Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Plan financial management approaches

1.1 Access budget/financial plans for the work team

1.2 Clarify budget/financial plans with relevant personnel within the organisation to ensure that documented outcomes are achievable, accurate and comprehensible

1.3 Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation

1.4 Prepare contingency plans in the event that initial plans need to be varied

2 Implement financial management approaches

2.1 Disseminate relevant details of the agreed budget/financial plans to team members

2.2 Provide support to ensure that team members can competently perform required roles associated with the management of finances

2.3 Determine and access resources and systems to manage financial management processes within the work team

3 Monitor and control finances

3.1 Implement processes to monitor actual expenditure and to control costs across the work team

3.2 Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns

3.3 Implement, monitor and modify contingency plans as required to maintain financial objectives

3.4 Report on budget and expenditure in accordance with organisational protocols

4 Review and evaluate financial management processes

4.1 Collect and collate for analysis, data and information on the effectiveness of financial management processes within the work team

4.2 Analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes

4.3 Implement and monitor agreed improvements in line with financial objectives of the work team and the organisation

Skill 

Performance 

Criteria 

Description 

Reading

1.1, 1.2, 2.1, 2.3, 3.1-3.4, 4.2, 4.3

• Interprets and analyses information to determine activities required

Writing

1.1, 1.4, 4.1-4.3

• Records information in correct forms and prepares materials which convey detailed and factual content in accordance with internal procedures

Oral Communication

1.2, 1.3, 2.1-2.3

• Presents information about financial issues and requirements to a range of audiences using structure and language to suit the audience
• Uses active listening and questioning to clarify information and to confirm understanding

Numeracy

1.1-1.3, 2.1-2.3, 3.1-3.4, 4.1-4.3

• Uses a wide range of mathematical calculations to analyse numeric information in budgets or financial plans

Navigate the world of work

2.2, 3.3, 3.4, 4.3

• Recognises, understands and adheres to organisational requirements in undertaking own work

Interact with others

1.2, 1.3, 2.1, 2.2, 3.1, 2.3, 4.2, 4.3

• Uses a range of strategies to connect, collaborate and cooperate with other work colleagues in activities requiring collective effort and diverse skills and knowledge

Get the work done

1.1, 1.4, 2.3, 3.1-3.4, 4.1-4.3

• Uses logical processes in planning, implementing and evaluating complex tasks and developing alternative strategies in achieving goals and timelines
• Uses a range of digital technologies to access, filter, compile, integrate and logically present complex information from multiple sources

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBFIM501 Manage budgets and financial plans

BSBFIM501A Manage budgets and financial plans

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

This version first released with Business Services Training Package Version 1.0.