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Elements and Performance Criteria

1. Prepare/receive invoices
   • Access, interpret and apply financial record documentation and ensure the work activity is compliant
   • Estimate all job components accurately
   • Present financial data and record quotations
   • Levy charges according to services, and render accounts to clients
   • Promptly and accurately prepare invoices to help ensure desired cash flow
   • Verify accounts received for accuracy and pay promptly
2. Maintain cost records
   • Maintain financial controls and accountability
   • Record all costs in writing promptly, legibly and accurately
3. Prepare reports on variances from cost estimates
   • Analyse cost records to detect variances/reasons for variances
   • Compare final costing with original job tender
   • Prepare reports in accordance with organisation format
4. Monitor financial performance
   • Determine and maintain strategies for managing budget against actual performance
   • Determine and calculate cost to enterprise requirements
   • Complete reporting and pricing records
   • Produce financial reports in a clear and timely manner for distribution to relevant stakeholders

Performance Evidence

Evidence is required to be collected that demonstrates a candidate’s competency in this unit. Evidence must be relevant to the roles within this sector’s work operations and satisfy all of the requirements of the performance criteria of this unit and include evidence that the candidate:

locates and applies relevant legislation, documentation, policies and procedures

demonstrates completion of managing financial records that safely, effectively and efficiently meets all of the required outcomes on more than one (1) occasion including:

identifying and accessing financial data

organising financial data to highlight relevant features

presenting financial data and record quotations in comprehensive format

liaising with suppliers and end users of purchases

preparing and processing invoices

analysing and assessing expenditure

calculating data and to reconcile figures

interpreting and balancing a budget

maintaining financial records

estimating and calculating time/costs for repairing, replacing and servicing site equipment

preparing a written financial report

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Knowledge Evidence

The candidate must demonstrate knowledge managing financial records through:

complying with codes of ethics and conduct

understanding of provisions of relevant legislation affecting business operations, codes of practice and national standards

complying with organisation policy and procedures relating to:

service delivery, quotation and payment policies and procedures

standard contracting arrangements

employing purchasing and procurement principles for:

accountability

probity and transparency

risk management

value for money

complying with federal government taxes and charges

maintaining record keeping systems

following budgeting procedures

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