Unit of competency Outline

Date retreived
22/07/2026 7:59 PM AWST

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Manage finances within a budget

Manage finances within a budget

Unit of competency
National Code
SITXFIN009
State Code
ODZ93
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
10/06/2022
View on TGA
State Implementation and Classification
Approved Date
18/10/2022
Field of Education
080101 - Accounting
Original Release Date
18/10/2022
Nominal Hours
30
Description
This unit describes the performance outcomes, skills and knowledge required to take responsibility for budget management where others may have developed the budget. It requires the ability to interpret budgetary requirements, allocate resources, monitor actual income and expenditure, and report on budgetary deviations.The skills and knowledge for budget development are covered in SITXFIN010 Prepare and monitor budgets.This unit applies to all tourism, travel, hospitality and event sectors. The budget may be for an entire organisation, for a department or for a particular project or activity. It applies to those people who operate independently or with limited guidance from others. This includes supervisors and departmental managers.The skills in this unit must be applied in accordance with Commonwealth and State/Territory legislation, Australian/New Zealand standards and industry codes of practice.No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Allocate budget resources.
  • 1.1. Allocate funds according to budget and agreed priorities.
  • 1.2. Discuss changes to income and expenditure priorities with relevant colleagues prior to implementation.
  • 1.3. Consult with and inform relevant personnel about resource decisions.
  • 1.4. Promote awareness of the importance of budget control.
  • 1.5. Maintain detailed records of resource allocation according to organisational control systems.
2. Monitor financial activities against budget.
  • 2.1. Identify and use relevant financial records to check actual income and expenditure against budget.
  • 2.2. Ensure accuracy of reference records for monitoring purposes.
  • 2.3. Identify and report deviations according to significance of deviation.
  • 2.4. Investigate appropriate options for more effective management of deviations.
  • 2.5. Advise relevant colleagues of budget status in relation to targets.
3. Identify and evaluate options for improved budget performance.
  • 3.1. Assess existing costs and resources and proactively identify areas for improvement.
  • 3.2. Discuss desired budget outcomes with relevant colleagues.
  • 3.3. Undertake appropriate research to investigate new approaches to budget management.
  • 3.4. Define and communicate the benefits and disadvantages of new approaches.
  • 3.5. Take account of impacts on customer service levels and colleagues in developing new approaches.
  • 3.6. Present clear and logical recommendations for budget management.
4. Complete financial and statistical reports.
  • 4.1. Complete financial and statistical reports within designated timelines.
  • 4.2. Prepare and present clear and concise information to enable informed decision making.
No information
No information
Replaces
State Code National Code Title Type
AWQ54 SITXFIN003 Manage finances within a budget Unit of competency