From Package: Business Services
What you get
This unit describes the performance outcomes, skills and knowledge required to undertake financial management within a work team in an organisation.
This 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 in line with the financial objectives of the work team and the organisation.
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
By the end of this training course, participants will:
|1. Plan financial management approaches||
1.1. Access budget/financial plans for the work team
1.2. Clarify budget/financial plans with relevant personnel within 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. Prepare contingency plans in 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. Provide support to ensure that team members can competently perform required roles associated with the management of finances
2.3. Determine and access resources and systems to manage financial management processes within the work team
|3. Monitor and control finances||
3.1. Implement processes 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. Report on 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 processes within 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