Unit of competency
Modification History
Not applicable.
Application
This unit describes the performance outcomes, skills and knowledge required to take responsibility for budget management where others may have developed the budget. It requires the ability to interpret budgetary requirements, allocate resources, monitor actual income and expenditure, and report on budgetary deviations.
The skills and knowledge for budget development are covered in SITXFIN010 Prepare and monitor budgets.
This unit applies to all tourism, travel, hospitality and event sectors. The budget may be for an entire organisation, for a department or for a particular project or activity. It applies to those people who operate independently or with limited guidance from others. This includes supervisors and departmental managers.
The skills in this unit must be applied in accordance with Commonwealth and State/Territory legislation, Australian/New Zealand standards and industry codes of practice.
No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.
Pre-requisite Unit
Nil
Competency Field
Finance
Unit Sector
Cross-Sector
Elements and Performance Criteria
|
ELEMENTS |
PERFORMANCE CRITERIA |
|
Elements describe the essential outcomes |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
|
1. Allocate budget resources. |
1.1. Allocate funds according to budget and agreed priorities. 1.2. Discuss changes to income and expenditure priorities with relevant colleagues prior to implementation. 1.3. Consult with and inform relevant personnel about resource decisions. 1.4. Promote awareness of the importance of budget control. 1.5. Maintain detailed records of resource allocation according to organisational control systems. |
|
2. Monitor financial activities against budget. |
2.1. Identify and use relevant financial records to check actual income and expenditure against budget. 2.2. Ensure accuracy of reference records for monitoring purposes. 2.3. Identify and report deviations according to significance of deviation. 2.4. Investigate appropriate options for more effective management of deviations. 2.5. Advise relevant colleagues of budget status in relation to targets. |
|
3. Identify and evaluate options for improved budget performance. |
3.1. Assess existing costs and resources and proactively identify areas for improvement. 3.2. Discuss desired budget outcomes with relevant colleagues. 3.3. Undertake appropriate research to investigate new approaches to budget management. 3.4. Define and communicate the benefits and disadvantages of new approaches. 3.5. Take account of impacts on customer service levels and colleagues in developing new approaches. 3.6. Present clear and logical recommendations for budget management. |
|
4. Complete financial and statistical reports. |
4.1. Complete financial and statistical reports within designated timelines. 4.2. Prepare and present clear and concise information to enable informed decision making. |
Foundation Skills
|
Foundation skills essential to performance in this unit, but not explicit in the performance criteria are listed here, along with a brief context statement. |
|
|
SKILLS |
DESCRIPTION |
|
Reading skills to: |
|
|
Writing skills to: |
|
|
Oral communication skills to: |
|
|
Numeracy skills to: |
|
|
Problem-solving skills to: |
|
|
Teamwork skills to: |
|
Unit Mapping Information
Supersedes and is equivalent to SITXFIN003 Manage finances within a budget.
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=68c40a93-e51d-4e0f-bc06-899dff092694
