Unit of competency Outline

Date retreived
22/07/2026 5:37 PM AWST

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Monitor retail store financials

Monitor retail store financials

Unit of competency
National Code
SIRRRTF002
State Code
AWX41
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
31/03/2016
View on TGA
State Implementation and Classification
Approved Date
13/09/2016
Field of Education
080101 - Accounting
Original Release Date
13/09/2016
Nominal Hours
35
Description
This unit describes the performance outcomes, skills and knowledge required to manage retail store financials by controlling costs, managing rosters and stock levels, and reviewing financial performance. It applies to individuals working in frontline management roles in a diverse range of retail industry sectors and business contexts. They operate independently with some responsibility for others and decision making, and within established organisational policies and procedures. No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Control cost of labour.
  • 1.1.Develop rosters according to relevant industrial agreements and wage budgets and organisational policies and procedures.
  • 1.2.Maximise operational and customer service efficiency while minimising wage costs.
  • 1.3.Combine duties where appropriate to ensure effective use of team members.
  • 1.4.Roster teams with most effective skills mix to meet operational requirements.
  • 1.5.Use roster systems and equipment to administer rosters to team members.
  • 1.6.Amend rosters and labour spend as required.
2. Control stock levels.
  • 2.1.Manage stock levels to meet customer demand, maximise sales and minimise shrinkage.
  • 2.2.Identify shrinkage costs and trends and take preventative action to minimise future shrinkage.
3. Review and address financial performance.
  • 3.1.Analyse and report on budget and sales revenue and expenditure figures according to budget targets.
  • 3.2.Interpret financial data to identify variations from budget, and take appropriate corrective action where deviations from budget occur.
  • 3.3.Take action to minimise budget overspend and control costs.
  • 3.4.Communicate to the team cost control measures within their area of responsibility.
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