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Unit of competency details

BSBFIM501 - Manage budgets and financial plans (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBFIM501A - Manage budgets and financial plansUpdated to meet Standards for Training Packages 24/Mar/2015

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 25/Mar/2015


Accredited courses that have this unit in the completion mapping

CodeTitleSort Table listing Accredited courses that have this unit in the completion mapping by the Title column
22525VIC - Advanced Diploma of Business (Public Relations)Advanced Diploma of Business (Public Relations) 
10833NAT - Diploma of Contract ManagementDiploma of Contract Management 
10820NAT - Diploma of Leadership in Healthcare PracticeDiploma of Leadership in Healthcare Practice 
10810NAT - Diploma of Golf Management Diploma of Golf Management  
10733NAT - Diploma of Entrepreneurship and InnovationDiploma of Entrepreneurship and Innovation 
10707NAT - Diploma of Youth and Community Work (Christian)Diploma of Youth and Community Work (Christian) 
10649NAT - Advanced Diploma of MinistryAdvanced Diploma of Ministry 
10617NAT - Advanced Diploma of PolicingAdvanced Diploma of Policing 
10615NAT - Graduate Diploma of VET Quality and Compliance ManagementGraduate Diploma of VET Quality and Compliance Management 
10608NAT - Diploma of Leadership (insert stream)Diploma of Leadership (insert stream) 
10546NAT - Diploma of Construction Material TestingDiploma of Construction Material Testing 
10459NAT - Diploma of Golf ManagementDiploma of Golf Management 
10140NAT - Diploma of Food Safety Quality Assurance ManagementDiploma of Food Safety Quality Assurance Management 
10118NAT - Diploma of Social Media MarketingDiploma of Social Media Marketing 
10036NAT - Diploma of Ministry (Insert Stream)Diploma of Ministry (Insert Stream) 

Training packages that include this unit

CodeTitleSort Table listing Training packages that include this unit by the Title columnRelease
UET - Transmission, Distribution and Rail SectorTransmission, Distribution and Rail Sector 1.0 
TLI - Transport and Logistics Training PackageTransport and Logistics Training Package 1.0-5.1 
SIS10 - Sport, Fitness and Recreation Training PackageSport, Fitness and Recreation Training Package 3.1 
SIS - Sport, Fitness and Recreation Training PackageSport, Fitness and Recreation Training Package 1.0-4.0 
SIF - Funeral ServicesFuneral Services 2.1 
SFI - Seafood IndustrySeafood Industry 1.0 
RII - Resources and Infrastructure Industry Training PackageResources and Infrastructure Industry Training Package 2.0-3.0 
RGR - Racing and Breeding Training PackageRacing and Breeding Training Package 2.0-3.0 
NWP - National Water Training PackageNational Water Training Package 1.0-2.0 
MSM - Manufacturing Training PackageManufacturing Training Package 1.0-5.0 
ICT - Information and Communications TechnologyInformation and Communications Technology 2.0-5.0 
HLT - HealthHealth 2.0-4.1 
FWP - Forest and Wood Products Training PackageForest and Wood Products Training Package 1.0-4.0 
FNS - Financial Services Training PackageFinancial Services Training Package 1.0-3.1 
DEF - Defence Training PackageDefence Training Package 1.0-2.2 
CUA - Creative Arts and Culture Training PackageCreative Arts and Culture Training Package 2.0-4.1 
CPP07 - Property Services Training PackageProperty Services Training Package 14.4-14.5 
CPP - Property Services Training PackageProperty Services Training Package 3.0-9.0 
CPC08 - Construction, Plumbing and Services Training PackageConstruction, Plumbing and Services Training Package 9.3-9.6 
CHC - Community ServicesCommunity Services 2.0-3.0 
BSB - Business Services Training PackageBusiness Services Training Package 1.0-5.0 
AUR - Automotive Retail, Service and Repair Training PackageAutomotive Retail, Service and Repair Training Package 3.0-5.0 
AMP - Australian Meat Processing Training PackageAustralian Meat Processing Training Package 1.0-4.0 
AHC - Agriculture, Horticulture and Conservation and Land Management Training PackageAgriculture, Horticulture and Conservation and Land Management Training Package 1.0-4.0 

Qualifications that include this unit

CodeTitleSort Table listing Qualifications that include this unit by the Title columnRelease
UET60319 - Advanced Diploma of ESI - Power Systems OperationsAdvanced Diploma of ESI - Power Systems Operations 
UET60219 - Advanced Diploma of ESI - Power SystemsAdvanced Diploma of ESI - Power Systems 
UET50319 - Diploma of ESI - Power Systems OperationsDiploma of ESI - Power Systems Operations 
UET50219 - Diploma of ESI - Power SystemsDiploma of ESI - Power Systems 
TLI60215 - Advanced Diploma of Deployment LogisticsAdvanced Diploma of Deployment Logistics 1-2 
TLI60115 - Advanced Diploma of Materiel LogisticsAdvanced Diploma of Materiel Logistics 1-2 
TLI50816 - Diploma of Customs BrokingDiploma of Customs Broking 
TLI50515 - Diploma of Deployment LogisticsDiploma of Deployment Logistics 1-2 
TLI50316 - Diploma of International Freight ForwardingDiploma of International Freight Forwarding 1-2 
TLI50215 - Diploma of Materiel LogisticsDiploma of Materiel Logistics 1-2 
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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  30/Jul/2015 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

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

Application

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.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Finance - Financial Management

Elements and Performance Criteria

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

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

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

Unit Mapping Information

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

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

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

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.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual 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 financiall 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.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10