Course Title: Manage budgets and financial plans
Part B: Course Detail
Teaching Period: Term2 2021
Course Code: ACCT5367C
Course Title: Manage budgets and financial plans
Important Information:
See Canvas
School: 650T Vocational Business Education
Campus: City Campus
Program: C5391 - Diploma of Leadership and Management
Course Contact: Allan Maree
Course Contact Phone: +61 3 9925 1601
Course Contact Email: allan.maree@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Student enquiries: gbl.admin@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: |
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 |
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 |
Learning Outcomes
See Canvas
Details of Learning Activities
A range of learning activities are planned for this course including self-paced, research and collaborative based activities. The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated business environment. We expect you to participate and contribute in all scheduled learning activities.
Teaching Schedule
The course BSBFIM501 Manage Budgets and Financial Plans is clustered (co-delivered and co-assessed) with course BSBMGT517 Manage operational plan. The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
The Teaching Schedule for this course is as follows:
This is a summary of the learning structure which will help you check that you are on-track.
See Important Dates on the Student home page on the RMIT website for details.
|
Course Schedule: Manage Operations |
|
Week |
Topic |
Assessment |
1 |
Introduction to the course including:
Operational Planning |
|
2 |
Developing the operational plan including budget requirements Students commence drafting Assessment 1 and develop Assessment Task 2 content |
|
3 |
Resource requirements for the operational plan Plan the financial management approaches |
|
4 |
Resource acquisition for the operational plan Relationship to financial management approaches |
Assessment Task 1 Due |
5 |
Monitor and review operational performance |
|
6 |
Monitor and review budgets and financial performance |
|
7 |
In class, students work on finalising Assessment 2 for submission |
|
8 |
Operational Plan Implementation & Review Course review Resits, as appropriate |
Assessment 2 Due |
Learning Resources
Prescribed Texts
References
Other Resources
See Canvas
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
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, you 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 financial 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.
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:
- resources and documentation used in the workplace
- workplace policies and procedures
- workplace budgets and financial plans
- business technology
- case studies and, where available, real situations.
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
You are required to successfully complete all assessment tasks to be deemed competent in this course. NOTE: Details about specific tasks and assessment criteria will be included in Canvas.
Assessment Task 1 - Part A - Develop an operational plan
Develop an operational plan with a budget for a work area of your choice. This may be a work area that you know well or one that you are working within currently. If you are not working, you may consider an association you are involved with or a previous organisation that you have worked for. Your Operational Plan must address all aspects of planning that are indicated in the template.
Assessment task 1 - Part B - Develop a Report
Write a report on your organisation focusing on its processes for the development and monitoring of the operational plans within a specific work area of your choosing.
The above task(s) require you to demonstrate the Foundation Skills described in the two units for this Cluster. The Foundation Skills describe language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance. For further information, please refer to the assessment page in Canvas for this course.
Assessment Matrix
The assessment matrix that maps all the assessments is available on Canvas.
Other Information
Submission Requirements
You should:
• Ensure that you submit assessments on or before the due date via Canvas.
• 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 the Assessment task document that includes a declaration and statement of authorship.
• Each page of your assessment should include a footer with your name, student number, the title of the assessment, unit code and title and page numbers.
Late Submission Procedures
You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.
Extension of Time. 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: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work
Form to use is found in the section "How to apply."
Special Consideration. Where more 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: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration
Resubmission (VE Programs)
If you are found to be Not Yet Competent in a course assessment task (or you do not submit the assessment tasks/attend the assessment) you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission in Canvas.
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.
More information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment
Marking Guide (Competency):
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying. You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.
- CA Competency Achieved
- NYC Not Yet Competent
- DNS Did Not Submit for assessment
Course Overview: Access Course Overview