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:
- Implement financial strategy
- 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
