BSBFIN601 - Manage organisational finances

Unit Of competency

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to undertake budgeting, financial forecasting and reporting. This unit also describes the skills and knowledge required to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to reviewing financial information, analysing financial risks, preparing a budget and reporting on financial activity.

The unit applies to individuals who have managerial responsibilities which include overseeing the management of financial and other resources across a business unit, a series of business units or teams, or an organisation. It covers all areas of broad financial management. In a larger organisation this work would be supported by specialists in financial management.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Financial Literacy

Elements and Performance Criteria

ELEMENT	PERFORMANCE CRITERIA
Elements describe the essential outcomes.	Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Prepare for financial management	1.1 Assess reasons for losses or profits identified from previous financial reports 1.2 Analyse critical dates and initiatives in business plan and cash flow trends 1.3 Review statutory requirements for compliance and liabilities for tax 1.4 Analyse existing software and its suitability for financial management
2. Establish budgets and allocate funds	2.1 Develop budget from previous financial data according to compliance, organisational and statutory requirements 2.2 Circulate budgets and confirm managers and supervisors understand budgets, reporting requirements and financial delegations 2.3 Confirm there are no opportunities for misappropriation of funds 2.4 Review profit and loss statements, cash flows and ageing summaries and revise, where required 2.5 Identify discrepancies between agreed and actual allocations using audit trails
3. Report on finances	3.1 Identify organisational and statutory financial reporting requirements 3.2 Identify and prioritise significant issues in statements for review and decision making 3.3 Prepare financial recommendations 3.4 Evaluate effectiveness of financial management processes

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Reviews and analyses numerical data embedded in organisational documentation and legislation Compares and contrasts complex numerical data to analyse and evaluate financial position and processes Uses appropriate formulae to analyse financial data to assess and manage risk and identify discrepancies
Oral communication	Explains financial decisions and outcomes clearly and uses listening and questioning techniques to exchange information and obtain agreement
Reading	Analyses and evaluates complex organisational information and legislative requirements to assist with financial decision making
Writing	Develops and records information which incorporates a detailed analysis of factual and forecasted information Prepares documents using format, content and layout appropriate to audience, purpose and regulatory requirements
Teamwork	Selects and uses appropriate conventions and protocols when communicating with supervisors and managers to share information or seek agreement
Initiative and enterprise	Identifies and complies with legislative and organisational requirements in undertaking own work
Planning and organising	Uses logical processes in planning, implementing and evaluating complex tasks to achieve stated goals Uses formal analytical thinking techniques to identify issues, investigate underlying causes and generate possible solutions, seeking input from others as required
Technology	Uses a range of digital technology to access, filter, compile, integrate and logically present complex information from multiple sources Investigates new digital technologies and applications to manage and manipulate data

Unit Mapping Information

Supersedes and is equivalent to BSBFIM601 Manage finances.

Supersedes but is not equivalent to BSBGOV504 Monitor organisational finances.

Course info