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Evidence Guide: SITXFIN003 - Manage finances within a budget

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

 

SITXFIN003 - Manage finances within a budget

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

Allocate budget resources.

  1. Allocate funds according to budget and agreed priorities.
  2. Discuss changes to income and expenditure priorities with appropriate colleagues prior to implementation.
  3. Consult with and inform relevant personnel about resource decisions.
  4. Promote awareness of the importance of budget control.
  5. Maintain detailed records of resource allocation according to organisational control systems.
Allocate funds according to budget and agreed priorities.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consult with and inform relevant personnel about resource decisions.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Promote awareness of the importance of budget control.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor financial activities against budget.

  1. Use financial records to regularly check actual income and expenditure against budgets.
  2. Include financial commitments in all documentation to ensure accurate monitoring.
  3. Identify and report deviations according to significance of deviation.
  4. Investigate appropriate options for more effective management of deviations.
  5. Advise appropriate colleagues of budget status in relation to targets.
Use financial records to regularly check actual income and expenditure against budgets.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Include financial commitments in all documentation to ensure accurate monitoring.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and report deviations according to significance of deviation.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Investigate appropriate options for more effective management of deviations.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise appropriate colleagues of budget status in relation to targets.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and evaluate options for improved budget performance.

  1. Assess existing costs and resources and proactively identify areas for improvement.
  2. Discuss desired budget outcomes with relevant colleagues.
  3. Undertake appropriate research to investigate new approaches to budget management.
  4. Define and communicate the benefits and disadvantages of new approaches.
  5. Take account of impacts on customer service levels and colleagues in developing new approaches.
  6. Present clear and logical recommendations for budget management.
Assess existing costs and resources and proactively identify areas for improvement.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss desired budget outcomes with relevant colleagues.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake appropriate research to investigate new approaches to budget management.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Define and communicate the benefits and disadvantages of new approaches.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present clear and logical recommendations for budget management.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete financial and statistical reports.

  1. Complete financial and statistical reports within designated timelines.
  2. Prepare and present clear and concise information to enable informed decision making.
Complete financial and statistical reports within designated timelines.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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.

Required Skills and Knowledge

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.