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Evidence Guide: SIRXFIN004A - Manage financial resources

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

 

SIRXFIN004A - Manage financial resources

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

Control costs.

  1. Implement cost reduction measures according to store policy and procedures.
  2. Assess and interpret information on costs and resource allocation.
  3. Actively encourage team members to control costs in their areas of responsibility.
  4. Promptly implement recommendations for improving cost reduction or communicate to relevant personnel.
Implement cost reduction measures according to store policy and procedures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess and interpret information on costs and resource allocation.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Actively encourage team members to control costs in their areas of responsibility.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Promptly implement recommendations for improving cost reduction or communicate to relevant personnel.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Control budget.

  1. Monitor and maintain expenditure within budget targets according to store policy.
  2. Compare actual income and expenditure to budget targets at regular intervals according to store policy.
  3. Monitor, analyse and compare gross profit and loss figures by department or section and store, with budget targets.
  4. Monitor and analyse net profit figures, including floor space profitability according to budget targets.
  5. Monitor and analyse stock turnover figures according to budget targets.
  6. Promptly inform relevant personnel, where potential occurs for budget under or overspend.
  7. Take prompt corrective action where significant deviations from budget occur.
  8. Negotiate necessary changes or allocations to agreed budget in advance of requirement.
  9. Ensure modifications to existing budgets are authorised according to store policy.
Monitor and maintain expenditure within budget targets according to store policy.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare actual income and expenditure to budget targets at regular intervals according to store policy.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor, analyse and compare gross profit and loss figures by department or section and store, with budget targets.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and analyse net profit figures, including floor space profitability according to budget targets.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and analyse stock turnover figures according to budget targets.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Promptly inform relevant personnel, where potential occurs for budget under or overspend.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Take prompt corrective action where significant deviations from budget occur.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate necessary changes or allocations to agreed budget in advance of requirement.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure modifications to existing budgets are authorised according to store policy.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Propose expenditure.

  1. Ensure estimates of costs and benefits are supported by valid, relevant information.
  2. Ensure final recommendations are supported by realistic alternatives and contain accurate, clear proposals.
  3. Ensure recommendations clearly indicate net benefits over designated timeframe and related changes in operations.
  4. Clarify contentious issues by further explanation.
  5. Compare estimates to actual costs and benefits to improve future proposals.
Ensure estimates of costs and benefits are supported by valid, relevant information.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure final recommendations are supported by realistic alternatives and contain accurate, clear proposals.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure recommendations clearly indicate net benefits over designated timeframe and related changes in operations.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clarify contentious issues by further explanation.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare estimates to actual costs and benefits to improve future proposals.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain store accounting systems.

  1. Manage and maintain store policy and procedures in regard to record-keeping systems.
  2. Monitor and maintain store systems for recording sales figures, revenue and expenditure.
  3. Monitor and maintain systems for recording and retrieving financial, personnel and payroll information as required by store policy.
Manage and maintain store policy and procedures in regard to record-keeping systems.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and maintain store systems for recording sales figures, revenue and expenditure.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and maintain systems for recording and retrieving financial, personnel and payroll information as required by store policy.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare store sales budgets.

  1. Maintain store policy and procedures in regard to preparation of budget or target figures.
  2. Compare, analyse, document and report budget and actual sales revenue and expenditure figures according to budget targets and store policy.
  3. Maintain accurate records on past sales budgets or targets according to store policy.
  4. Present proposed budgets or targets accurately and concisely.
  5. Justify variations to proposed targets and report according to store policy.
Maintain store policy and procedures in regard to preparation of budget or target figures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare, analyse, document and report budget and actual sales revenue and expenditure figures according to budget targets and store policy.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain accurate records on past sales budgets or targets according to store policy.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present proposed budgets or targets accurately and concisely.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Justify variations to proposed targets and report according to store policy.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate budgets.

  1. Conduct budget negotiations within a set timeframe and in a manner likely to promote good relationships.
  2. Ensure budget negotiations reflect the overall store policies and objectives relevant to the manager's area of responsibility.
  3. Seek clarification, where areas of uncertainty or disagreement occur.
  4. Promptly inform all relevant personnel of budget decisions.
  5. Present proposals clearly, concisely, in an appropriate form, and emphasising benefits to store operation.
Conduct budget negotiations within a set timeframe and in a manner likely to promote good relationships.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure budget negotiations reflect the overall store policies and objectives relevant to the manager's area of responsibility.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek clarification, where areas of uncertainty or disagreement occur.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Promptly inform all relevant personnel of budget decisions.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present proposals clearly, concisely, in an appropriate form, and emphasising benefits to store operation.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

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

Evidence of the following is essential:

consistently negotiates, develops and implements store budgets according to store policy and procedures

monitors, analyses and reports on income and expenditure against budgets according to store policy and procedures

manages and maintains accurate accounting systems according to store policy and procedures

develops and maintains store policy and procedures in regard to store sales budgets or targets.

Context of and specific resources for assessment

Assessment must ensure access to:

a retail work environment

store or sample policy and procedures in regard to financial management

an accounting system

budgetary information

a team involved in budget control.

Methods of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

observation of performance in the workplace

third-party reports from a supervisor

research project

written or verbal questioning to assess knowledge and understanding

review of portfolios of evidence and third-party workplace reports of on-the-job performance.

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended.

Assessing employability skills

Employability skills are integral to effective performance in the workplace and are broadly consistent across industry sectors. How these skills are applied varies between occupations and qualifications due to the different work functions and contexts.

Employability skills embedded in this unit should be assessed holistically in the context of the job role and with other relevant units that make up the skill set or qualification.

Required Skills and Knowledge

This section describes the essential skills and knowledge and their level, required for this unit.

The following skills must be assessed as part of this unit:

report presentation

interpersonal communication skills to:

encourage team members to control costs

provide information to relevant personnel where potential occurs for budget under or overspend

negotiate budgets and provide information on budget decisions through clear and direct communication

ask questions to identify and confirm requirements

use language and concepts appropriate to cultural differences

use and interpret non-verbal communication

time management

literacy and numeracy skills in regard to:

report writing

compilation and analysis of budgetary figures.

The following knowledge must be assessed as part of this unit:

store policy and procedures in regard to:

financial management

resource utilisation

store revenue

capital and overhead costs

interest rates

pricing policies, including GST requirements

cost of stock, materials and equipment

staffing costs

operational costs

principles and techniques in:

interpersonal communication

monitoring resource utilisation and costs

analysing efficiency and effectiveness

cost-benefit analysis

differential analysis

risk analysis.

Range Statement

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 in the performance criteria is detailed below.

Store policy and procedures in regard to:

financial management

reporting mechanisms.

Information may include:

resource utilisation

capital and overhead costs

interest rates

stock, materials and equipment

staffing levels

operational costs.

Information may be obtained by:

direct observation

written reports

numerical data.

Resources may include:

people

materials

equipment and technology

finances

time.

Team members may include:

full-time, part-time, casual or contract staff

people from a range of social, cultural and ethnic backgrounds

people with varying degrees of language and literacy levels.

Communication may be:

formal and informal

with individuals or groups

written, faxed, emailed or spoken.

Relevant personnel may include:

relevant managers

supervisor

team leader.

Proposals may include:

profitability

productivity

quality of service

environmental impact

working conditions

working relationships

team motivation

long-term goals

short-term goals.

Record keeping systems may include:

manual

computerised.

Budget or target figures may encompass:

sales

cash flow

net profit

payroll

staff expenditure

capital

maintenance

advertising and promotion.