11.59pm.)

Group or Individual: Groups of no more than 4 students

                          

Purpose:

This assignment will allow you to demonstrate the preparation of different types of budgets and financial statements.

 

Requirements:

The second assessment tasks will require students to submit the working and answers to various types of budgets and financial statements namely, Cash flow projections, Profit & loss statements and Balance Sheet. The budgets will include revenue/sales budget and operational budgets such as production budget, purchases budget, staffing budget, administration budget and operating expense budget. The report should not exceed 2,500 words.

 

Assessment 3

Assessment Task 3 – Final assessment test (And interviews if applicable)

Date handed out:  Week 14

Date and time due: Week 14

Group or Individual: Individual assessment  

                     

Purpose:

This assessment will require students to demonstrate an overall understanding of all the elements of the unit and contributes to the learning objectives of this competency.

Requirements:

The third assessment tasks will require students to undertake a written test. Students must bring along a pen (blue or black ink only), pocket calculator, pencil, ruler and rubber eraser.

Students may need to attend an oral supplementary interview in week 15 if they fail to obtain a CAG grade in their final test.

 


Assessment Matrix

Course Overview: Access Course Overview