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Elements and Performance Criteria

  1. Allocate budget resources.
  2. Monitor financial activities against budget.
  3. Identify and evaluate options for improved budget performance.
  4. Complete financial and statistical reports.

Performance Evidence

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

manage a budget for a business over a three-month period that meets the specific business’ needs

undertake at least two of the following to inform management of the above budget:

discussions with existing suppliers

evaluation of staffing and rostering requirements

evaluation of impact of potential roster changes

review of operating procedures

sourcing new suppliers

monitor income and expenditure and evaluate budgetary performance over the above budgetary life cycle

complete financial reports related to the above budget within designated timelines and using correct budget terminology.


Knowledge Evidence

Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:

types of financial records:

bank deposit documentation

bank statements

banking summaries

business activity statements

cheque books

credit card transaction statements

invoices

journal entries

labour and wages reports

merchant statements

merchant summaries

transaction reports

types of budgets:

cash budgets

cash flow budgets

departmental budgets

event budgets

project budgets

purchasing budgets

sales budgets

wage budgets

whole of organisation budgets

factors for consideration in the preparation of financial and statistical reports:

cash flow

commercial account activity

commission earnings

covers and financial return

daily, weekly and monthly transactions

expenditure

income

occupancy rates and financial return

performance of department, project and/or products and services

sales performance

sales returns

staff costs

stock levels

variance in income and/or expenditure

wastage

yield

use, contents of and formats for:

budgets

financial reports

statistical reports

budget terminology

specific industry sector and organisation:

use of budgets to control costs and enhance profitability

importance of budget control

techniques for maximising budget performance

financial reporting procedures and cycles

features and functions of accounting software programs used to manage budgets.