Assessor Resource

BSBFIM601
Manage finances

Assessment tool

Version 1.0
Issue Date: April 2024


This unit describes the skills and knowledge required to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to financial bids and estimates, allocating funds, managing budgets and reporting on financial activity.

It applies to individuals who have managerial responsibilities which include overseeing the management of financial and other resources across a business unit, a series of business units or teams, or an organisation. It covers all areas of broad financial management. In a larger organisation this work would be supported by specialists in financial management.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Plan for financial management

1.1 Review and analyse previousfinancial data to establish areas which have generated a profit or loss

1.2 Undertake research to review reasons for previous profit and loss

1.3 Review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle

1.4 Analyse cash flow trends

1.5 Review statutory requirements for compliance and liabilities for tax

1.6 Review existing software and its suitability for financial management

2 Establish budgets and allocate funds

2.1 Use previous financial data to determine allocations for resources

2.2 Make informed estimates of new items for inclusion in budget

2.3 Prepare budgets in accordance withorganisational requirements and statutory requirements

3 Implement budgets

3.1 Circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations

3.2 Manage risks by checking there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions

3.3 Review profit and loss statements, cash flows and ageing summaries

3.4 Revise budgets, as required, to deal with contingencies

3.5 Maintain audit trails to ensure accurate tracking and to identifydiscrepanciesbetween agreed and actual allocations

3.6 Ensure compliance with due diligence

4 Report on finances

4.1 Ensure structure andformat of reports are clear and conform to organisational and statutory requirements

4.2 Identify and prioritise significant issuesin statements, including comparative financial performances for review and decision making

4.3 Preparerecommendations to ensure financial viability of the organisation

4.4 Evaluate the effectiveness of financial management processes

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Plan for financial management

1.1 Review and analyse previousfinancial data to establish areas which have generated a profit or loss

1.2 Undertake research to review reasons for previous profit and loss

1.3 Review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle

1.4 Analyse cash flow trends

1.5 Review statutory requirements for compliance and liabilities for tax

1.6 Review existing software and its suitability for financial management

2 Establish budgets and allocate funds

2.1 Use previous financial data to determine allocations for resources

2.2 Make informed estimates of new items for inclusion in budget

2.3 Prepare budgets in accordance withorganisational requirements and statutory requirements

3 Implement budgets

3.1 Circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations

3.2 Manage risks by checking there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions

3.3 Review profit and loss statements, cash flows and ageing summaries

3.4 Revise budgets, as required, to deal with contingencies

3.5 Maintain audit trails to ensure accurate tracking and to identifydiscrepanciesbetween agreed and actual allocations

3.6 Ensure compliance with due diligence

4 Report on finances

4.1 Ensure structure andformat of reports are clear and conform to organisational and statutory requirements

4.2 Identify and prioritise significant issuesin statements, including comparative financial performances for review and decision making

4.3 Preparerecommendations to ensure financial viability of the organisation

4.4 Evaluate the effectiveness of financial management processes

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Review and analyse previousfinancial data to establish areas which have generated a profit or loss 
Undertake research to review reasons for previous profit and loss 
Review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle 
Analyse cash flow trends 
Review statutory requirements for compliance and liabilities for tax 
Review existing software and its suitability for financial management 
Use previous financial data to determine allocations for resources 
Make informed estimates of new items for inclusion in budget 
Prepare budgets in accordance withorganisational requirements and statutory requirements 
Circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations 
Manage risks by checking there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions 
Review profit and loss statements, cash flows and ageing summaries 
Revise budgets, as required, to deal with contingencies 
Maintain audit trails to ensure accurate tracking and to identifydiscrepanciesbetween agreed and actual allocations 
Ensure compliance with due diligence 
Ensure structure andformat of reports are clear and conform to organisational and statutory requirements 
Identify and prioritise significant issuesin statements, including comparative financial performances for review and decision making 
Preparerecommendations to ensure financial viability of the organisation 
Evaluate the effectiveness of financial management processes 

Forms

Assessment Cover Sheet

BSBFIM601 - Manage finances
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I declare that the assessment tasks submitted for this unit are my own work.

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Result: Competent Not yet competent

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Assessment Record Sheet

BSBFIM601 - Manage finances

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Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

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Overall assessment result: Competent Not yet competent

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