Unit of competency Outline

Date retreived
22/07/2026 7:48 AM AWST

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Manage organisational finances

Manage organisational finances

Unit of competency
National Code
BSBFIN601
State Code
OCG29
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
19/10/2020
View on TGA
State Implementation and Classification
Approved Date
16/03/2021
Field of Education
080101 - Accounting
Original Release Date
16/03/2021
Nominal Hours
70
Description
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.
Notes
Elements and Performance Criteria
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
No information
No information
Replaces
State Code National Code Title Type
AUM25 BSBFIM601 Manage finances Unit of competency
AWG27 BSBGOV504 Monitor organisational finances Unit of competency