Course Title: Manage finances
Part B: Course Detail
Teaching Period: Term1 2017
Course Code: ACCT5365C
Course Title: Manage finances
School: 650T Vocational Business Education
Campus: City Campus
Program: C6155 - Advanced Diploma of Marketing and Communication
Course Contact: Julia Makin
Course Contact Phone: +61 3 99255175
Course Contact Email: Julia.makin@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Nominal Hours: 80
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 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. It covers all areas of broad financial management. In a larger organisation this work would be supported by specialists in financial management.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBFIM601 Manage finances |
Element: |
1 Plan for financial management |
Performance Criteria: |
1.1 Review and analyse previousfinancial data to establish areas which have generated a profit or loss 1.2 Undertake research to review reasons for previous profit and loss 1.3 Review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle 1.4 Analyse cash flow trends 1.5 Review statutory requirements for compliance and liabilities for tax 1.6 Review existing software and its suitability for financial management |
Element: |
2 Establish budgets and allocate funds |
Performance Criteria: |
2.1 Use previous financial data to determine allocations for resources 2.2 Make informed estimates of new items for inclusion in budget 2.3 Prepare budgets in accordance withorganisational requirements and statutory requirements |
Element: |
3 Implement budgets |
Performance Criteria: |
3.1 Circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations 3.2 Manage risks by checking there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions 3.3 Review profit and loss statements, cash flows and ageing summaries 3.4 Revise budgets, as required, to deal with contingencies 3.5 Maintain audit trails to ensure accurate tracking and to identifydiscrepanciesbetween agreed and actual allocations 3.6 Ensure compliance with due diligence |
Element: |
4 Report on finances |
Performance Criteria: |
4.1 Ensure structure andformat of reports are clear and conform to organisational and statutory requirements 4.2 Identify and prioritise significant issuesin statements, including comparative financial performances for review and decision making 4.3 Preparerecommendations to ensure financial viability of the organisation 4.4 Evaluate the effectiveness of financial management processes |
Learning Outcomes
Upon completion of this course students shroud be able to plan for financial management, establish and implement budgets and report on finances for an organisation.
Details of Learning Activities
A range of in class activities, discussion activities/exercises and face to face delivery will provide a range of learning and teaching experiences for students.
Teaching Schedule
Week |
Week Commencing |
Topics |
Assessment |
1 |
6 Feb |
Course overview – Manage Finances |
|
2 |
13 Feb |
Spreadsheet, basic accounting concepts, key financial terms |
|
3 |
20 Feb |
Finance knowledge for business set-up |
|
4 |
27 Feb |
Financial analysis and statements #1 |
|
5 |
6 Mar |
Financial analysis and statements #2 |
|
6 |
13 Mar |
1.Statutory compliances & accounting computer systems 2. Student consultation session - Assess.1 |
Assessment 1 due 19 Mar. Sun. 11.59pm |
7 |
20 Mar |
Developing budgets #1
|
|
8 |
27 Mar |
Developing budgets #2 |
|
9 |
3 Apr |
Implement budgets and contingency plans |
|
10 |
10 Apr |
Review and evaluate financial management processes |
|
|
13 Apr to 19 Apr |
Mid-Semester Break |
|
10 |
20 Apr |
Review and evaluate financial management processes |
|
11 |
24 Apr |
Recommendations for financial viability of the organization |
|
12 |
1 May |
Student consultation session - Assess.2 |
|
13 |
8 May |
Revision for Final assessment - Written Test |
Assessment 2 due 14 May Sun. 11.59pm |
14 |
15 May |
Final assessment - Test (Assessment 3) |
Assessment 3
|
15 |
22 May |
Interviews/ Portfolio of evidence (if applicable) |
|
16 |
29 May |
Final resubmissions and assessment feedback |
|
Learning Resources
Prescribed Texts
References
Other Resources
Overview of Assessment
Overview of Assessment
In order to achieve competency in this unit, you must provide the following performance and Knowledge evidence:
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.
Assessment Tasks
Assessment 1
Assessment Task 1 – Basic accounting and financial exercises/activities
Date handed out: Week 1
Date and time due: Week 6 (19 Mar. 2017: Sun.11.59pm.)
Group or Individual: Individual submission of 2 out of 9 activities completed as a group of max. 4 students
This assignment will allow you to demonstrate an understanding of how to understand the different aspects of basic accounting and financial knowledge.
Requirements:
You will need to undertake a set of activities. Each student in the group will take responsibility for completion of 2 unique activities for that group. As a group, students will be required to research or finalize answers to a set of activities which analyses basic financial knowledge. Minimum word limit for each question is 500 words. Only include key points. Each activity/exercise must have it’s own reference section. Include a reference page. The completed answers are to be submitted electronically via Blackboard.
Assessment 2
Assessment Task 2 – The Business Plan Report
Date handed out: Week 4
Date and time due: Week 13 (14 May 2017: Sun.11.59pm.)
Group or Individual: Groups of no more than 4 students
Purpose:
This assignment will allow you to demonstrate the preparation of different types of budgets and financial statements.
Requirements:
The second assessment tasks will require students to submit the working and answers to various types of budgets and financial statements namely, Cash flow projections, Profit & loss statements and Balance Sheet. The budgets will include revenue/sales budget and operational budgets such as production budget, purchases budget, staffing budget, administration budget and operating expense budget. The report should not exceed 2,500 words.
Assessment 3
Assessment Task 3 – Final assessment test (And interviews if applicable)
Date handed out: Week 14
Date and time due: Week 14
Group or Individual: Individual assessment
Purpose:
This assessment will require students to demonstrate an overall understanding of all the elements of the unit and contributes to the learning objectives of this competency.
Requirements:
The third assessment tasks will require students to undertake a written test. Students must bring along a pen (blue or black ink only), pocket calculator, pencil, ruler and rubber eraser.
Students may need to attend an oral supplementary interview in week 15 if they fail to obtain a CAG grade in their final test.
Assessment Matrix
Course Overview: Access Course Overview