Manage finances

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 BSBFIM601A, 'Manage finances'.
Google Links
links to google searches, with filtering in place to maximise the usefulness of the returned results
Reference books for 'Manage finances' 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 for financial management

1.1. Review and analyse previous financial 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 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 with organisational 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 identify discrepancies between agreed and actual allocations

3.6. Ensure compliance with due diligence

4. Report on finances

4.1. Ensure structure and format of reports are clear and conform to organisational and statutory requirements

4.2. Identify and prioritise significant issues in statements, including comparative financial performances for review and decision making

4.3. Prepare recommendations to ensure financial viability of the organisation

4.4. Evaluate the effectiveness of financial management processes

Qualifications and Skillsets

BSBFIM601A appears in the following qualifications:

  • SIT60112 - Advanced Diploma of Travel and Tourism
  • BSB60110 - Advanced Diploma of Advertising
  • BSB60207 - Advanced Diploma of Business
  • BSB60507 - Advanced Diploma of Marketing
  • BSB60807 - Advanced Diploma of Recordkeeping
  • BSB60907 - Advanced Diploma of Management (HumanResources)
  • BSB60407 - Advanced Diploma of Management
  • CUS60309 - Advanced Diploma of Music Business
  • CUS60209 - Advanced Diploma of Sound Production
  • CUV60307 - Advanced Diploma of Creative Product Development
  • MTM60111 - Advanced Diploma of Meat Processing
  • SIT60312 - Advanced Diploma of Hospitality
  • CUF60107 - Advanced Diploma of Screen and Media
  • CUV60311 - Advanced Diploma of Creative Product Development
  • SIT60212 - Advanced Diploma of Events
  • SIS50712 - Diploma of Sport and Recreation Management
  • SIT60313 - Advanced Diploma of Hospitality