Course Title: Manage budgets and financial plans

Part B: Course Detail

Teaching Period: Term2 2022

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: C5407 - Diploma of Leadership and Management

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

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 provided in this course. These include collaborative classroom based activities and online self-paced activities.  

Classroom: The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated workplace environment.  We expect you to participate and contribute in all scheduled learning activities.  

 

Pre-Class: This is online, by logging on to your Canvas course, and includes required pre-class reading and activities. Other self-paced activities will be delivered through various technology platforms. These may include your contribution to discussion threads, reflective journals, quizzes and interactive sessions.

Sessions: There is one face-to-face classroom session for this unit each week which includes tutorials and workshops.  There are additional activities to support learning and research.

 

Teaching Schedule

No	Date	Topic / Activities (including any pre-reading and required pre-session activities)	Assessment
1	04/07/22	Introduction to Unit and Educator Unit guide – handout and discussion Elements of Competency – What will the unit/s cover Overview of Assessments 1 – 3 and submission protocols Subject protocols – methods of delivery/ facilitation Required materials Communication – LMS/email Introduction to Financial Management Planning for financial management Accounting concepts for financial management The budgetary control system and budget development Budget process, communication and consultation Supporting the financial management process Ø  Complete activities available on canvas Ø  Review questions Ø  Self-quiz Ø  Chapter case study Ø  H5P Activities	Start working on your Assessment task 1 (Knowledge Questions)   Start working on your Assessment task 2 (Short answers portfolio)
2	11/07/22	Accounting and business concepts Identifying business operations and structures Accounting concepts and Accounting equation Understanding and interpreting financial reports Legislation and regulatory framework in context of resource management and ATO requirement Compliance and financial record keeping Ø  Complete activities available on canvas Ø  Review questions Ø  Self-quiz Ø  Chapter case study Ø  H5P Activities
3	18/07/22	Understanding cost concepts and cost behaviour Understand the differences between the various types of costs and how they behave. Understanding of general costing structure and terminology used by all businesses Cost concepts and the relationship between organisation activities and costs Understanding the difference between a fixed cost, variable cost and a hybrid cost, direct and indirect costs Ø  Complete activities available on canvas Ø  Review questions Ø  Self-quiz Ø  Chapter case study Ø  H5P Activities	Submit two (2) questions from your Assessment task two (short answers portfolio)
4	25/07/22	Understanding and clarifying budgets and financial plans Developing budgets and financial plans Budget preparation – service organisation Budget preparation – trading organisation Budget preparation manufacturing organisation Ø  Complete activities available on canvas Ø  Review questions Ø  Self-quiz Ø  Chapter case study Ø  H5P Activities
5	01/08/22	Leveraging resources and capabilities Understanding resources and capabilities Resources capabilities and the value chain Management of resources Consult and communicate with stakeholders When and when not to outsource Ø  Complete activities available on canvas Ø  Review questions Ø  Self-quiz Ø  Chapter case study Ø  H5P Activities	Submit two (2) questions from your Assessment task two (short answers portfolio)   Start working on your Assessment task three
6	08/08/22	Communication of budgets, resources and financial plans Analyse resource requirements Structuring the budgetary control process Develop resource plans Development of budget and resources proposals Consultation on budget and resources proposals Communication of approved budget and resources allocation Ø  Complete activities available on canvas Ø  Review questions Ø  Self-quiz Ø  Chapter case study Ø  H5P Activities
7	15/08/22	Monitoring and controlling financial performance and resources allocation  Monitoring financial performance Analysing variances in financial performance Optimising performance through budget revisions Performance indicators Develop and implement systems for monitoring resources usage Ø  Complete activities available on canvas Ø  Review questions Ø  Self-quiz Ø  Chapter case study Ø  H5P Activities	Submit two (2) questions from your Assessment task two (short answers portfolio)   Assessment task one (Knowledge questions) is due this week 7, Sunday at 23:59
8	22/08/22	Implementing financial management and resources management approaches Support for competent performance Resources and systems Recording financial performance Adhering to organisational policies and procedures for resource allocation Ø  Complete activities available on canvas Ø  Review questions Ø  Self-quiz Ø  Chapter case study Ø  H5P Activities
		Mid-semester break 19/08 to 04/09
9	05/09/22	Allocate resources according to business unit objectives Introduction and Meaning of Resource Allocation Definition of Resource Allocation Resource Allocation at Different Levels Factors Affecting Resource Allocation in Organizations Ø  Complete activities available on canvas Ø  Review questions Ø  Self-quiz Ø  Chapter case study Ø  H5P Activities	Submit two (2) questions from your Assessment task two (short answers portfolio)
10	12/09/22	Planning for contingencies Internal controls Managing risks Document your risk management plans Risk management policies Contingency plans Common contingency plans Common contingency situations and actions Ø  Complete activities available on canvas Ø  Review questions Ø  Self-quiz Ø  Chapter case study Ø  H5P Activities
11	19/09/22	Evaluating financial management process Continuous improvement of financial management Improving performance reporting Improving organisational performance Implementing and monitoring improvements Financial analysis/ Ration analysis Ø  Complete activities available on canvas Ø  Review questions Ø  Self-quiz Ø  Chapter case study Ø  H5P Activities	Submit two (2) questions from your Assessment task two (short answers portfolio)
12	26/09/22	Review and report on resources usage Develop and implement procedures to review resources allocation Suggest improvements to work practices for the efficient use of resources Monitor compliance with program and project budgets Report on performance achieved Adjust and rectify procedures in meeting service and product delivery standards Ø  Complete activities available on canvas Ø  Review questions Ø  Self-quiz Ø  Chapter case study Ø  H5P Activities
13	03/10/22	Work integrated project Construct a Master Budget for a manufacturing business Group work simulation session (Your Educator will provide you with further information at the start of this course)
14	10/10/22	Work integrated project Construct a Master Budget for a manufacturing business Group work simulation session (Your Educator will provide you with further information at the start of this course)	Submit last two (2) questions from your Assessment task two (short answers portfolio)
15	17/10/22	Assessment task review session	Assessment task three (Case study) is due this week 15, Sunday at 23:59 Submit one (1) question from your Assessment task two (short answers portfolio)
16	24/10/22	Feedback, Resit and resubmit

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

Assessment Task 1 Knowledge assessment

Due week 7

This assessment is Assessment Task one (1) of three (3) assessment tasks in this cluster of two courses: BSBOPS501
Manage Business Resources and BSBFIN501 Manage Budgets and Financial plans. All three (3) assessment tasks must be
satisfactorily completed to be deemed competent in these two courses.

Summary and Purpose of Assessment

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.

 

Assessment Task 2 Short Answer Portfolio

Due week 14

Summary and Purpose of Assessment
This assessment is Assessment Task two (2) of three (3) assessment tasks in this cluster of two courses: BSBOPS501
Manage Business Resources and 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.

 

Assessment task 3 Case Study

Due Week 15

Summary and Purpose of Assessment
This assessment is Assessment Task three (3) of three (3) assessment tasks in this cluster of two courses: BSBOPS501
Manage Business Resources and 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.

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