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Evidence Guide: BSBFIM601 - Manage finances

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

BSBFIM601 - Manage finances

What evidence can you provide to prove your understanding of each of the following citeria?

Plan for financial management

  1. Review and analyse previousfinancial data to establish areas which have generated a profit or loss
  2. Undertake research to review reasons for previous profit and loss
  3. Review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle
  4. Analyse cash flow trends
  5. Review statutory requirements for compliance and liabilities for tax
  6. Review existing software and its suitability for financial management
Review and analyse previousfinancial data to establish areas which have generated a profit or loss

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake research to review reasons for previous profit and loss

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse cash flow trends

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review statutory requirements for compliance and liabilities for tax

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review existing software and its suitability for financial management

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish budgets and allocate funds

  1. Use previous financial data to determine allocations for resources
  2. Make informed estimates of new items for inclusion in budget
  3. Prepare budgets in accordance withorganisational requirements and statutory requirements
Use previous financial data to determine allocations for resources

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make informed estimates of new items for inclusion in budget

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare budgets in accordance withorganisational requirements and statutory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement budgets

  1. Circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations
  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. Review profit and loss statements, cash flows and ageing summaries
  4. Revise budgets, as required, to deal with contingencies
  5. Maintain audit trails to ensure accurate tracking and to identifydiscrepanciesbetween agreed and actual allocations
  6. Ensure compliance with due diligence
Circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review profit and loss statements, cash flows and ageing summaries

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Revise budgets, as required, to deal with contingencies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure compliance with due diligence

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report on finances

  1. Ensure structure andformat of reports are clear and conform to organisational and statutory requirements
  2. Identify and prioritise significant issuesin statements, including comparative financial performances for review and decision making
  3. Preparerecommendations to ensure financial viability of the organisation
  4. Evaluate the effectiveness of financial management processes
Ensure structure andformat of reports are clear and conform to organisational and statutory requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Preparerecommendations to ensure financial viability of the organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate the effectiveness of financial management processes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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