Unit of competency Outline

Date retreived
22/07/2026 7:17 PM AWST

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Manage budgets and financial plans

Manage budgets and financial plans

Unit of competency
National Code
BSBFIN501
State Code
OCG31
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
65
Description
This unit describes the skills and knowledge required to undertake financial management in an organisation or work area. It includes planning and implementing financial management approaches and supporting and evaluating effectiveness of financial management processes.The unit applies to managers in a wide range of organisations and sectors who have responsibility for the effective use of financial resources within work teams. They are responsible for ensuring that financial resources are managed in line with the financial objectives of the team and organisation. No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Plan financial management approaches
  • 1.1 Access budget and financial plans for work team
  • 1.2 Evaluate budget and financial plan outcomes with required organisational personnel
  • 1.3 Negotiate any changes required to be made to budget and financial plans with required organisational personnel
  • 1.4 Prepare contingency plans in the event that initial plans need to be varied
2. Implement and monitor financial management plans
  • 2.1 Communicate details of agreed budget and financial plans to relevant team members
  • 2.2 Support team members to access resources and systems to perform required roles
  • 2.3 Implement processes to monitor actual expenditure, control costs and modify contingency plans as required according to financial objectives
  • 2.4 Report on budget and expenditure according to organisational protocols
3. Review and evaluate financial management plans
  • 3.1 Collect information on effectiveness of financial management processes within work team
  • 3.2 Analyse variance between actual and budgeted finances
  • 3.3 Identify and recommend improvements to existing financial management processes
  • 3.4 Implement agreed improvements according to financial objectives of work team and organisation
  • 3.5 Evaluate agreed improvements
No information
No information
Replaces
State Code National Code Title Type
AUK48 BSBGOV403 Analyse financial reports and budgets Unit of competency
AUH01 BSBFIM501 Manage budgets and financial plans Unit of competency
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