Course Title: Manage budgets and financial plans

Part A: Course Overview

Program: C4360

Course Title: Manage budgets and financial plans

Portfolio: BUS

Nominal Hours: 70.0

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.

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ACCT5367C

City Campus

TAFE

650T Vocational Business Education

Face-to-Face or Internet or Workplace

Term1 2016

Course Contact: Tim Wallis

Course Contact Phone: +61 3 9925 5423

Course Contact Email: timothy.wallis@rmit.edu.au


Course Description

This unit describes the skills and knowledge required to undertake financial management within a work team in an organisation. It 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.

It applies to managers in a wide range of organisations and sectors who have responsibility for ensuring that work team financial resources are used effectively and are managed in line with financial objectives of the team and organisation.


Pre-requisite Courses and Assumed Knowledge and Capabilities

None



National Competency Codes and Titles

National Element Code & Title:

BSBFIM501 Manage budgets and financial plans

Elements:

1 Plan financial management approaches

2 Implement financial management approaches

3 Monitor and control finances

4 Review and evaluate financial management processes


Learning Outcomes

This course is structured to provide students with the optimum learning experience in order to demonstrate the skills and knowledge required to undertake financial management within a work team in an organisation. It 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.


Overview of Assessment

Assessment Methods

Assessment methods have been designed to measure achievement of the requirements in a flexible manner over a range of assessment tasks, for example:

  • direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate
  • review of final printed documents
  • demonstration of techniques
  • observation of presentations
  • oral or written questioning to assess knowledge of software applications

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.

Performance Evidence

You must provide evidence of the ability to:

  • use financial skills to work with and interpret budgets, ageing summaries, cash flow, petty cash, Goods and Services Tax (GST), and profit and loss statements
  • communicate with relevant people to clarify budget/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 the Australian Taxation Office (ATO) and for auditing purposes.

Knowledge Evidence

  • To complete the unit requirements safely and effectively, the individual must:
  • describe basic accounting principles
  • identify and explain the relevant legislation and current requirements of the Australian Taxation Office, including the Goods and Services Tax (GST)
  • explain the key requirements for financiall record keeping and auditing
  • describe the principles and techniques involved in managing:
    - budgeting
    - cash flows
    - electronic spreadsheets
    - GST
    - ledgers and financial statements
    - profit and loss statements.

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.