Course Title: Manage budgets and financial plans

Part B: Course Detail

Teaching Period: Term1 2016

Course Code: ACCT5367C

Course Title: Manage budgets and financial plans

School: 650T Vocational Business Education

Campus: City Campus

Program: C4360 - Certificate IV in Marketing

Course Contact : Tim Wallis

Course Contact Phone: +61 3 9925 5423

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


Name and Contact Details of All Other Relevant Staff

Paul Panebianco - paul.panebianco@rmit.edu.au

Nominal Hours: 70

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 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.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBFIM501 Manage budgets and financial plans

Element:

1 Plan financial management approaches

Performance Criteria:

1.1 Access budget/financial plans for the work team
1.2 Clarify budget/financial plans with relevant personnel within the organisation to ensure that documented outcomes are achievable, accurate and comprehensible
1.3 Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation
1.4 Prepare contingency plans in the event that initial plans need to be varied

Element:

2 Implement financial management approaches

Performance Criteria:

2.1 Disseminate relevant details of the agreed budget/financial plans to team members
2.2 Provide support to ensure that team members can competently perform required roles associated with the management of finances
2.3 Determine and access resources and systems to manage financial management processes within the work team

Element:

4 Review and evaluate financial management processes

Performance Criteria:

4.1 Collect and collate for analysis, data and information on the effectiveness of financial management processes within the work team
4.2 Analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes
4.3 Implement and monitor agreed improvements in line with financial objectives of the work team and the organisation

Element:

3 Monitor and control finances

Performance Criteria:

3.1 Implement processes to monitor actual expenditure and to control costs across the work team
3.2 Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns
3.3 Implement, monitor and modify contingency plans as required to maintain financial objectives
3.4 Report on budget and expenditure in accordance with organisational protocols


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.


Details of Learning Activities

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


Teaching Schedule

Week NoDateTopic
1 Feb 8

(1) Course Induction
• Course delivery and assessment details
• Course support documents
• Online learning environment
• Grading
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
• Where to get support
• Student responsibilities

(2) Overview of the specific technology required for this course:
o Blackboard
o Excel Training

2 Feb 15Planning Financial Management Approaches
3 Feb 22Revenue & Expense Budgets
4 Feb 29Negotiation of Business Plans
5 Mar 7
Contingency Plans
6 Mar 14Disseminations of Budgets
7 Mar 21Resources & Systems

Review of first 7 weeks

  Mid Semester Break
8 Apr 4Test
9 Apr 11Variance Analysis
10 Apr 18Implementing Contingency Plans
11 Apr 25Financial Management Process

Financial Mathematics Techniques

12 May 2Review and evaluate financial management processes

Revision/ Exercises

13 May 9In class pair Assignment
14 May 16Interviews/ Portfolio of Evidence
15 May 23Interviews/ Portfolio of Evidence
16 May 30Assessment feedback /resubmissions


Learning Resources

Prescribed Texts


References


Other Resources

Relevant learning resources will be placed on the online learning hub (Blackboard)  progressively throughout the semester.   You will need to access this site on a weekly basis to ensure that you keep up to date with important information related to this course.


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.


Assessment Tasks

This course has 3 assessment tasks and you must successfully complete all of them in order to be deemed competent in this unit.

To be deemed competent in this course the following evidence 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 Task 1 – In class Test (Closed book) - 30%
Due date:
  Week 8
Submission procedure: This is an individual assessment and it is to be completed in-class and handed in at the end of the class. 

Requirements: You will be required to answer 20 short questions on various topics covered in weeks 1 to 7.

Assessment Task 2 – In class Assignment (Closed book) - 30%
Due date:  Week 13
Submission procedure: This is a group  assessment (2 students) and it is to be completed in-class and handed in at the end of the class.

This assessment focuses on the practical aspect of all elements of the unit and contributes to the learning objectives of this unit and will focus on the 3rd and 4th elements of competency: Monitor and control finances and Review and evaluate financial management processes

Requirements:
You are to complete a budget and comment on the variances you may find. You will be given background and financial information of an organisation related to the following:
• Sales Budget
• Expense Budget
• Profit and Loss Budget

Assessment Task 3 – Portfolio of Evidence - 40%
Date handed out: Week 14 &15
Date and time due: Week 14 &15
Group or Individual: This is an individual assessment

Purpose:
This assessment focuses on the all four elements of the unit and contributes to the learning objectives of this competency.  An interview may be required to validate work presented as part of your portfolio of evidence if the evidence provided does not clearly demostrate the students’ grasp of the concepts and techniques used to review and Manage Budgets and Financial Plans.

Requirements:
Submission of all activities uploaded into Blackboard in order to demonstrate competency - Attend interview if required.

Detailed marking guides will be provided for all assessments during the semester.

Submission Requirements

You should:

• Ensure that you submit assessments on or before the due date.
• Always retain a copy of your assessment tasks. (hard copy and soft copy)
• When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on blackboard.
• Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.


Assessment Matrix

Other Information

Late Submission Procedures
You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.
 

More Information: http://www.rmit.edu.au/students/assessment/extension
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf
 

Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.
More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf

Resubmissions (VET Programs):
If you are found to be unsuccessful in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.
If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.


Adjustments to Assessment:
In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:
More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31

Course Overview: Access Course Overview