Unit of competency Outline

Date retreived
22/07/2026 1:18 PM AWST

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Prepare and monitor budgets

Prepare and monitor budgets

Unit of competency
National Code
SITXFIN010
State Code
ODZ87
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
50
Description
This unit describes the performance outcomes, skills and knowledge required to analyse financial and other business information to prepare and monitor budgets. It requires the ability to draft and negotiate budgets, identify deviations, and manage the delivery of successful budgetary performance.The 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 senior personnel who operate independently or with limited guidance from others and who are responsible for making a range of financial management decisions.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. Prepare budget information.
  • 1.1. Determine and confirm scope and nature of required budgets.
  • 1.2. Identify, access and interpret data and data sources required for budget preparation.
  • 1.3. Analyse internal and external factors for potential impact on budget.
  • 1.4. Provide opportunities for colleagues to contribute to budget planning process.
2. Prepare budget.
  • 2.1. Draft budget based on analysis of all available information.
  • 2.2. Estimate income and expenditure and support with valid, reliable and relevant information.
  • 2.3. Reflect organisational objectives within draft budget.
  • 2.4. Assess and present options and recommendations in a clear format.
  • 2.5. Circulate draft budget to colleagues and managers for input.
3. Finalise budget.
  • 3.1. Negotiate budget according to organisational policies and procedures.
  • 3.2. Agree on and incorporate modifications.
  • 3.3. Complete final budget in a clear format within designated timelines.
  • 3.4. Inform colleagues of final budget decisions and application within relevant work area, including reporting and financial management responsibilities.
4. Monitor and review budget.
  • 4.1. Regularly review budget to assess actual performance against estimated performance and prepare accurate financial reports.
  • 4.2. Incorporate all financial commitments into budget and budget reports.
  • 4.3. Investigate and take appropriate action on significant deviations.
  • 4.4. Analyse changes in internal and external environment and make necessary adjustments.
  • 4.5. Collect and record relevant information to assist in future budget preparation.
No information
No information
Replaces
State Code National Code Title Type
AWQ52 SITXFIN004 Prepare and monitor budgets Unit of competency