Manage budgets and financial plans

Formats and tools

Unit Description
Reconstruct the unit from the xml and display it as an HTML page.
Assessment Tool
an assessor resource that builds a framework for writing an assessment tool
Assessment Template
generate a spreadsheet for marking this unit in a classroom environment. Put student names in the top row and check them off as they demonstrate competenece for each of the unit's elements and performance criteria.
Assessment Matrix
a slightly different format than the assessment template. A spreadsheet with unit names, elements and performance criteria in separate columns. Put assessment names in column headings to track which performance criteria each one covers. Good for ensuring that you've covered every one of the performance criteria with your assessment instrument (all assessement tools together).
Wiki Markup
mark up the unit in a wiki markup codes, ready to copy and paste into a wiki page. The output will work in most wikis but is designed to work particularly well as a Wikiversity learning project.
Evidence Guide
create an evidence guide for workplace assessment and RPL applicants
Competency Mapping Template
Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners. A template for developing assessments for a unit, which will help you to create valid, fair and reliable assessments for the unit, ready to give to trainers and students
Observation Checklist
create an observation checklist for workplace assessment and RPL applicants. This is similar to the evidence guide above, but a little shorter and friendlier on your printer. You will also need to create a seperate Assessor Marking Guide for guidelines on gathering evidence and a list of key points for each activity observed using the unit's range statement, required skills and evidence required (see the unit's html page for details)

Self Assessment Survey
A form for students to assess thier current skill levels against each of the unit's performance criteria. Cut and paste into a web document or print and distribute in hard copy.
Moodle Outcomes
Create a csv file of the unit's performance criteria to import into a moodle course as outcomes, ready to associate with each of your assignments. Here's a quick 'how to' for importing these into moodle 2.x
Registered Training Organisations
Trying to find someone to train or assess you? This link lists all the RTOs that are currently registered to deliver BSBFIM501A, 'Manage budgets and financial plans'.
Google Links
links to google searches, with filtering in place to maximise the usefulness of the returned results
Reference books for 'Manage budgets and financial plans' on This online store has a huge range of books, pretty reasonable prices, free delivery in Australia *and* they give a small commission to for every purchase, so go nuts :)

Elements and Performance Criteria



1. Plan financial management approaches

1.1. Access budget/financial plans for the work team

1.2. Clarify budget/financial plans with relevant personnel within the organisation to ensure that documented outcomes are achievable, accurate and comprehensible

1.3. Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation

1.4. Prepare contingency plans in the event that initial plans need to be varied

2. Implement financial management approaches

2.1. Disseminate relevant details of the agreed budget/financial plans to team members

2.2. Provide support to ensure that team members can competently perform required roles associated with the management of finances

2.3. Determine and access resources and systems to manage financial management processes within the work team

3. Monitor and control finances

3.1. Implement processes to monitor actual expenditure and to control costs across the work team

3.2. Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns

3.3. Implement, monitor and modify contingency plans as required to maintain financial objectives

3.4. Report on budget and expenditure in accordance with organisational protocols

4. Review and evaluate financial management processes

4.1. Collect and collate for analysis, data and information on the effectiveness of financial management processes within the work team

4.2. Analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes

4.3. Implement and monitor agreed improvements in line with financial objectives of the work team and the organisation

Qualifications and Skillsets

BSBFIM501A appears in the following qualifications:

  • PRM40509 - Certificate IV in Asset Maintenance (Waste Management)
  • FNS60310 - Advanced Diploma of Conveyancing
  • FNS50410 - Diploma of Conveyancing
  • MSA50510 - Diploma of Recreational Vehicles
  • CPC50408 - Diploma of Plumbing and Services
  • CPC50308 - Diploma of Building and Construction (Management)
  • CPC50210 - Diploma of Building and Construction (Building)
  • ICT50510 - Diploma of Telecommunications Planning and Design
  • SIS50410 - Diploma of Sport and Recreation Administration
  • SIS50110 - Diploma of Facility Management
  • SIS40410 - Certificate IV in Sport and Recreation
  • SIS50610 - Diploma of Sport Development
  • CPP60109 - Advanced Diploma of Spatial Information Services
  • CPP50511 - Diploma of Property Services (Asset and Facility Management)
  • CPP50307 - Diploma of Property Services (Agency Management)
  • CPP50611 - Diploma of Security and Risk Management
  • CPP50211 - Diploma of Spatial Information Services
  • CPP50409 - Diploma of Property Services (Business Broking)
  • AUR50105 - Diploma of Automotive Management
  • AUR40105 - Certificate IV in Automotive Management
  • BSB51807 - Diploma of Unionism and Industrial Relations
  • BSB51207 - Diploma of Marketing
  • BSB50807 - Diploma of International Business
  • BSB51107 - Diploma of Management
  • BSB41307 - Certificate IV in Marketing
  • BSB51507 - Diploma of Purchasing
  • BSB50507 - Diploma of Franchising
  • BSB50107 - Diploma of Advertising
  • FPP50110 - Diploma of Pulp and Paper Process Management
  • CHC52310 - Diploma of Community Services (Development and/or Humanitarian Assistance)
  • NWP50107 - Diploma of Water Operations
  • PSP51104 - Diploma of Government (Management)
  • FPI50105 - Diploma of Forest and Forest Products
  • FPI60111 - Advanced Diploma of Forest Industry Sustainability
  • CUS50309 - Diploma of Music Business
  • CUS50209 - Diploma of Sound Production
  • TAE50310 - Diploma of International Education Services
  • AHC50110 - Diploma of Agriculture
  • AHC50710 - Diploma of Parks and Gardens Management
  • AHC51610 - Diploma of Irrigation Management
  • AHC50410 - Diploma of Horticulture
  • AHC60410 - Advanced Diploma of Conservation and Land Management
  • CUV50407 - Diploma of Photoimaging
  • AVI60110 - Advanced Diploma of Aviation (Flight Instruction)
  • SIT50207 - Diploma of Events
  • MTM50111 - Diploma of Meat Processing
  • MTM50211 - Diploma of Meat Processing (Meat Retailing)
  • MTM60111 - Advanced Diploma of Meat Processing
  • SFI50211 - Diploma of Fishing Operations
  • SFI50111 - Diploma of Aquaculture
  • SFI50511 - Diploma of Seafood Processing
  • TLI60210 - Advanced Diploma of Deployment Logistics
  • TLI60110 - Advanced Diploma of Materiel Logistics
  • TLI50310 - Diploma of International Freight Forwarding
  • TLI50210 - Diploma of Materiel Logistics
  • TLI50510 - Diploma of Deployment Logistics
  • FDF50210 - Diploma of Pharmaceutical Manufacturing
  • FDF50110 - Diploma of Food Processing
  • HLT61107 - Advanced Diploma of Nursing (Enrolled/Division 2 nursing)
  • HLT52007 - Diploma of Practice Management
  • RGR40508 - Certificate IV in Racing Services (Racing Administration)
  • RGR50208 - Diploma of Racing Services (Racing Administration)
  • RGR50308 - Diploma of Racing Services (Steward)
  • SIR50107 - Diploma of Retail Management
  • CUF50507 - Diploma of Costume for Performance
  • CUF50307 - Diploma of Broadcast Technology
  • CUF50407 - Diploma of Specialist Make-up Services
  • CUF50207 - Diploma of Interactive Digital Media
  • CUF50107 - Diploma of Screen and Media
  • CUF50607 - Diploma of Scenery and Set Construction

And the skillsets: