Assessment Requirements for BSBESB403 Plan finances for new business ventures

Release: 1

Assessment Requirements for BSBESB403 Plan finances for new business ventures

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:

develop at least one financial plan that addresses financial requirements of a business or new business venture, including cash flow projections and a projected profit statement.

In the course of the above, the candidate must demonstrate that the plan:

reflects legal requirements applicable to business

includes strategies to monitor financial performance of business.

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:

legislative and regulatory requirements relating to business described in performance evidence

process for conducting breakeven analyses

workplace procedures for:

costing for the business, including margin or markup, charge-out rates and unit costs

setting profit targets

identifying sources and investigating costs of securing appropriate financial assistance

methods and relative costs of obtaining finance

principles and procedures for preparing:

balance sheets

cash flow forecasts

profit and loss statements

financial plans

purpose of financial reports

accounting terminology required when planning finances for new business ventures

methods for analysing working capital cycles.

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:

software for financial calculations

legislation and regulations relating to business described in performance evidence

workplace documentation and resources relevant to performance evidence.

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