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 for financial management

1.1 Review and analyse previous financial data to establish areas which have generated a profit or loss

1.2 Undertake research to review reasons for previous profit and loss

1.3 Review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle

1.4 Analyse cash flow trends

1.5 Review statutory requirements for compliance and liabilities for tax

1.6 Review existing software and its suitability for financial management

2 Establish budgets and allocate funds

2.1 Use previous financial data to determine allocations for resources

2.2 Make informed estimates of new items for inclusion in budget

2.3 Prepare budgets in accordance with organisational requirements and statutory requirements

3 Implement budgets

3.1 Circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations

3.2 Manage risks by checking there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions

3.3 Review profit and loss statements, cash flows and ageing summaries

3.4 Revise budgets, as required, to deal with contingencies

3.5 Maintain audit trails to ensure accurate tracking and to identify discrepancies between agreed and actual allocations

3.6 Ensure compliance with due diligence

4 Report on finances

4.1 Ensure structure and format of reports are clear and conform to organisational and statutory requirements

4.2 Identify and prioritise significant issues in statements, including comparative financial performances for review and decision making

4.3 Prepare recommendations to ensure financial viability of the organisation

4.4 Evaluate the effectiveness of financial management processes

Skill 

Performance 

Criteria 

Description 

Reading

1.1-1.6, 2.1-2.3, 3.2-3.5, 4.1-4.4

• Interprets, analyses and evaluates complex information to determine and adhere to organisational or legislative requirements and to assist with financial decision making

Writing

1.1-1.6, 2.1- 2.3, 3.1-3.5, 4.1-4.3

• Develops and records information which incorporates a detailed analysis of factual and forecasted information
• Prepares documents using format, content and layout appropriate to audience, purpose and regulatory requirements

Oral Communication

3.1

• Explains financial decisions and outcomes clearly and uses listening and questioning techniques to exchange information and obtain agreement

Numeracy

1.1-1.6, 2.1-2.3, 3.2-3.5, 4.1-4.2

• Reviews and analyses numerical data embedded in organisational documentation and legislation
• Compares and contrasts complex numerical data to analyse and evaluate financial position and processes.
• Uses appropriate formulae to analyse financial data to assess and manage risk and identify discrepancies

Navigate the world of work

1.5, 2.3, 3.6, 4.1

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

Interact with others

3.1

• Selects and uses appropriate conventions and protocols when communicating with supervisors and managers to share information or seek agreement

Get the work done

1.1-1.6, 2.1-2.3, 3.1-3.5, 4.1-4.4

• Uses logical processes in planning, implementing and evaluating complex tasks to achieve stated goals
• Uses formal analytical thinking techniques to identify issues, investigate underlying causes and generate possible solutions, seeking input from others as required
• Uses a range of digital technology to access, filter, compile, integrate and logically present complex information from multiple sources
• Investigates new digital technologies and applications to manage and manipulate data

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBFIM601 Manage finances

BSBFIM601A Manage finances

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.