Course Title: Manage budgets and financial plans
Part A: Course Overview
Program: C5407 Diploma of Leadership and Management
Course Title: Manage budgets and financial plans
Portfolio: Vocational Education
Nominal Hours: 70Regardless 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.
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.
525T Business & Enterprise
Face-to-Face or Internet
Course Contact: Steven Hansen
Course Contact Phone: +61 3 9925 5705
Course Contact Email: email@example.com
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.
Pre-requisite Courses and Assumed Knowledge and Capabilities
National Competency Codes and Titles
National Element Code & Title:
BSBFIN501 Manage budgets and financial plans
1. Plan financial management approaches
2. Implement and monitor financial management plans
3. Review and evaluate financial management plans
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.
Overview of Assessment
In order to achieve competency in this unit, you must provide:
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.
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:
- cash flows
- electronic spreadsheets
- Goods and Services Tax
- ledgers and financial statements
- profit and loss statements
- evaluation of budget and financial plans.
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 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.