Unit of competency Outline
Date retreived
23/07/2026 7:34 AM AWST
23/07/2026 7:34 AM 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 budgets and financial plans
Manage budgets and financial plans
Unit of competency
National Code
BSBFIM501
BSBFIM501
State Code
AUH01
AUH01
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
15/09/2015
Field of Education
080101 - Accounting
Original Release Date
15/09/2015
Nominal Hours
50
Description
This unit describes the skills and knowledge required to undertake financial management within a work team in an organisation. It includes planning and implementing financial management approaches, supporting team members whose role involves aspects of financial operations, monitoring and controlling finances and reviewing and evaluating effectiveness of financial management processes.It applies to managers in a wide range of organisations and sectors who have responsibility for ensuring that work team financial resources are used effectively and are managed in line with 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 Accessbudget/financial plansfor the work team
- 1.2 Clarify budget/financial plans withrelevant personnelwithin the organisation to ensure that documented outcomes are achievable, accurate and comprehensible
- 1.3 Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation
- 1.4 Preparecontingency plansin the event that initial plans need to be varied
2 Implement financial management approaches
- 2.1 Disseminate relevant details of the agreed budget/financial plans to team members
- 2.2 Providesupportto ensure that team members can competently performrequired rolesassociated with the management of finances
- 2.3 Determine and accessresources and systemsto manage financial management processes within the work team
3 Monitor and control finances
- 3.1 Implementprocesses to monitor actual expenditure and to control costs across the work team
- 3.2 Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns
- 3.3 Implement, monitor and modify contingency plans as required to maintain financial objectives
- 3.4 Reporton budget and expenditure in accordance with organisational protocols
4 Review and evaluate financial management processes
- 4.1 Collect and collate for analysis,data and information on the effectiveness of financial management processeswithin the work team
- 4.2 Analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes
- 4.3 Implement and monitor agreed improvements in line with financial objectives of the work team and the organisation
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| D0708 | BSBFIM501A | Manage budgets and financial plans | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| OCG31 | BSBFIN501 | Manage budgets and financial plans | Unit of competency |