BSBSMB421

This unit describes the skills and knowledge required to implement and review financial management strategies on a regular basis, including by using new and emerging digital technologies.

It applies to individuals who operate a small business that stands alone, or that is part of a department within a larger organisation. Individuals in this role interpret financial reports and other numerical data to develop financial management strategies.

Topics:

  1. Implement financial strategy
  2. Monitor financial performance

Upon successful completion of this unit, you will:

  • manage the business according to financial goals, including:
    • adhering to legal requirements
    • produce relevant financial projections, including cash flow estimates
    • secure and manage business capital
    • defining strategies for debt collection and contingencies for debtors
    • managing cash flow
    • defining key performance indicators
    • communicating with relevant people
    • seeking specialist services where required
  • monitor the business against financial plan and make changes as required
  • identify opportunities to implement new and emerging digital technologies to support the financial management of the business.

Demonstrate knowledge of:

  • benchmarking
  • financial decision-making relevant to the business
  • significant financial indicators
  • purposes of financial reports
  • balance sheet preparation and interpretation
  • debt collection procedures or strategies
  • profit and loss statement preparation and interpretation
  • stock records and stock control relevant to the business.

Nominal Hours: 60