Course Title: Manage budgets and financial plans

Part B: Course Detail

Teaching Period: Term2 2023

Course Code: ACCT5437C

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: Melbourne Cricket Education Academy

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

SamMenai Course Leader

sam.menai@rmit.edu.au

 

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

Cluster Name

Finance & resources management

  

Unit 1

ACCT5434C - Manage budgets & financial plans

  

Unit 2

BUSM6517C - Manage business resources

  

Week No

Topics

Assessment Tasks

Week 1
  • 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
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Interactive Activities
  • Chapter case study if required
  

Week 2

Understanding and clarifying budgets and financial plans

  • Developing budgets and financial plans
  • Budget preparation – service organisation
  • Budget preparation – trading organisation
  • Budget preparation manufacturing organisation
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Chapter case study
  • Interactive Activities

 

Week 3

Accounting and business concepts

  • Identifying business operations and structures
  • Accounting concepts and the Accounting equation
  • Understanding and interpreting financial reports
  • Legislation and regulatory framework in the context of resource management and ATO requirement
  • Compliance and financial record keeping
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Interactive Activities
  • Chapter case study

 

Week 4

Analysing 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
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Chapter case study
  • Interactive Activities
  

Week 5

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
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Chapter case study
  • Interactive Activities

 

Week 6

Financial Performance and Measurement

  • The purpose of ratio anlysis
  • Interpretation and presentation of ratios analysis
  • Classification of ratios
  • Limitation of ratio analysis
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Chapter case study
  • Interactive Activities

 

 

Week 7

Evaluating the financial management process

  • Continuous improvement of financial management
  • Improving performance reporting
  • Improving organisational performance
  • Implementing and monitoring improvements
  • Financial analysis/Ratio analysis
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Interactive Activities
  • Chapter case study
  

Week 8

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
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Chapter case study
  • Interactive Activities

 

Week 9

International business and risk management

  •  Introduction to business risk
  • Economical risk
  • Financial risk
  • Political risk
  • Foreign exchange rates risk
  • Tariffs and quotas
  • Risk management options
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Chapter case study
  • Interactive Activities

 

Week 10

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 Organisation
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Interactive Activities
  • Chapter case study

 

 

Week 11

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
  • Complete activities available on canvas
  • Review questions
  • Self-quiz
  • Chapter case study
  • Interactive Activities

 

Week 12

Evaluating resources when running a project

  • Continuous improvement of financial management
  • Improving performance reporting
  • Improving organisational performance
  • Implementing and monitoring improvements
  • Financial analysis/Ratio analysis
  • Complete activities available on canvas
  • Interactive Activity
  • Review questions
  • Self-quiz

 

Week 13

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
  • Complete activities available on canvas
  • Review questions
  • Interactive Activities
  • Self-quiz

 

Week 14

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
  • Complete activities available on canvas
  • Interactive Activities
  • Review questions

 

Week 15

Assessment task 3 draft review and feedback session

  • This session will be dedicated to support, 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. 
  

Week 16

Resit – Resubmit and feedback session

  
 
  • This session will be dedicated to support, peer review, feedback, and recommendation regarding the quality of students' submissions.

 

 

 

    


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 4 parts (Continuous assessment) 

Due Date: multiple dates: week 3, 5, 7 and 9

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 legislation.

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 11 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 15 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:

https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment

 

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