ELEMENT

PERFORMANCE CRITERIA

1. Prepare/receive invoices

1.1. Access, interpret and apply compliance documentation relevant to the work activity

1.2. Estimate all job components accurately using company procedures

1.3. Follow company procedures for presentation of financial data and recording of quotations

1.4. Levy charges according to services, and render accounts to clients

1.5. Promptly and accurately prepare invoices to help ensure desired cash flow

1.6. Verify accounts received for accuracy and pay promptly

2. Maintain cost records

2.1. Follow office procedures for financial controls and accountability

2.2. Record all costs promptly, legibly and accurately

3. Prepare reports on variances from cost estimates

3.1. Analyse cost records to detect variances/reasons for variances

3.2. Compare final costing with original job tender

3.3. Prepare reports in accordance with organisation format

4. Monitor financial performance

4.1. Determine and maintain strategies for managing cash flow to monitor the relationship between budget/standard and actual performance

4.2. Determine and calculate cost to enterprise requirements

4.3. Complete reporting and pricing records in line with business policy

4.4. Produce financial reports in a clear and timely manner for distribution to relevant stakeholders

Required skills

Specific skills are required to achieve the performance criteria of this unit, particularly for its application in the various circumstances in which this unit may be used. This includes the ability to carry out the following as required to manage financial resources:

apply communication skills to liaise with suppliers and end users of purchases

apply literacy skills to identify financial information and the organisation's accounting procedures, document purchases, and write reports on financial activities

apply information management and research skills to analyse and assess expenditure

apply finance skills to maintain up to date records accurately and legibly

apply data collection skills to identify and access financial data

apply numeracy skills to calculate data and to reconcile figures

interpret and balance a budget

estimate and calculate time/costs of repairing, replacing and servicing equipment

Required knowledge

Specific knowledge is required to achieve the performance criteria of this unit, particularly for its application in the various circumstances in which this unit may be used. This includes knowledge of the following as required to manage financial resources:

codes of ethics and conduct

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

anti-discrimination legislation

ethical principles

codes of practice

privacy laws

financial legislation

occupational health and safety (OHS)

consumer protection legislation

contract law

Trade Practices Act

organisation policy and procedures relating to:

service delivery, quotation and payment policies and procedures

standard contracting arrangements

purchasing and procurement principles for:

accountability

probity and transparency

risk management

value for money

federal government taxes and charges

equipment and ancillary attachment characteristics, technical capabilities and limitations

wear parts and relative frequency of replacement

purpose of stock control

financial transactions such as cash flow and cost benefit analysis

record keeping systems

budgeting procedures

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

The evidence required to demonstrate competency in this unit must be relevant to worksite operations and satisfy all of the requirements of the performance criteria, required skills and knowledge and the range statement of this unit and include evidence of the following:

organising financial data to highlight relevant features

presenting financial data in comprehensive format

knowledge of relevant legislation

preparation of timely and accurate reports in accordance with company requirements

Context of and specific resources for assessment

This unit must be assessed in the context of the work environment. Where personal safety or environmental damage are limiting factors, assessment may occur in a simulated environment provided it is realistic and sufficiently rigorous to cover all aspects of workplace performance, including task skills, task management skills, contingency management skills and job role environment skills.

Assessment of this competency requires typical resources normally used in a resources and infrastructure sector environment. Selection and use of resources for particular worksites may differ due to the site circumstances.

The assessment environment should not disadvantage the participant. For example, language, literacy and numeracy demands of assessment should not be greater than those required on the job.

Customisation of assessment and delivery environment should sensitively accommodate cultural diversity.

Aboriginal people and other people from a non English speaking background may have second language issues.

Where applicable, physical resources should include equipment modified for people with disabilities.

Access must be provided to appropriate learning and/or assessment support when required.

Method of assessment

This unit may be assessed in a holistic way with other units of competency. The assessment strategy for this unit must verify required knowledge and skill and practical application using more than one of the following assessment methods:

written and/or oral assessment of the candidate's required knowledge

observed, documented and/or first hand testimonial evidence of the candidate's:

implementation of appropriate requirements, procedures and techniques for the safe, effective and efficient achievement of required outcomes

consistent achievement of required outcomes

first hand testimonial evidence of the candidate's:

working with others to undertake and complete the management of financial resources

Guidance information for assessment

Consult the SkillsDMC User Guide for further information on assessment including access and equity issues.

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Compliance documentation may include:

legislative, organisation and site requirements and procedures

manufacturer's guidelines and specifications

Australian standards

relevant state/territory environmental protection legislation

relevant state/territory OHS legislation

Employment and Workplace Relations legislation

Equal Employment Opportunity and Disability Discrimination legislation

Job components may include:

wages

overheads

accommodation and travel

bank and other financial fees

office administration, accounting and purchasing

printing and stationery

accounting

vehicles and transport

purchased services on location

freight

communications (e.g. phone)

consumables

contractors

hire charges

GST

Information regarding costs may be obtained from:

timesheets

log books

invoices

requisitions

quotations

petty cash records

bank and credit card statements

Records may include:

cash book

petty cash book

wages and salaries

paid purchase and service invoices

sales invoices

machine usage

consumables of fuel usage

parts usage