Unit of competency Outline
Date retreived
22/07/2026 8:05 PM AWST
22/07/2026 8:05 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Manage finances within a budget
Manage finances within a budget
Unit of competency
National Code
SITXFIN003
SITXFIN003
State Code
AWQ54
AWQ54
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
12/07/2016
Field of Education
080101 - Accounting
Original Release Date
12/07/2016
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 SITXFIN004 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 who operate independently or with limited guidance from others. This includes supervisors and departmental managers.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 appropriate 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.Use financial records to regularly check actual income and expenditure against budgets.
- 2.2.Include financial commitments in all documentation to ensure accurate monitoring.
- 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 appropriate 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 |
|---|---|---|---|
| WF775 | SITXFIN402 | Manage finances within a budget | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| ODZ93 | SITXFIN009 | Manage finances within a budget | Unit of competency |