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Unit of competency details

BSBFIN501 - Manage budgets and financial plans (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBFIM501 - Manage budgets and financial plans 18/Oct/2020
Supersedes BSBGOV403 - Analyse financial reports and budgets 18/Oct/2020

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 19/Oct/2020


Training packages that include this unit

CodeSort Table listing Training packages that include this unit by the Code columnTitleSort Table listing Training packages that include this unit by the Title columnRelease
SFI - Seafood IndustrySeafood Industry 2.0 
NWP - National Water Training PackageNational Water Training Package 4.0-4.3 
UET - Transmission, Distribution and Rail SectorTransmission, Distribution and Rail Sector 2.0 
FNS - Financial Services Training PackageFinancial Services Training Package 5.0-6.2 
TLI - Transport and Logistics Training PackageTransport and Logistics Training Package 9.0 
AHC - Agriculture, Horticulture and Conservation and Land Management Training PackageAgriculture, Horticulture and Conservation and Land Management Training Package 6.0-6.2 
DEF - Defence Training PackageDefence Training Package 4.0-4.1 
CUA - Creative Arts and Culture Training PackageCreative Arts and Culture Training Package 5.0-5.1 
CPP - Property Services Training PackageProperty Services Training Package 11.0-14.0 
RII - Resources and Infrastructure Industry Training PackageResources and Infrastructure Industry Training Package 6.0-7.1 
AMP - Australian Meat Processing Training PackageAustralian Meat Processing Training Package 6.0 
BSB - Business Services Training PackageBusiness Services Training Package 7.0-7.2 
ACM - Animal Care and Management Training PackageAnimal Care and Management Training Package 4.0-4.1 

Qualifications that include this unit

CodeSort Table listing Qualifications that include this unit by the Code columnTitleSort Table listing Qualifications that include this unit by the Title columnRelease
CUA40220 - Certificate IV in Community CultureCertificate IV in Community Culture
FNS51220 - Diploma of Insurance BrokingDiploma of Insurance Broking1-2 
AMP50221 - Diploma of Meat ProcessingDiploma of Meat Processing
TLI50420 - Diploma of Materiel LogisticsDiploma of Materiel Logistics
RII40720 - Certificate IV in Civil ConstructionCertificate IV in Civil Construction1-2 
AHC60415 - Advanced Diploma of Conservation and Land ManagementAdvanced Diploma of Conservation and Land Management
CUA51020 - Diploma of Screen and MediaDiploma of Screen and Media1-2 
UET60221 - Advanced Diploma of ESI - Power SystemsAdvanced Diploma of ESI - Power Systems
NWP50118 - Diploma of Water Industry OperationsDiploma of Water Industry Operations3-4 
BSB50120 - Diploma of BusinessDiploma of Business
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Accredited courses that have this unit in the completion mapping

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  17/Dec/2020 
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Unit Of competency

Modification History

Release  

Comments  

Release 1

This version first released with BSB Business Services Training Package Version 7.0.

Application

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.

Unit Sector

Business Competence – Financial Literacy

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 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

2. Implement and monitor financial management plans

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

3. Review and evaluate financial management plans

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

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL 

DESCRIPTION 

Numeracy

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

Oral communication

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

Reading

  • Interprets and analyses information to determine activities required

Writing

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

Teamwork

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

Initiative and enterprise

  • Applies organisational requirements in undertaking own work

Planning and organising

  • Uses logical processes in planning, implementing and evaluating complex tasks and developing alternative strategies to achieve goals and timelines

Technology

  • Uses a range of digital technologies to access, filter, compile, integrate and logically present complex information from multiple sources

Unit Mapping Information

Supersedes and is equivalent to BSBFIM501 Manage budgets and financial plans.

Supersedes but is not equivalent to BSBGOV403 Analyse financial reports and budgets.

Links

Companion Volume Implementation Guide is found on 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 BSB Business Services Training Package Version 7.0.

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.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10