Course Title: Develop and manage financial systems
Part B: Course Detail
Teaching Period: Term2 2018
Course Code: ACCT5394C
Course Title: Develop and manage financial systems
School: 650T Vocational Business Education
Campus: City Campus
Program: C6148 - Advanced Diploma of Accounting
Course Contact: Doug Gourlay
Course Contact Phone: +61 3 9925 5944
Course Contact Email: doug.gourlay@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Nurjis Sethi
nurjis.sethi@rmit.edu.au
Nominal Hours: 60
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
There are no pre-requisites for this unit.
Course Description
This unit describes the skills and knowledge required to strategically manage finances directly linked to organisational performance as defined in a strategic plan. It includes designing systems to accommodate accounting, budgeting, cash flow analysis and financial planning for a small organisation or a business unit of a large organisation.
It applies to individuals in positions of responsibility who use a range of specialist and managerial techniques to assess requirements, and prepare, plan and review their work and that of others.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSORG602 Develop and manage financial systems |
Element: |
1. Establish financial system requirements |
Performance Criteria: |
1.1 Consult relevant stakeholders and analyse existing financial plans to determine financial system requirements for efficient financial administration 1.2 Identify and record reporting and procedural requirements that affect the organisation for future reference 1.3 Include satisfactory security mechanism for internal financial audit controls in system specifications 1.4 Identify risks to financial viability and cost contingency strategies to manage risk |
Element: |
2. Design financial management systems |
Performance Criteria: |
2.1 Access sources of competent assistance and use advice to secure financial records and assets 2.2 Ensure financial management system design provides accurate and timely information about organisation’s transactions, working capital and cash flow 2.3 Identify, acquire and implement installation of equipment and software needed for operation of system to support organisation’s transactions 2.4 Ensure financial reporting requirements are known and used by relevant personnel 2.5 Ensure established financial reports provide accurate and timely data required for financial decision making 2.6 Produce agreed schedules of account recording and reconciliation systems at regular intervals that support organisation’s service provision and business decisions 2.7 Ensure mechanisms for review of terms of trade and fee structures are suited to organisation’s needs and meet industry standards 2.8 Prepare financial reports at regular intervals in required format to meet external audit requirements |
Element: |
3. Prepare and review financial plans |
Performance Criteria: |
3.1 Link financial plans to reviews of organisation’s strategic business plan to enable timely financial adjustments 3.2 Maintain probity in planning and implementation of financial management activities 3.3 Ensure financial plans provide reasonable basis for budgeting and ongoing financial management of organisation |
Element: |
4. Monitor and review financial reporting systems |
Performance Criteria: |
4.1 Use financial reporting systems to evaluate organisational performance against agreed performance indicators, and enable timely adjustments to be made to business investments 4.2 Monitor financial reports and systems to ensure ease of use by staff authorised to manage organisation’s finances |
Learning Outcomes
Details of Learning Activities
The program will require approx four hours per week.
There will be 3 assessments.
You should look at first the ‘Welcome and Orientation’ module and ‘Assignments’ area in Canvas. You should be aware of assessment due dates as you progress through the semester.
Be sure to refer to myRMIT and myTimetable to be organised for Week 1 and locating classes.
During the course you will learn the skills and knowledge required to strategically manage finances directly linked to organisational performance as defined in a strategic plan. It includes designing systems to accommodate accounting, budgeting, cash flow analysis and financial planning for a small organisation or a business unit of a large organisation.
Teaching Schedule
*please note this schedule can be subject to change and any changes will be notified via CANVAS
Develop and Manage Accounting Systems |
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Weekly Schedule |
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Week No. |
Date Week Begins |
Topic: |
Activities and tasks |
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|
|
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1 |
02/07/2018 |
Outline of course, Introduction to the accounting system, ethics |
|
2 |
09/07/2018 |
Establish financial system requirements |
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3 |
16/07/2018 |
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4 |
23/07/2018 |
Design financial management systems |
Prac placement assessment issued |
5 |
30/07/2018 |
Design financial management systems |
Quiz 1 |
6 |
06/08/2018 |
Spreadsheet design and other uses |
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7 |
13/08/2018 |
Accounting software |
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8 |
20/08/2018 |
Prepare and review financial plans |
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27/8/2018 |
Prac Placement (WIL) 5 days plus another 5 days in other weeks |
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9 |
03/09/2018 |
Prepare and review financial plans |
|
10 |
10/09/2018 |
Prepare and review financial plans |
|
11 |
17/09/2018 |
Monitor and review financial reporting system |
Assessment 2 due |
12 |
24/09/2018 |
Monitor and review financial reporting system |
|
13 |
01/10/2018 |
Final Assessment |
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14 |
8/10/2018 |
Final Assessment |
Assessment 3 due (project) |
15 |
15/10/2018 |
Class Presentations
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22/10/2018 |
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Resits if requried |
Learning Resources
Prescribed Texts
References
Other Resources
There is no set text for this course
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
Evidence of the ability to:
- determine organisational requirements and design parameters for a financial system
- undertake risk assessment, evaluation and management of financial reporting
- comply with relevant statutory, regulatory, professional and practice requirements
- apply costing and budgeting techniques and tools
Knowledge Evidence
To complete the unit requirements safely and effectively, you must:
- explain the key requirements of legislation and regulations relevant to managing financial systems including:
- finance
- taxation
- trust accounts
- trade practices
- security requirements
- ethical requirements
- explain accounting and bookkeeping practices required for financial control
- outline the key features to be considered in financial system design
- explain the key features of organisational administrative systems and practices
- explain cost-benefit analysis
- outline reporting and auditing requirements for business
- explain the types and characteristics of systems, technology and software required to manage the functions of an organisation
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the organisational skills field of work and include access to:
- common office equipment, technology, software and consumables
- an integrated financial software system and data
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
Assessments-
Online Quiz
Assessment 1
Assessment 2
Please note *
The Teacher or Course Coordinator may request anytime to ask students to demonstrate and/or reproduce assessments to validate authenticity.
AND
Students must get competency in all the assessment tasks in order to obtain competency in this course.
Assessment Matrix
Course Overview: Access Course Overview