BSBFIN501

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.

Topics:

  1. Plan financial management approaches
  2. Implement and monitor financial management plans
  3. Review and evaluate financial management plans

Upon successful completion of this unit, you will:

  • manage the budget and financial plan of an organisation for one reporting period.

In the course of the above, you 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.

 

Nominal hours = 70