Unit of competency Outline

Date retreived
22/07/2026 6:22 PM AWST

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Manage finances

Manage finances

Unit of competency
National Code
BSBFIM601
State Code
AUM25
TGA Status
Replaced
DTWD Status
Transition (Replaced)
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
15/09/2015
Field of Education
081199 - Banking, Finance And Related Fields, N.e.c.
Original Release Date
15/09/2015
Nominal Hours
80
Description
This unit describes the skills and knowledge required to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to financial bids and estimates, allocating funds, managing budgets and reporting on financial activity.It 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 Plan for financial management
  • 1.1 Review and analyse previousfinancial data to establish areas which have generated a profit or loss
  • 1.2 Undertake research to review reasons for previous profit and loss
  • 1.3 Review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle
  • 1.4 Analyse cash flow trends
  • 1.5 Review statutory requirements for compliance and liabilities for tax
  • 1.6 Review existing software and its suitability for financial management
2 Establish budgets and allocate funds
  • 2.1 Use previous financial data to determine allocations for resources
  • 2.2 Make informed estimates of new items for inclusion in budget
  • 2.3 Prepare budgets in accordance withorganisational requirements and statutory requirements
3 Implement budgets
  • 3.1 Circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations
  • 3.2 Manage risks by checking there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions
  • 3.3 Review profit and loss statements, cash flows and ageing summaries
  • 3.4 Revise budgets, as required, to deal with contingencies
  • 3.5 Maintain audit trails to ensure accurate tracking and to identifydiscrepanciesbetween agreed and actual allocations
  • 3.6 Ensure compliance with due diligence
4 Report on finances
  • 4.1 Ensure structure andformat of reports are clear and conform to organisational and statutory requirements
  • 4.2 Identify and prioritise significant issuesin statements, including comparative financial performances for review and decision making
  • 4.3 Preparerecommendations to ensure financial viability of the organisation
  • 4.4 Evaluate the effectiveness of financial management processes
No information
No information
Replaces
State Code National Code Title Type
D0710 BSBFIM601A Manage finances Unit of competency
Replaced By
State Code National Code Title Type
OCG29 BSBFIN601 Manage organisational finances Unit of competency