Course Title: Manage finances

Part A: Course Overview

Program: C6143

Course Title: Manage finances

Portfolio: BUS

Nominal Hours: 80.0

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)

ACCT5365C

City Campus

TAFE

650T Vocational Business Education

Face-to-Face or Internet


Course Contact: Sylvia Baroutis

Course Contact Phone: +61 3 9925 5469

Course Contact Email: sylvia.baroutis@rmit.edu.au


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. In a larger organisation this work would be supported by specialists in financial management.


Pre-requisite Courses and Assumed Knowledge and Capabilities

None



National Competency Codes and Titles

National Element Code & Title:

BSBFIM601 Manage finances

Elements:

1 Plan for financial management

2 Establish budgets and allocate funds

3 Implement budgets

4 Report on finances


Learning Outcomes


Overview of Assessment

In order to achieve competency in this unit, you must provide:

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.