Course Title: Manage budgets and financial plans
Part B: Course Detail
Teaching Period: Term1 2023
Course Code: ACCT5434C
Course Title: Manage budgets and financial plans
Important Information:
Please note that this course may have compulsory in-person attendance requirements for some teaching activities.
To participate in any RMIT course in-person activities or assessment, you will need to comply with RMIT vaccination requirements which are applicable during the duration of the course. This RMIT requirement includes being vaccinated against COVID-19 or holding a valid medical exemption.
Please read this RMIT Enrolment Procedure as it has important information regarding COVID vaccination and your study at RMIT: https://policies.rmit.edu.au/document/view.php?id=209.
Please read the Student website for additional requirements of in-person attendance: https://www.rmit.edu.au/covid/coming-to-campus
Please check your Canvas course shell closer to when the course starts to see if this course requires mandatory in-person attendance. The delivery method of the course might have to change quickly in response to changes in the local state/national directive regarding in-person course attendance.
See Canvas
School: 525T Business & Enterprise
Campus: City Campus
Program: C5406 - Diploma of Business
Course Contact: Steven Hansen
Course Contact Phone: +61 3 9925 5705
Course Contact Email: steven.hansen@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Sam Menai Course Leader
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 in an organisation or work area. It includes planning and implementing financial management approaches and supporting and evaluating effectiveness of financial management processes.
The unit applies to managers in a wide range of organisations and sectors who have responsibility for the effective use of financial resources within work teams. They are responsible for ensuring that financial resources are managed in line with the financial objectives of the team and organisation.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBFIN501 Manage budgets and financial plans |
Element: |
1. Plan financial management approaches |
Performance Criteria: |
1.1 Access budget and financial plans for work team 1.2 Evaluate budget and financial plan outcomes with required organisational personnel 1.3 Negotiate any changes required to be made to budget and financial plans with required organisational personnel 1.4 Prepare contingency plans in the event that initial plans need to be varied |
Element: |
2. Implement and monitor financial management plans |
Performance Criteria: |
2.1 Communicate details of agreed budget and financial plans to relevant team members 2.2 Support team members to access resources and systems to perform required roles 2.3 Implement processes to monitor actual expenditure, control costs and modify contingency plans as required according to financial objectives 2.4 Report on budget and expenditure according to organisational protocols |
Element: |
3. Review and evaluate financial management plans |
Performance Criteria: |
3.1 Collect information on effectiveness of financial management processes within work team 3.2 Analyse variance between actual and budgeted finances 3.3 Identify and recommend improvements to existing financial management processes 3.4 Implement agreed improvements according to financial objectives of work team and organisation 3.5 Evaluate agreed improvements |
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 in an organisation or work area.
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom-based activities.
The collaborative classroom-based activities will include group discussion, group problem-solving activities and opportunities to practice your skills in a simulated/real workplace environment. The learning activities include chapter review questions, case studies, H5P weekly activities, and embedded
We expect you to participate and contribute in all scheduled learning activities
Teaching Schedule
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this 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.
This course is co-delivered and co-assessed with BUSM6517C - Manage business resources
Cluster Name |
Finance & resources management |
|
Unit 1 | BUSFIM501 - Manage budgets & financial plans | |
Unit 2 | BUSOPS501 - Manage business resources | |
Week No |
Topics |
Assessment Tasks |
Week 1 |
Introduction to Financial Management
|
|
Week 2 |
Accounting and business concepts
|
|
Week 3 |
Understanding costs concepts and cost behaviour
|
|
Week 4 |
Understanding and clarifying budgets and financial plans
|
|
Week 5 |
Planning for contingencies
|
|
Week 6 |
Leveraging resources and capabilities
|
|
Week 7 |
Monitoring and controlling financial performance and resources allocation
|
Assessment 1 is due end of week 7 @ 23:59 |
Week 8 |
Communication of budgets, resources and financial plans
|
|
Week 9 |
Implementing financial management and resources management approaches
|
|
Week 10 |
Allocate resources according to business unit objectives
|
Assessment 2 is due end of week 10 @ 23:59 |
Week 11 |
Evaluating financial management process
|
|
Week 12 |
Review and report on resources usage
|
|
Week 13 | The session will be dedicated to revising the theories, principles, concepts, and processes taught in this course. | |
Week 14 | This session will be dedicated to Peer review, feedback, and recommendation regarding the quality of students' submissions. This session will be moderated by your teacher synchronously (F2F or online). Great participation and professional collaboration are expected so that all students will benefit constructively from this opportunity. | Assessment 3 is due end of week 14 @ 23:59 |
Week 15 |
This session will be dedicated to students who have been engaged throughout the duration of the course, and who needed to resubmit some of their assessment tasks as assessed by their teachers. This session is NOT for students who didn't engage, didn't participate throughout the course, and didn't submit their assessment tasks for the initial assessment as required by RMIT assessment policy and procedure. This session will be run like a boot camp! where students will bring the feedback received from their teachers and the tasks/questions that needed to be resubmitted. Specific feedback will be provided to those students on the day so they can work on their tasks independently and submit them on the spot. More information will be provided closer to the date. |
|
Week 16 |
This session is a continuation of Boot Camp Session 1. This session will be dedicated to students who have been engaged throughout the duration of the course, and who needed to resubmit some of their assessment tasks as assessed by their teachers. This session is NOT for students who didn't engage, didn't participate throughout the course, and didn't submit their assessment tasks for the initial assessment as required by RMIT assessment policy and procedure. This session will be run like a boot camp! where students will bring the feedback received from their teachers and the tasks/questions that needed to be resubmitted. Specific feedback will be provided to those students on the day so they can work on their tasks independently and submit them on the spot. More information will be provided closer to the date. |
|
Week 17 | End of Course | |
Learning Resources
Prescribed Texts
References
Other Resources
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
- manage the budget and financial plan of an organisation for one reporting period.
In the course of the above, the candidate must:
- communicate with relevant people to clarify budget and 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 Australian Taxation Office (ATO) and for auditing purposes.
Knowledge Evidence
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
- basic accounting principles
- types of budgets and financial plans
- legislation and current ATO requirements, including the Goods and Services Tax (GST)
- key requirements for financial record keeping and auditing
- principles for managing work teams
- principles and techniques involved in managing:
- budgeting
- cash flows
- electronic spreadsheets
- Goods and Services Tax
- ledgers and financial statements
- profit and loss statements
- evaluation of budget and financial plans.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
- workplace policies and procedures
- workplace budgets and financial plans.
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 is co-delivered and co-assessed with BUSM6517C - Manage business resources
There are three assessment tasks for this course. To be deemed competent students must successfully achieve competency in each task.
Assessment Task 1 : Knowledge Questions
Due Date: End of Week 7 of this course.
Purpose:
This assessment is Assessment Task one (1) of three (3) assessment tasks in this course: BSBFIN501 Manage Budgets and Financial plans. All three (3) assessment tasks must be satisfactorily completed to be deemed competent in these two courses.
The purpose of this assessment is to create an environment where you can demonstrate your understanding and application of a range of business resources management skills and team leadership and participation skills.
You will be required to analyse business resources requirement, review and report on resource usage, review company performance and recommend strategies, plan financial management approaches, monitor and control finances, review and evaluate financial management processes, identify and explain relevant legislations.
This assessment will allow you to demonstrate your ability to understand and apply basic accounting knowledge and tax requirements, budgeting process, costing and simple management accounting concepts. By completing this assessment you will be equipped with the basic knowledge and skills to tackle more complex scenarios in this unit.
This short-answer assessment task is one of three assessment tasks you need to complete satisfactorily, in order to be deemed competent for this unit.
Assessment Task 2 : Short answers Portfolio
Due Date: End of Week 10 of this course.
Purpose:
This assessment is Assessment Task two (2) of three (3) assessment tasks in this course: BSBFIN501 Manage Budgets and Financial plans. All three (3) Assessment Tasks must be satisfactorily completed to be deemed competent in these two courses.
The purpose of this assessment is to for you to demonstrate your understanding and application of a range of financial planning approaches. This includes monitoring and controlling budgets and financial plans, reviewing and evaluating financial management process and business resources. You will be required to analyse business resources requirement, conduct variance analysis, review and report on resource usage, review company performance and develop contingency plans, and collaboration with their team members.
This Assessment will also allow you to Prepare & present data in format that is easily understood, accurate and appropriate to budget reporting, complying with organisational policy and procedures.
Assessment Task 3 : Practical Case Study
Due Date: End of Week 14 of this course.
Purpose:
This assessment is Assessment Task three (3) of three (3) assessment tasks in this course: BSBFIN501 Manage Budgets and Financial plans. All three (3) assessment tasks must be satisfactorily completed to be deemed competent in these two courses. The purpose of this assessment is to assess your understanding and application of a range of business resources management skills and team leadership and participation skills. You will demonstrate your skills and knowledge in analysing resource requirements and developing resource plans/bids. You will also be required to allocate resources and review and report on resource usage
This assessment will allow you to demonstrate your ability to monitor, analyse and report on a team budget. It will also allow you to monitor, analyse and report on Cash Flows and Contingency plans.
By completing this assessment you will be equipped with advanced knowledge and skills required in budgeting management and financial plans.
Assessment Conditions
As a minimum, assessors must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment.
As a minimum, assessment must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment.
Assessment must occur in workplace operational situations where it is appropriate to do so; where this is not appropriate, assessment must occur in simulated workplace operational situations that replicate workplace conditions.
Assessment processes and techniques must be appropriate to the language, literacy and numeracy requirements of the work being performed and the needs of the candidate.
Resources for assessment include:
- a range of relevant exercises, case studies and/or other simulations
- relevant and appropriate materials, tools, equipment and personal protective equipment currently used in industry
- applicable documentation including workplace procedures, regulations, codes of practice and operation manuals.
Assessment Matrix
The competency assessment map that maps all the assessment tasks is available on CANVAS mapping document
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 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.
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
Where an extension of greater than seven days is needed, you must apply for Special Consideration. You must submit your application within five working days after your assessment date or due date.
More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration
Re-submissions (VE Programs):
If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task you will be allowed one re-submission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the re-submission.
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 assessment arrangements might be granted please access the following website:
Final Results
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.
The following grades are available for this course:
CA |
Competency Achieved |
NYC |
Not Yet Competent |
DNS |
Did Not Submit for Assessment |
Course Overview: Access Course Overview