Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

SITXFIN003 Mapping and Delivery Guide
Manage finances within a budget

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency SITXFIN003 - Manage finances within a budget
Description
Employability Skills
Learning Outcomes and Application This unit describes the performance outcomes, skills and knowledge required to take responsibility for budget management where others may have developed the budget. It requires the ability to interpret budgetary requirements, allocate resources, monitor actual income and expenditure, and report on budgetary deviations.The skills and knowledge for budget development are covered in SITXFIN004 Prepare and monitor budgets.This unit applies to all tourism, travel, hospitality and event sectors. The budget may be for an entire organisation, for a department or for a particular project or activity.It applies to those who operate independently or with limited guidance from others. This includes supervisors and departmental managers.No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Skills must be demonstrated in an operational tourism, travel, hospitality or events business operation for which budgets are managed. This can be:

an industry workplace

a simulated industry environment.

Assessment must ensure access to:

computers, printers and accounting software packages

budgets for specific projects, events or operational activities

others with whom the individual can discuss budget components; these can be:

those in an industry workplace who are assisted by the individual during the assessment process; or

individuals who participate in role plays or simulated activities, set up for the purpose of assessment, in a simulated industry environment operated within a training organisation.

Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.
Prerequisites/co-requisites
Competency Field Finance
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Allocate budget resources.
  • Allocate funds according to budget and agreed priorities.
  • Discuss changes to income and expenditure priorities with appropriate colleagues prior to implementation.
  • Consult with and inform relevant personnel about resource decisions.
  • Promote awareness of the importance of budget control.
  • Maintain detailed records of resource allocation according to organisational control systems.
       
Element: Monitor financial activities against budget.
  • Use financial records to regularly check actual income and expenditure against budgets.
  • Include financial commitments in all documentation to ensure accurate monitoring.
  • Identify and report deviations according to significance of deviation.
  • Investigate appropriate options for more effective management of deviations.
  • Advise appropriate colleagues of budget status in relation to targets.
       
Element: Identify and evaluate options for improved budget performance.
  • Assess existing costs and resources and proactively identify areas for improvement.
  • Discuss desired budget outcomes with relevant colleagues.
  • Undertake appropriate research to investigate new approaches to budget management.
  • Define and communicate the benefits and disadvantages of new approaches.
  • Take account of impacts on customer service levels and colleagues in developing new approaches.
  • Present clear and logical recommendations for budget management.
       
Element: Complete financial and statistical reports.
  • Complete financial and statistical reports within designated timelines.
  • Prepare and present clear and concise information to enable informed decision making.
       


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.

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Allocate budget resources.

1.1.Allocate funds according to budget and agreed priorities.

1.2.Discuss changes to income and expenditure priorities with appropriate colleagues prior to implementation.

1.3.Consult with and inform relevant personnel about resource decisions.

1.4.Promote awareness of the importance of budget control.

1.5.Maintain detailed records of resource allocation according to organisational control systems.

2. Monitor financial activities against budget.

2.1.Use financial records to regularly check actual income and expenditure against budgets.

2.2.Include financial commitments in all documentation to ensure accurate monitoring.

2.3.Identify and report deviations according to significance of deviation.

2.4.Investigate appropriate options for more effective management of deviations.

2.5.Advise appropriate colleagues of budget status in relation to targets.

3. Identify and evaluate options for improved budget performance.

3.1.Assess existing costs and resources and proactively identify areas for improvement.

3.2.Discuss desired budget outcomes with relevant colleagues.

3.3.Undertake appropriate research to investigate new approaches to budget management.

3.4.Define and communicate the benefits and disadvantages of new approaches.

3.5.Take account of impacts on customer service levels and colleagues in developing new approaches.

3.6.Present clear and logical recommendations for budget management.

4. Complete financial and statistical reports.

4.1.Complete financial and statistical reports within designated timelines.

4.2.Prepare and present clear and concise information to enable informed decision making.

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.

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.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Allocate budget resources.

1.1.Allocate funds according to budget and agreed priorities.

1.2.Discuss changes to income and expenditure priorities with appropriate colleagues prior to implementation.

1.3.Consult with and inform relevant personnel about resource decisions.

1.4.Promote awareness of the importance of budget control.

1.5.Maintain detailed records of resource allocation according to organisational control systems.

2. Monitor financial activities against budget.

2.1.Use financial records to regularly check actual income and expenditure against budgets.

2.2.Include financial commitments in all documentation to ensure accurate monitoring.

2.3.Identify and report deviations according to significance of deviation.

2.4.Investigate appropriate options for more effective management of deviations.

2.5.Advise appropriate colleagues of budget status in relation to targets.

3. Identify and evaluate options for improved budget performance.

3.1.Assess existing costs and resources and proactively identify areas for improvement.

3.2.Discuss desired budget outcomes with relevant colleagues.

3.3.Undertake appropriate research to investigate new approaches to budget management.

3.4.Define and communicate the benefits and disadvantages of new approaches.

3.5.Take account of impacts on customer service levels and colleagues in developing new approaches.

3.6.Present clear and logical recommendations for budget management.

4. Complete financial and statistical reports.

4.1.Complete financial and statistical reports within designated timelines.

4.2.Prepare and present clear and concise information to enable informed decision making.

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
Allocate funds according to budget and agreed priorities. 
Discuss changes to income and expenditure priorities with appropriate colleagues prior to implementation. 
Consult with and inform relevant personnel about resource decisions. 
Promote awareness of the importance of budget control. 
Maintain detailed records of resource allocation according to organisational control systems. 
Use financial records to regularly check actual income and expenditure against budgets. 
Include financial commitments in all documentation to ensure accurate monitoring. 
Identify and report deviations according to significance of deviation. 
Investigate appropriate options for more effective management of deviations. 
Advise appropriate colleagues of budget status in relation to targets. 
Assess existing costs and resources and proactively identify areas for improvement. 
Discuss desired budget outcomes with relevant colleagues. 
Undertake appropriate research to investigate new approaches to budget management. 
Define and communicate the benefits and disadvantages of new approaches. 
Take account of impacts on customer service levels and colleagues in developing new approaches. 
Present clear and logical recommendations for budget management. 
Complete financial and statistical reports within designated timelines. 
Prepare and present clear and concise information to enable informed decision making. 

Forms

Assessment Cover Sheet

SITXFIN003 - Manage finances within a budget
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

SITXFIN003 - Manage finances within a budget

Student name:

Student ID:

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

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: