Course Title: Manage budgets and financial plans
Part A: Course Overview
Program: C5391 Diploma of Leadership and Management
Course Title: Manage budgets and financial plans
Portfolio: Vocational Education
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.Important Information:
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Terms
Course Code |
Campus |
Career |
School |
Learning Mode |
Teaching Period(s) |
ACCT5367C |
City Campus |
TAFE |
650T Vocational Business Education |
Face-to-Face or Internet or Workplace |
Term2 2019, Term2 2020, Term2 2021 |
Course Contact: Allan Maree
Course Contact Phone: +61 3 9925 1601
Course Contact Email: allan.maree@rmit.edu.au
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.
Pre-requisite Courses and Assumed Knowledge and Capabilities
None
National Competency Codes and Titles
National Element Code & Title: |
BSBFIM501 Manage budgets and financial plans |
Elements: |
1 Plan financial management approaches 2 Implement financial management approaches 3 Monitor and control finances 4 Review and evaluate financial management processes |
Learning Outcomes
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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.