Learner Assessment Pack
BSBFIN501
Manage budgets and financial plans
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Unit Title Precision Group (Australia) Level 13, 269 Wickham St, Fortitude Valley 4006 Email: [email protected] Website: www.precisiongroup.com.au
© 2020 Precision Group (Australia)
BSBFIN501 – Manage budgets and financial plans (Release 1) |
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Copyright Notice No part of this resource may be reproduced in any form or by any means, electronic or mechanical, including photocopying or recording, or by an information retrieval system without written permission from Precision Group (Australia). Legal action may be taken against any person who infringes their copyright through unauthorised copying. These terms are subject to the conditions prescribed under the Australian Copyright Act 1968. |
Disclaimer Precision Group (Australia) has made a great effort to ensure that this material is free from error or omissions. However, you should conduct your own enquiries and seek professional advice before relying on any fact, statement or matter contained in this document. Precision Group (Australia) is not responsible for any injury, loss or damage as a result of resource included or omitted from this material. Information in this course material is current at the time of publication. |
Version Control & Document History
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Date |
Summary of modifications |
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13 July 2020 |
Version 1 final produced following assessment validation. |
1.0 |
Table of Contents
Resources Required for Assessment 10
Accessing Intranet Pages and External Links 12
Workplace Supervisor/Assessor Instructions 37
Part 1. Financial Management Planning 39
Part 2. Financial Management Plan Implementation 72
Part 3. Review and Evaluation of Financial Management Processes 111
Assessment Workbook Checklist 121
Assessment Workbook Checklist 122
Learner Assessment Pack
Assessment Delivery
This Learner Assessment Pack is designed for you to complete the assessment for BSBFIN501 – Manage budgets and financial plans (Release 1). It may refer to your own workplace/organisation, or to a simulated business provided by your assessor.
The assessment tasks include Short Answer Questions where you need to demonstrate your knowledge and understanding of the unit, and the Practical Assessment, where you need to demonstrate your skills required in the unit. It is recommended that you complete the Practical Assessments in your own workplace/organisation. If you don’t have access to a real workplace, you can complete the assessment in a simulated environment where resources and conditions similar to a workplace must be accessed. Ensure to discuss this with your assessor prior to commencing with the assessment.
Each Learner Assessment Pack is made up of four parts:
Assessment Delivery
Learner Information
Steps for Learner
Assessment Agreement
Assessment Tasks
Assessment Tasks, including:
Short Answer Questions
Practical Assessment
Assessment Workbook Checklist
Assessment Workbook Checklist
Recording
Record of Assessment
Before you commence your assessment, ensure that you have a good knowledge of the subject, have thoroughly read your Learner Resource, and clearly understand the assessment requirements and the expectations of the industry to which the assessment is related.
Assessments are designed to be completed using your industry/organisation, but your Registered Training Organisation (RTO) may assist you by contextualising the unit to be completed in a simulated workplace environment.
You will be required to demonstrate knowledge and skills which must be observed directly by your assessor. Where the observation task may be difficult for the assessor to directly observed, a video recording of the practical observation task must be submitted as supplementary evidence. Verification from at least one third-party signatory, and preferably two or more witnesses is required to confirm your demonstration of these practical knowledge and skills. These witnesses would usually be your current or recent supervisors, or your assessor.
The practical assessment tasks may be completed using your own workplace, a simulated environment, or a mix of both, as instructed by your assessor. To contextualise this assessment to your industry/organisation, you may be asked by your assessor to provide additional information based on your industry/organisation.
Instructions are given for each task. If you have questions, or unclear how to proceed, consult with your assessor.
Records of all aspects of the assessment must be kept in your Learner Assessment Pack
The record of assessment is a legal document and must be signed, dated, and a copy stored as required by your Registered Training Organisation (RTO).
Your Learner Assessment Pack:
Upon receiving your Learner Assessment Pack, discuss with your assessor the expectations and requirements of this assessment. You may also need to supply contact details of one or two work referees who can confirm your skills in the industry.
Discuss with your assessor if you intend to undertake the practical assessment tasks based on your employing organisation, in a simulated business, or in a mix of both.
Your Learner Assessment Pack is where you will get the task information. Complete each task as instructed using either your own workplace, or using a simulated business, as discussed with your assessor.
After you complete your assessment, gather and submit your evidence documents as detailed in the task(s) in the timeframe agreed with your assessor.
Your assessor will advise you if there are any further steps for you to take to satisfactorily complete this assessment.
Reasonable Adjustment
Adapted Reasonable Adjustment in teaching, learning and assessment for learners with a disability – November 2010 – Prepared by – Queensland VET Development Centre
Reasonable adjustment in VET is the term applied to modifying the learning environment or making changes to the training delivered to assist a learner with a disability. A reasonable adjustment can be as simple as changing classrooms to be closer to amenities or installing a particular type of software on a computer for a person with vision impairment.
Why make a reasonable adjustment?
We make reasonable adjustments in VET to make sure that learners with a disability have:
The same learning opportunities as learners without a disability, and
The same opportunity to perform and complete assessments as those without a disability.
Reasonable adjustment applied to participation in teaching, learning and assessment activities can include:
Customising resources and assessment activities within the training package or accredited course
Modifying the presentation medium
Learner support
Use of assistive/adaptive technologies
Making information accessible both before enrolment and during the course
Monitoring the adjustments to ensure learners needs continue to be met
Assistive/Adaptive Technologies
Assistive/Adaptive technology means ‘software or hardware that has been specifically designed to assist people with disabilities in carrying out daily activities’ (World Wide Web Consortium – W3C). It includes screen readers, magnifiers, voice recognition software, alternative keyboards, devices for grasping, visual alert systems, digital note-takers.
IMPORTANT:
Reasonable adjustment made for collecting learner assessment evidence must not impact on the standard expected by the workplace, as expressed by the relevant unit(s) of competency. For example, if the assessment were gathering evidence of the learner’s competency in writing, allowing the learner to complete the assessment verbally would not be a valid assessment method. The method of assessment used by any reasonable adjustment must still meet the competency requirements.
Resources Required for Assessment
To complete the Practical Assessment projects, you will require access to:
Computer with internet and email access and a working web browser
Installed software: MS Word, Adobe Acrobat Reader
A workplace that will allow you access to:
Workplace documentation, including:
Financial plan for your work team that includes the following:
Cash flow projections
Ageing Summaries
Petty Cash Statements
Goods and Service Tax (GST)
Profit and Loss Statements
One budget plan
Budget plans may include, but is not limited to the following:
Short-term budget plan
Long-term budget
People, including:
Two relevant personnel
This includes, but is not limited to the following:
Financial managers
Accountants
Financial controllers
At least two team members whose job roles are focused on management of finances.
These include, but are not limited to:
Purchasing and procurement staff
Debt collectors
Bookkeepers
Opportunity to manage at least one financial plan for your own work team
At least two resources that can be used to manage financial management processes.
These include, but are not limited to the following:
Microsoft Excel
Cloud-based storage
Time tracking application
At least two systems that can be used to manage financial management processes
These include, but are not limited to the following:
Mind Your Own Business (MYOB)
Quickbooks
Xero
Accessing Intranet Pages and External Links
Throughout this workbook, you will be asked to access specific pages from the simulated business, Bounce Fitness and/or external webpages. Links to these pages are formatted in Blue Text.
To access these, hold the Ctrl key for Windows users while clicking on these links. For Mac users, directly click the link.
The simulated business, Bounce Fitness, can be accessed by going to http://bouncefitness.precisiongroup.com.au.
Login to Bounce Fitness using the username and password provided by your Registered Training Organisation (RTO).
Assessment Agreement
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Discuss and accomplish this section with your assessor before commencing then sign the confirmation at the end of this Agreement. |
| Have you signed off |
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| Delivery Method | |
| Classroom |
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| Small Group |
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| One-on-One |
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| Online |
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| Other (please describe) |
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| Assessment Pathway (for Practical Assessment) | |
| Learner’s Organisation (Pre-assessment meeting conducted) |
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| Simulated Workplace Environment (Contextualised by RTO) |
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Assessment Conditions |
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Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry. This includes access to: |
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Workplace policies and procedures |
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Workplace budgets and financial plans |
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Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards |
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I confirm that the activities and assessment completed as part of this unit are my own work and comply with all relevant copyright and plagiarism rules. I understand that if there is any doubt of the authenticity of any piece of my assessment, I can be orally examined, and the signatory of evidence records may be contacted. |
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Learner’s name |
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Learner’s signature |
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Date |
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Assessor’s name |
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Assessor’s signature |
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End of Assessment Agreement
Learner Assessment Pack
Assessment Tasks
Tasks
Complete all tasks in this assessment as instructed. If you have questions, consult with your assessor.
Contextualisation of Assessments by RTOs
Contextualisation is the process of modifying assessment tools to make learning more meaningful for your learners and their employers.
Precision Group (Australia) recommends that your RTO contextualise the assessment tools to suit particular industry requirements and specific organisational requirements before using them. Contextualisation must retain the integrity of the assessment and the outcome of the unit of competency.
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Question 1 |
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Identify two basic accounting principles and briefly explain how each is applied in the workplace. |
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Accounting Principle |
Explanation of How Each Principle is Applied in the Workplace |
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Question 2 |
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Identify the two types of ageing accounts found in ageing summaries and briefly explain how each is used using your own words. |
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Types of Ageing Accounts |
Explanation of How Each is Used |
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Question 3 |
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Identify the three types of cash flow activities and briefly explain each using your own words. |
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Types of Cash Flow Activities |
Explanation of Each Cash Flow Activity |
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Question 4 |
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Identify two types of petty cash books and briefly explain how petty cash is recorded on each using your own words. |
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Types of Petty Cash Books |
Explanation of How Petty Cash is Recorded |
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Question 5 |
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Review the following link regarding reporting of Goods and Services Tax (GST): GST reporting methods Answer the following questions based on the link provided. |
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Identify ALL information a business is required to report in their Business activity statement (BAS) if they are using the full reporting method |
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Identify the condition that would require a business to report GST using the full reporting method. |
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Identify ALL information a business is required to report in their BAS if they are using the instalment method. |
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Question 6 |
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Identify three categories of financial information that is reported in Profit & Loss Statements. Briefly define each using your own words. |
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Categories of Financial Information |
Definition of Each Category of Financial Information |
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Question 7 |
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List two legislations under the Australian Taxation Office (ATO) relevant to business taxation, except GST. Briefly explain the purpose of each legislation using your own words. |
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Legislation |
Explanation of Each Legislation |
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Question 8 |
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List two current tax requirements of the Australian Taxation Office (ATO) for businesses aside from the Goods and Services Tax (GST) already listed below. For each tax requirement, including the GST, you must: Identify the following Link to the ATO requirement Date you accessed the source Date the source was last modified Brief explanation of the requirement that the business must pay using your own words The information provided must be in line with the most current requirements upon the date of access. |
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ATO Tax Requirement for Businesses |
Explanation of Each ATO Tax Requirement for Businesses |
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Goods and Services Tax (GST) |
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Source |
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Date Accessed |
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Modification Date |
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Source |
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Date Accessed |
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Modification Date |
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Source |
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Date Accessed |
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Modification Date |
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Question 9 |
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Identify two key requirements for financial record-keeping and briefly explain each using your own words. |
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Key Requirements for Financial Record-keeping |
Explanation of Each Key Requirement |
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Question 10 |
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Identify at least two sections of the Corporations Act 2001 containing key requirements for financial auditing. Identify at least one requirement of financial auditing from each section indicated. You must indicate the volume and the section of the Act when identifying the relevant section. Access the following link to assist you in completing this task: Corporations Act 2001 Series https://www.legislation.gov.au/Series/C2004A00818 Ensure that you are accessing the current version of the Corporations Act 2001 |
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Sections of Corporations Act |
Requirements for Financial Auditing |
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Question 11 |
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Identify at least three principles for managing work teams and briefly explain how each promotes effective team management. |
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Principle of Managing a Team |
Explanation of How Principle Promotes Effective Team Management |
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Question 12 |
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Identify one principle involved in managing each of the financial requirements listed below. Briefly describe each principle using your own words. |
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Financial Requirement |
Principles |
Description of Each Principle |
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Budgeting |
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Cash flows |
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Electronic spreadsheets |
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GST |
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Ledgers |
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Financial Statements |
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Profit and Loss Statements |
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Question 13 |
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Briefly describe how to use or calculate for the following financial requirements. |
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Financial Requirements |
How Do You Calculate These? |
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Cash Flows |
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GST |
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Financial Requirements |
How Do You Use These? |
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Budgets |
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Electronic Spreadsheets |
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Ledgers |
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Financial Statements |
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Profit and Loss Statements |
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Question 14 |
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Identify the two areas that you need to evaluate when reviewing budget plans. Briefly explain why each needs to be reviewed. |
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Areas to Evaluate when Reviewing Budget Plans |
Explanation Why Each Area Needs to be Evaluated |
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Question 15 |
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Identify at least two techniques for evaluating budget plans and briefly explain how each is applied. |
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Techniques to Evaluate Budget Plans |
Application of Technique |
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Question 16 |
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Identify the three key financial statements that you must review when conducting an annual evaluation of your financial plans. Briefly explain why each financial statement needs to be evaluated. |
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Key Financial Statements |
Explanation Why Each Financial Statement Needs to be Evaluated |
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Question 17 |
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Identify at least two techniques for effective evaluation of financial plans. Briefly explain how each technique can be applied using your own words. |
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Techniques for Evaluating Financial Plans |
Application of Technique |
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The Practical Assessment is a set of tasks that must be completed in a workplace, or in an environment with conditions similar to that of a real workplace. To be assessed for this unit of competency, you must demonstrate your skills and knowledge to undertake financial management within a work team in an organisation. Wherever possible, this assessment must be completed in your own workplace, including the gathering of evidence. Where a current workplace is not available, you must conduct your practical assessment in an environment where conditions are typical of those experienced in a workplace. The environment must provide you access to all the resources required to complete this assessment. If you don’t have access to a suitable workplace, discuss with your assessor any adjustments required to the tasks to conduct a simulated workplace assessment.
IMPORTANT! All signatures/initials in your submissions, including yours, must be handwritten and dated. Submissions with signatures/initials must be scanned. The supervisor/observer who completes and signs your evidence submissions must provide their real name, contact number, and email address for your assessor’s reference. Should you encounter issue or concerns regarding your assessment, contact your assessor. |
Workplace Supervisor/Assessor Instructions
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Dear Workplace Supervisor/Assessor, Thank you for allowing and assisting the learner to complete this project in (please tick at least one): the workplace. a simulated workplace environment. This project requires the learner to manage budget and financial plans in the workplace. The learner will discuss with you the requirements they must complete and the resources they need to access in the assessment environment for this project.
Your Role as the Learner’s Supervisor/Assessor There are activities in this project that will require your involvement. This includes: providing the learner access to the resources required for this project. participating in the activities included in this project, including: observing the learner as they complete these activities, signing the learner’s submissions, providing feedback on the learner’s performance, and providing guidance to the learner as they complete these activities in the selected assessment environment. testifying that the learner has completed these activities in accordance with the workplace standards, policies, and procedures, and in accordance with the requirements of this project. being contacted by the learner’s training provider through a phone call or email to further verify that the learner has completed the activities included in this project to a satisfactory level and to verify the authenticity of the learner’s document submissions. Discuss any queries about the project and associated requirements with the learner. If the learner cannot answer your questions about the project, please contact the learner’s assessor/training provider. |
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This project will require you to manage budgets and financial plans. The project is divided into three parts: Project Assessment Part 1 Financial Management Planning Project Assessment Part 2 Financial Management Plan Implementation Project Assessment Part 3 Review and Evaluation of Financial Management Process Tasks and activities in this project assessment require you to have access to a workplace or a similar environment. Read the instructions in this project carefully before proceeding.
Resources Required for Assessment Resources you need to access to complete this assessment are outlined in the Resources Required for Assessment section of this workbook and in the task overview of each part of the assessment.
Forms and Templates Assessment forms and templates are provided in each task in this Project Assessment, unless otherwise specified. If you are currently in workplace, you may use similar forms and templates used by your organisation to complete the assessment. However, all requirements specified in the task must be included in your submissions. |
Part 1. Financial Management Planning
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Task Overview |
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This part of the project requires you to review an existing budget plan and financial plan in your organisation. Specifically, you are required to: Access budget plan and financial plan documentation Negotiate changes that need to be applied to budget plan and financial plan Clarify budget plan and financial plan on their achievability, accuracy, and comprehensibility Prepare contingency plans in the event that initial plans change
Resources Required: To complete this project, you will need access to the following: A workplace that will allow you access to: Workplace financial documentation, such as: Financial plan for your work team that includes the following: Cash flow projections Ageing Summaries Petty Cash Statements Goods and Service Tax (GST) Profit and Loss Statements One budget plan Budget plans may include, but is not limited to the following: Short-term budget plan Long-term budget plan Two relevant personnel This includes, but is not limited to the following: Financial managers Accountants Financial controllers Opportunity to manage at least one financial plan for your own work team |
Task 1.1 Review Budget and Financial Plans
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Complete the Financial Review template. To do this, you must: Identify the following: At least one financial goal relevant to budgeting At least two financial objectives relevant to the identified financial goal Section of financial plan used Type of budget plan used Interpret the performance of the following in relation to your identified financial objectives: Interpretation of financial documents is dependent on the objectives you have identified. You must ensure that you incorporate discussion of ALL identified financial objectives throughout your interpretation. Budget Plan Interpretation includes but is limited to the following: If expenses incurred throughout the year are in line with budgetary requirements If the company was able to achieve positive variance Ageing summaries Interpretation includes but is limited to the following: How will you tackle the unpaid invoices? What action must be taken to convert this to cash? Petty cash Interpretation includes but is not limited to the following: Will the current petty cash suffice for the organisation? Is the petty cash accounted for in your budget? Cash flow statement Interpretation includes but is not limited to the following: Is your budget consistent with your expected income based on the trends of your cash flow statements? Goods and Services Tax (GST) Interpretation includes but is not limited to the following: Will you be able to claim GST credits at the end of the next tax period? Are GST credits included in the computation of your budgets? |
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Profit and loss statement Interpretation includes but is not limited to the following: Will the proposed budgets meet the expected expenses and cost? Will the current return on equity generate the required profit for your organisation? Have your supervisor complete the Supervisor Declaration Form found at the end of the Financial Review template. This is to ensure that all information provided is accurate and factual. Submit the completed Financial Review to your assessor. |
Financial Review
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Learner Name |
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Name of Workplace/ |
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Date |
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Financial Goal |
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Financial Objectives |
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Section of Financial Plan |
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Type of Budget Plan Used |
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Financial Performance Interpretation |
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Budget Plan |
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Ageing Summaries |
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Petty Cash |
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Cash Flow Statement |
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Goods and Service Tax (GST) |
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Profit and Loss Statement 1 |
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Profit and Loss Statement 2 |
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SUPERVISOR DECLARATION TO THE SUPERVISOR By signing in the spaces provided below, you are confirming that the information presented above is accurate and true. Additionally, by signing below you are confirming the responses provided reflect the views of the organisation. |
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| Organisation Name | |
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| Signature: | |
Task 1.2 Evaluate Performance of Budget and Financial Plans
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Submit the following to your assessor: Video recording of your meeting (ONLY if direct observation is not possible) Meeting Minutes Updated Financial Plan Updated Budget Plan At least one supplementary evidence of approval from each personnel present in the meeting |
Meeting Minutes
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Date: |
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Location: |
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Meeting called |
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Facilitator |
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Attendees Attendees must sign beside their name after the meeting. |
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Agenda Item 1: Evaluation of Current Financial Plan |
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Discussion |
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Agenda Item 2: Changes to Financial and Budget Plans |
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Discussion |
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Observation Form (For Assessor’s Use Only)
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INSTRUCTIONS TO THE ASSESSOR |
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The assessor is to observe the learner as they complete the assessment task and skill requirements outlined in this Observation Form. Before observing the learner: Review and discuss with the learner the task instructions, and skill requirements which they need to demonstrate to complete this assessment. Ensure that the learner understands the requirements of the task and the skill requirements before proceeding.
For this assessment, the learner is required to meet with relevant personnel to evaluate the performance of their budget and financial plans. Prior to conducting the meeting, discuss with the learner to ensure that they have access to the following: A safe environment to conduct the meeting (please tick at least one): the workplace: Indicate location of assessment. a simulated workplace environment: Indicate location of assessment.
Assessment requirements (please tick all requirements found in the assessment environment): At least two relevant personnel from the organisation This includes, but is not limited to the following: Financial managers Accountants Financial controllers Meeting Minutes template Video camera or a mobile phone with video recording capabilities Only if direct observation is not possible. |
Continued on the next page.
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Your Role as the Observer/Assessor You are required to observe the learner meet with relevant personnel to evaluate the performance of their budget and financial plans. The learner will provide you a copy of the Observation Form which you must complete during the observation task. Select the method of observation to be conducted: Direct observation Assessor must be physically present in the assessment environment. Observation via video recording Learner and the assessment requirements must be present in the video recording. Complete the Observation Form for this task: Observe the learner demonstrate each skill requirement outlined in the form as they undertake the task. Indicate the date when the observation is conducted. Tick each item in the form as ‘YES’ if the learner satisfactorily demonstrates each skill requirement based on the criteria provided. Write objective feedback on how the learner demonstrated each skill requirement based on your observation. Tick each item in the form as ‘NO’ if the learner does not satisfactorily demonstrate each skill requirement. Write objective feedback including additional information on how the learner can satisfactorily demonstrate this requirement for this task. Provide an overall feedback on the learner’s performance to assist the learner in addressing any areas of improvement. Sign off the Assessor Declaration at the end of the Observation Form to confirm this observation. Discuss any further queries about the task and associated requirements with the learner before commencing. |
Observation Form begins on the next page
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Learner Name: |
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Name of Workplace/ |
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Task Title Refer to task title. |
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Date of Observation: |
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The learner… |
Yes |
No |
Comments |
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Negotiate changes required to budget and financial plans |
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Look for common ground among attendees of the meeting to understand on changes to plans |
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Build on ideas of others to come to a decision that would satisfy all parties |
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Propose solutions that would drive the conversation forward |
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Presents information about financial issues using: |
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Structure to suit the audience |
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Did the learner: Order presentation of information in a logical sequence (e.g. chronological, cause and effect, most important to least important) |
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Use proper transitions to indicate shifts or changes in points of discussion |
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Summarise information to ensure that all information is understood by attendees |
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Language to suit the audience |
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Use proper English and follow grammar rules |
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Use plain and simple English language for easier comprehension of attendees from CALD background |
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Repeat messages shared using their own words to clarify understanding |
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Use body language to confirm that they have understood the message being shared |
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Clarify and confirm understanding using: |
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Active listening |
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Paraphrase statements to ensure that information is remembered |
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Repeat messages shared using their own words to clarify understanding |
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Active Questioning |
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Did the learner: Use open questions to clarify details of ideas or messages being communicated |
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Uses hypothetical questioning to determine the application of ideas or message being communicated. |
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OVERALL FEEDBACK TO LEARNER |
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ASSESSOR DECLARATION TO THE ASSESSOR By signing here, I confirm that I have observed the learner, whose name appears above, perform/demonstrate the skills outlined in this Observation Form during the meeting. I further confirm that the information recorded on this Observation Form is true and accurately reflects the learner’s performance during this task. |
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Task 1.3 Develop Financial Management Plan
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ASSESSMENT INSTRUCTIONS |
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Review your revised Financial Plan and Budget plan from Task 1.2 to develop strategies for monitoring expenditure and controlling costs. Locate the following found within this workbook: Financial Management Plan This outlines the information required to complete this task. Risk Rating Guide This can be used to complete Part D. Contingency Plan of your Financial Management Plan You may use your own organisation’s template for financial management plans, so long as you are able to supply all the requirements outlined in this task. The Financial Management Plan is divided into multiple sections. Instructions to complete each section are as follows: Part A. Team Management Plan To complete Part A. Team Management Plan, you must identify the following Develop at least one team objective based on your financial objective relevant to monitoring actual expenditure identified in Task 1.1. Areas covered by team objectives include, but is not limited to the following: Ensuring allocated budget is followed Setting limits to spending Expenditure forecasting You must write each of your objectives following S.M.A.R.T Goals, which stands for: Specific Measurable Achievable Realistic |
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At least one team objective to achieve organisational financial objective relevant to controlling costs. You must write this following S.M.A.R.T. Goals. At least two members of your work team involved in financial management Team members include, but is not limited to the following Bookkeeper Accounts manager Accountant At least one role of each team member relevant to financial management, specifically: Monitoring expenditure Controlling costs The roles of your team members may cover both areas, so long as you clearly define these in your plan. At least one Key Performance Indicator (KPI) for each role identified. You must write this following S.M.A.R.T. Goals. Areas covered by KPIs include but are not limited to the following: Actual costs Earned Value Cost variance Date to review each KPI identified Expected outcome of each KPI identified You are to leave the ‘Actual Date of Implementation’ and ‘Actual Outcome’ columns of Part A. Team Management Plan blank. This will be completed in a succeeding task. Part B. Expenditure Monitoring Plan To complete Part B. Expenditure Monitoring Plan, you must identify the following: At least one financial objective relevant to monitoring actual expenditure for your work team. This must be written using S.M.A.R.T. Goals. At least one strategy to monitor actual expenditure |
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At least two processes required to implement your strategy to monitor actual expenditure, which must include: Implementation date Expected outcome Schedule for monitoring expenditure This includes, but is not limited to the following: Monthly Fortnightly Quarterly At least one of each of the following required to implement identified strategy to monitor actual expenditure: Resource E.g. Microsoft Excel, Cloud-based storage, Time tracking applications System E.g. Mind Your Own Business (MYOB), Quickbooks, Xero You are to leave the ‘Actual Date of Implementation’ and ‘Actual Outcome’ columns of Part B. Expenditure Monitoring Plan blank. This will be completed in a succeeding task Part C. Cost Control Plan To complete Part C. Cost Control Plan, you must identify the following: At least one financial objective relevant to controlling costs for your work team. This must be written using S.M.A.R.T. Goals. At least one strategy to control costs At least two processes required to implement your strategy to control costs For each process indicated you must identify the following: Implementation date Expected outcome |
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At least one of each of the following required to implement identified strategy to control costs: Resource System You are to leave the ‘Actual Date of Implementation’ and ‘Actual Outcome’ columns of Part C. Cost Control Plan blank. This will be completed in a succeeding task. Part D. Contingency Plan Access your organisation’s own template for rating risks, that includes the following: Likelihood of risk Consequence of risk Risk rating matrix Risk priority rating If you do not have a template for rating risks, you may use the Risk Rating Guide To complete Part D. Contingency Plan, you must: Develop two contingency plans—one for your financial plan and one for your selected budget plan. Each plan must contain the following: At least one financial risk to your plan This includes, but is not limited to the following: Deviation of prices of stocks, currencies or commodities Volatility in investments Inability to meet proper funding At least one financial objective each risk affects At least one factor of the risk that will affect the business This includes, but is not limited to the following: Financial deficit risk will put organisation in Effects on total expenditure of the organisation Effect on total overhead costs |
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Risk assessment of each risk identified, which must include the rating of each: Likelihood (L) Consequences (C) Risk Rating (R) Risk Priority (P) At least one contingency strategy to achieve the relevant financial objective An action plan for each risk identified, which must include the following: Implementation date of your contingency strategy Expected outcome of your contingency strategy You are to leave the ‘Actual Date of Implementation’ and ‘Actual Outcome’ columns of Part D. Contingency Plan blank. This will be completed in a succeeding task. Part E. Version Control To complete Part E. Cost Control Plan, you must: Identify date when Financial Management Plan was completed Briefly explain modifications done to the finance management Plan Indicate version number as ‘1.0’ Have your supervisor sign the version 1.0 of Part E. Version Control of your Financial Management Plan. This is to ensure that all information provided is accurate and factual. Their signature must be handwritten. Submit the partially completed Financial Management Plan template to your assessor. |
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Financial Management Plan
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Learner Name |
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Name of Workplace/Organisation |
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PART A. TEAM MANAGEMENT PLAN |
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Team Objective for Monitoring Expenditure |
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Team Objective for Controlling Costs |
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Team Member |
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Key Performance Indicator (KPI) |
Expected Review Date |
Expected Outcome |
Actual Review Date |
Actual Outcome |
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PART B. EXPENDITURE MONITORING PLAN |
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Schedule |
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Financial Objective |
Strategy to Monitor Actual Expenditure |
Processes to Implement Strategy |
Implementation Date |
Expected Outcome |
Actual Implementation Date |
Actual Outcome |
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Resource Required to Implement Strategy |
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System Required to Implement Strategy |
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PART C. COST CONTROL PLAN |
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Financial Objective |
Cost Control Strategy |
Processes to Implement Strategy |
Implementation Date |
Expected Outcome |
Actual Implementation Date |
Actual Outcome |
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Resource Required to Implement Strategy |
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System Required to Implement Strategy |
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PART D. CONTINGENCY PLAN |
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Financial Contingency Plan |
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Financial Plan Risk Assessment |
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Factors to Consider |
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Contingency Strategy |
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Action Plan |
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Risk |
Contingency Strategy |
Implementation Date |
Expected Outcome |
Actual Implementation Date |
Actual Outcome |
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Modifications |
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Budgetary Contingency Plan |
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Budget Plan Risk Assessment |
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Factors to Consider |
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Contingency Strategy |
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Action Plan |
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Modifications |
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Date |
Summary of modifications |
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Supervisor Signature |
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SUPERVISOR DECLARATION TO THE SUPERVISOR By signing in the spaces provided below, you are confirming that the information presented above is accurate and true. Additionally, by signing below you are confirming the responses provided reflect the views of the organisation. |
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| Supervisor Name: | |
| Organisation Name | |
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| Signature: | |
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Risk Rating Guide |
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Likelihood Scale |
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Level |
Likelihood |
Description |
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1 |
Rare |
The event may occur in exceptional circumstances. Less than once in 2 years. |
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2 |
Unlikely |
The event could occur at some time. At least once per year. |
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Moderate |
The event will probably occur at some time. At least once in 6 months. |
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Likely |
The event will occur in most circumstances. At least once per month |
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Certain |
The event is expected to occur in all circumstances. At least once per week. |
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Consequence Scale |
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Level |
Consequence |
Description |
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Negligible |
No Injuries. Low financial loss. Financial loses less than $1,000 |
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Minor |
First-aid treatment. Financial losses between $1,000 and $10,000 |
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Serious |
Medical treatment required. Financial losses between $10,000 and $50,000. Moderate environmental implications. Moderate loss of reputation. Moderate business interruption. |
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Major |
Excessive, multiple long-term injuries. Financial losses greater than $50,000. High environmental implications. Major loss of reputation. Major business interruption. |
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Fatality |
Single death |
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Multiple Fatalities |
Multiple deaths and serious long-term injuries. |
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Risk Rating Matrix |
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Likelihood |
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Moderate |
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Certain |
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Consequences |
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Negligible |
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Minor |
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Major |
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15 |
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Fatality |
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20 |
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Multiple Fatalities |
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25 |
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Risk Priority Scale |
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Risk Rating |
Risk Priority |
Description |
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0 |
N |
No Risk: The costs to treat the risk are disproportionately high compared to the negligible consequences. |
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1 – 3 |
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Low: May require consideration in any future changes to the work area or processes, or can be fixed immediately. |
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4 – 6 |
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Moderate: May require corrective action through planning and budgeting process. |
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8 – 12 |
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High: Requires immediate corrective action. |
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15 – 25 |
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Extreme: Requires immediate prohibition of the work process and immediate corrective action. |
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Task Overview |
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This part of the project requires you to implement a new financial management plan. Specifically, you are required to: Communicate details of agreed budget and financial plans to relevant team members Support team members to access resources and systems to perform required roles Implement processes to monitor actual expenditure and control costs as required according to financial objectives Implement contingencies in the event that initial plans need to be varied Report on budget and expenditure according to organisational protocols
Resources Required: To complete this project, you will need access to the following: A workplace that will allow you access to: At least two team members whose job roles are focused on management of finances These include, but are not limited to: Purchasing and procurement staff Debt collectors Bookkeepers At least two resources that can be used to manage financial management processes These include, but are not limited to the following: Microsoft Excel Cloud-based storage Time tracking application At least two systems that can be used to manage financial management processes These include, but are not limited to the following: Mind Your Own Business (MYOB) Quickbooks Xero |
Task 2.1 Team Meeting
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ASSESSMENT INSTRUCTIONS |
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To complete this task, you must conduct a meeting with at least two of your team members to communicate details of the budget and financial plans. Locate the following found within this workbook: Meeting Minutes Template This outlines all topics you must discuss in your meeting with your team members. Observation Form This outlines all the skills you must demonstrate throughout this task. Provide your assessor a copy of this before conducting your meeting. Review these templates and the instructions that follow before conducting your meeting. Review the instructions here and the skills outlined in the Observation Form. Arrange a time with your assessor to observe you in conducting the meeting. Discuss all requirements of the task with your assessor and prepare these before the meeting. Your assessor will complete the Observation Form. If direct observation from your assessor is not possible, record the meeting in a video. Ensure to obtain permission first from persons involved before doing so. Organise a meeting with at least three team members to communicate details of your budget and financial plans and discuss roles in financial management. During the meeting you must: Clarify your approved budget plan. Discussion must include the following: Financial objective relevant to budget plan as indicated in Task 1.1 Changes applied to initial budget plan Contingency plan for your budget plan Clarification includes, but is not limited to the following: Ensuring that all participants are clear on the changes made Providing additional guidance for questions |
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Clarify your approved financial plan. Discussion must include the following: Financial goals relevant to the financial plan as indicated in Task 1.1 Changes applied to initial budget plan Contingency plan for your financial plan Discuss resources and systems required for financial management. Discussion must include the following as identified in Part I: Resource required for monitoring actual expenditure System required for monitoring actual expenditure Resource required for controlling costs System required for controlling costs Discuss the roles of your team members in line with financial management. Discussion must include the following: Each team member’s role KPI of each team member Expected outcome of each team member Identify at least one support required by each team member in accessing the following: Resources identified to perform their required indicated in Task 1.3 ‘ Systems identified to perform their required roles indicated in Task 1.3. ‘ Support may include, but is not limited to the following: Coaching Formal training Shadowing Document all discussions in the Meeting Minutes. Have all participants of the meeting sign the ‘Attendees’ section of your Meeting Minutes. All signature must be handwritten. |
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After your meeting, complete the Support Plan based on your discussion during the meeting. To complete this you must identify the following: Each team member present in the meeting Role of each team member relevant to financial management At least one support required by each team member for accessing resources to perform their role At least one support required by each team member for accessing systems to perform their role For each support: Implementation date of each support required Expected outcome of each support required You are to leave the ‘Actual Implementation Date’ and ‘Actual Outcome’ columns of your Support Plan blank. This will be completed in a succeeding task. Submit the following to your assessor: Meeting Minutes Partially completed Support Plan Video recording of your meeting (ONLY if direct observation is not possible) |
Meeting Minutes
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Date: |
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Location: |
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Meeting called |
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Facilitator |
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Attendees Attendees must sign beside their name after the meeting. |
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Agenda Item 1: Clarification of Approved Budget Plan and Financial Plan |
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Discussion |
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Agenda Item 2: Discussion of Resources and Systems Required |
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Discussion |
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Agenda Item 3: Roles of Team Members |
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Discussion |
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Support Plan
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Team Member |
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Support Required |
Implementation Date |
Expected Outcome |
Actual Implementation Date |
Actual Outcome |
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Observation Form (For Assessor’s Use Only)
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INSTRUCTIONS TO THE ASSESSOR |
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The assessor is to observe the learner as they complete the assessment task and skill requirements outlined in this Observation Form. Before observing the learner: Review and discuss with the learner the task instructions, and skill requirements which they need to demonstrate to complete this assessment. Ensure that the learner understands the requirements of the task and the skill requirements before proceeding.
For this assessment, the learner is required to meet with their work team to communicate details of the budget and financial plans. Prior to conducting the meeting, discuss with the learner to ensure that they have access to the following: A safe environment to conduct the meeting (please tick at least one): the workplace: Indicate location of assessment. a simulated workplace environment: Indicate location of assessment. Assessment requirements (please tick all requirements found in the assessment environment): At least two members of their team Meeting Minutes template Video camera or a mobile phone with video recording capabilities Only if direct observation is not possible. |
Continued on the next page.
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Your Role as the Observer/Assessor You are required to observe the learner meet with their work team to communicate the details of the budget and financial plan. The learner will provide you a copy of the Observation Form which you must complete during the observation task. Select the method of observation to be conducted: Direct observation Assessor must be physically present in the assessment environment. Observation via video recording Learner and the assessment requirements must be present in the video recording. Complete the Observation Form for this task: Observe the learner demonstrate each skill requirement outlined in the form as they undertake the task. Indicate the date when the observation is conducted. Tick each item in the form as ‘YES’ if the learner satisfactorily demonstrates each skill requirement based on the criteria provided. Write objective feedback on how the learner demonstrated each skill requirement based on your observation. Tick each item in the form as ‘NO’ if the learner does not satisfactorily demonstrate each skill requirement. Write objective feedback including additional information on how the learner can satisfactorily demonstrate this requirement for this task. Provide an overall feedback on the learner’s performance to assist the learner in addressing any areas of improvement. Sign off the Assessor Declaration at the end of the Observation Form to confirm this observation. Discuss any further queries about the task and associated requirements with the learner before commencing. |
Observation Form begins on the next page
Observation Form
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Learner Name: |
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Name of Workplace/ |
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Task Title Refer to task title. |
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Date of Observation: |
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Did the learner… |
Yes |
No |
Comments |
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Communicates required details of the following during the meeting: |
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Agreed Budget Plan |
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Agreed Financial Plan |
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Presents information about financial issues: |
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Using structure to suit audience |
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During the meeting, did the learner: Order information in a logical sequence (e.g. chronological, cause and effect, most important to least important) |
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Use proper transitions to indicate shifts or changes in points of discussion |
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Summarise information to ensure attendees of the meeting understand the main points of discussion |
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Language to suit the audience |
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During the meeting, did the learner: Use standard English and rules of proper grammar |
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Use formality as necessary |
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Avoid use of slang |
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Clarify and confirm understanding using: |
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Active listening |
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Paraphrase statements to ensure information is retained |
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Repeat messages shared using their own words to clarify understanding |
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Use body language to confirm that they have understood the message being shared |
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Active Questioning |
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Did the learner: Use open questions to clarify details of ideas or messages being communicated |
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Uses hypothetical questioning to determine the application of ideas or message being communicated. |
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OVERALL FEEDBACK TO LEARNER |
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ASSESSOR DECLARATION TO THE ASSESSOR By signing here, I confirm that I have observed the learner, whose name appears above, perform/demonstrate the skills outlined in this Observation Form during the meeting. I further confirm that the information recorded on this Observation Form is true and accurately reflects the learner’s performance during this task. |
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| Assessor Name: | |
| RTO Name: | |
| Position: | |
| Signature: | |
Task 2.2 Provide Support
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ASSESSMENT INSTRUCTIONS |
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Review your partially completed Support Plan from Task 2.1 to assist you in providing support to each of your team members to access resources and systems required for their role. Locate the Support Log found within this workbook. This will be used to confirm the support provided to each team member. Provide the appropriate support to each of your team members met in Task 2.1. The support you provide must correspond to those identified in your Support Plan partially completed in Task 2.1. This must include the following for each member: Support for accessing resources required to perform their role Support for accessing systems required to perform their role You must prepare proof of providing support for each team member. This will be submitted as supplementary evidence at the end of the task Evidence may include, but is not limited to the following: Video recording of your training session Audio recording of consultations The amount of evidence you must submit must correspond to the support you are required to provided as outlined in your Support Plan from Task 2.1. You must submit at least four at the end of this task—two for each team member. After you provide the support to each team member, you must have them sign on the Support Log. This is to ensure that support provided is consistent with support identified in the Support Plan and to confirm that support provided is sufficient. All signature must be handwritten. |
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Update your Support Plan with the following for each support provided: Actual date of implementation Actual outcome Submit the following to your assessor: Completed Support Plan Completed Support Log At least four pieces of supplementary evidence, which must include at least one of each of the following for each team member Support for accessing resources required to perform their role Support for accessing systems required to perform their role |
Support Log
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Organisation Name |
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TO THE TEAM MEMBER, By signing this log, you are confirming that the learner provided support consistent with the identified support in the Support Plan. Furthermore, by signing here you confirm that the support provided is sufficient to address your support need. |
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Date of Support Provision |
Team Member |
Role |
Support Provided |
Team Member Signature |
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Task 2.3 Implement Financial Management Plan
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ASSESSMENT INSTRUCTIONS |
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To complete this task, you must implement the strategies outlined in your Financial Management Plan partially completed in Task 1.3 throughout one reporting period. Locate the following found within this workbook: Record-Keeping Requirements template This will be used to identify the record-keeping requirements you must follow when implementing your Financial Management Plan. Team Performance Monitoring Sheet This will be used for monitoring the performance of your team members according to the KPIs identified in your Financial Management Plan. Observation Form This outlines all the skills you must demonstrate throughout this task. Provide your assessor a copy of this before conducting your meeting. Review these templates and the instructions that follow before conducting this task. Identify the following requirements in your Record-Keeping Requirements templates: At least two ATO requirements for business record-keeping. The type of records to be kept must be in line with industry you are currently in. Record-keeping requirements can include, but are not limited to the following: Keeping bank records for five years Including all record relating to fringe benefits provided, including how you calculated the taxable value of benefits Access the link below for further guidance regarding record-keeping for businesses: Australian Taxation Office: Record keeping for businesses https://www.ato.gov.au/Business/Record-keeping-for-business/ |
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At least two business record keeping requirements relevant to audit Record-keeping requirements include, but are not limited to the following: Record-keeping requirements for audit include, but are not limited to the following: Keeping documentation of required financial statements for reports (e.g. statement of financial position, profit and loss statement, cash flow for the period) Keeping cash flows for operating, investing, and financing that is most appropriate the business. Access the link below for further guidance regarding record-keeping requirements for auditing purposes: Accounting Standards https://www.aasb.gov.au/Pronouncements/Current-standards.aspx/ Have your supervisor sign off your Record Keeping Requirements template. This is to ensure that the identified requirements are in line with the requirements of your organisation. Their signature must be handwritten. IMPORTANT: You must secure confirmation from your supervisor before you undertake this task. Review the instructions here and the skills outlined in the Observation Form. Arrange a time with your assessor to observe you in implementation. Discuss all requirements of the task with your assessor and prepare these before the implementation. Your assessor will complete the Observation Form. If direct observation from your assessor is not possible, record their implementation in a video. Ensure to obtain permission first from persons involved before doing so. Implement your process to monitor actual expenditure based on the schedule identified in your Financial Management Plan. You must monitor your actual expenditure at least two times following your schedule. You must ensure that entire duration of your monitoring scheduled is covered by your organisation’s reporting period. During the implementation, you must record the following on Part B. Expenditure Monitoring Plan of your Financial Management Plan for each process implemented: Actual date of implementation Actual outcome |
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You must secure proof of each instance of monitoring your actual expenditure against projected expenditure. This will be submitted as supplementary evidence at the end of the task. This includes, but is not limited to the following: Monthly expense reports Receipts of purchases for the month Budget reports Implement your strategy to control costs identified in your Financial Management Plan. You must monitor cost control at least two times following your organisational requirements. You must secure proof that you have controlled costs on at least two occasions. This will be submitted as supplementary evidence at the end of the task. This includes, but is not limited to the following: Cash flow statements Costing forecasts During the implementation, you must record the following on Part C. Cost Control Plan of your Financial Management Plan for each process implemented: Actual date of implementation Actual outcome During the implementation of your Financial Management Plan you must apply the appropriate record-keeping requirements to ensure that all your business activity is prepared in accordance with the following Australian Taxation Office’s (ATO). Auditing requirements You must secure proof that you have kept records of business activity based on the requirements outlined below. This will be submitted as supplementary evidence at the end of the task. Records include, but are not limited to the following: Sales records (e.g. invoice books, cash register tapes, credit card documentation) Bank accounts (e.g. cheque books, deposit books, bank statements) Proof of purchases (e.g. cheque butts, petty cash system, receipts) |
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During the implementation of your Financial Management Plan, you must observe the performance of each team member in relation to their KPI identified in Task 1.3. You must observe each implementation on at least two occasions. Record each team member’s performance on the Team Performance Monitoring Sheet—one sheet must be used for each team member. Each sheet must contain the following: Date of observation Observation of performance against assigned KPI You must use one Team Performance Monitoring Sheet for each team member observed You must secure proof of each of your team member’s performance for each instance of monitoring. This will be submitted as supplementary evidence at the end of the task. Evidence includes, but is not limited to the following: Developed financial statements Reports on expenditures During the implementation, you must record the following on Part A. Team Management Plan of your Financial Management Plan for each process implemented: Actual date of review Actual outcome After the implementation of your financial management processes, you must update Part E. Version Control of your Financial Management Plan. To complete this section, you must: Identify date of update Outline of modifications Update version number to ‘2.0’ Have your supervisor sign Part E. Version Control of your Financial Management Plan. This is to ensure that all modifications provided are accurate and true. Their signature must be handwritten. |
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Submit the following to your assessor: Record-Keeping Requirements template Partially completed Financial Management Plan, with the following sections completed: Part A. Team Management Plan Part B. Expenditure Monitoring Plan Part C. Cost Control Plan Updated Part E. Version Control At least two completed Team Performance Monitoring Sheet Supplementary evidence as proof of each the following: At least two instances of monitoring actual expenditure At least two instances of controlling costs At least two instances of each team member’s performance |
Record-Keeping Requirements
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Organisation |
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ATO Record-Keeping Requirements |
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Audit Record Keeping Requirements |
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TO THE SUPERVISOR By signing here, you are confirming that the identified record-keeping requirements identified by the learner, whose name appears above, is followed by your organisation. |
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Supervisor Name |
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Position |
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Supervisor Signature |
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Date Signed |
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Team Performance Monitoring Sheet
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Team Role |
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KPI |
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Observation |
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Observation Form (For Assessor’s Use Only)
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INSTRUCTIONS TO THE ASSESSOR |
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The assessor is to observe the learner as they complete the assessment task and skill requirements outlined in this Observation Form. Before observing the learner: Review and discuss with the learner the task instructions, and skill requirements which they need to demonstrate to complete this assessment. Ensure that the learner understands the requirements of the task and the skill requirements before proceeding.
For this assessment, the learner is required to implement their strategies to monitor expenditure and control costs while keeping records of business activity following ATO requirements and requirements for the purpose of audit. Prior to conducting the meeting, discuss with the learner to ensure that they have access to the following: A safe environment to conduct the meeting (please tick at least one): the workplace: Indicate location of assessment. a simulated workplace environment: Indicate location of assessment.
Assessment requirements (please tick all requirements found in the assessment environment): Financial Management Plan partially completed in Task 1.3 Team Performance Monitoring Sheet Video camera or a mobile phone with video recording capabilities Only if direct observation is not possible. |
Continued on the next page.
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Your Role as the Observer/Assessor You are required to observe the learner implement their strategies to monitor expenditure and control costs while keeping records of business activity following ATO requirements and requirements for the purpose of audit following requirements identified in the Record-Keeping Requirements template. Before conducting the task, the learner must provide you a copy of the Record-Keeping Requirements template that has been signed off by their supervisor. The learner will provide you a copy of the Observation Form which you must complete during the observation task. Select the method of observation to be conducted: Direct observation Assessor must be physically present in the assessment environment. Observation via video recording Learner and the assessment requirements must be present in the video recording. Complete the Observation Form for this task: Observe the learner demonstrate each skill requirement outlined in the form as they undertake the task. Indicate the date when each observation is conducted. Tick each item in the form as ‘YES’ if the learner satisfactorily demonstrates each skill requirement based on the criteria provided. Write objective feedback on how the learner demonstrated each skill requirement based on your observation. Tick each item in the form as ‘NO’ if the learner does not satisfactorily demonstrate each skill requirement. Write objective feedback including additional information on how the learner can satisfactorily demonstrate this requirement for this task. Provide an overall feedback on the learner’s performance to assist the learner in addressing any areas of improvement. Sign off the Assessor Declaration at the end of the Observation Form to confirm this observation. Discuss any further queries about the task and associated requirements with the learner before commencing. |
Observation Form begins on the next page
Observation Form
| Learner Name: |
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| Name of Workplace/ Organisation: |
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| Task Title
Refer to task title. |
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Details of Observation |
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Comments |
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Adhere to the following ATO requirements for record-keeping: |
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ATO record keeping requirement A identified in the learner’s approved Record-Keeping Requirements |
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Initials: Date observed: |
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ATO record keeping requirement B identified in the learner’s approved Record-Keeping Requirements |
Observed by:
Initials: Date observed: |
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Adhere to the following record-keeping requirements for the purpose of audit |
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Audit record-keeping requirement A identified in the learner’s approved Record-Keeping Requirements |
Observed by:
Initials: Date observed: |
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Audit record-keeping requirement B identified in the learner’s approved Record-Keeping Requirements |
Observed by:
Initials: Date observed: |
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| OVERALL FEEDBACK TO LEARNER |
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ASSESSOR DECLARATION TO THE ASSESSOR By signing here, I confirm that I have observed the learner, whose name appears above, perform/demonstrate the skills outlined in this Observation Form during the meeting. I further confirm that the information recorded on this Observation Form is true and accurately reflects the learner’s performance during this task. |
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| Assessor Name: | |
| RTO Name: | |
| Position: | |
| Signature: | |
Task 2.4 Prepare Variation Reports
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ASSESSMENT INSTRUCTIONS |
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Review the records of financial activity collected during the implementation of your Financial Management Plan from Task 2.3. Access organisational documentation relevant to financial variance. Documentation includes, but is not limited to the following: Financial Management Policies and Procedures Financial Report Policies and Procedures Staff Handbook Review this documentation to identify your own organisation’s acceptable variance and cycle for monitoring expenditure. Access your own organisation’s template for completing variance reports. If your organisation does not currently have a template for variance reports, you may access the Variance Report template found within this workbook. Create at least one variance report comparing actual expenditure and projected expenditure for the period in which you implemented your Financial Management Plan. This must follow the schedule for monitoring expenditure as identified in your Financial Management Plan. Each variance report must include the following: Identify your organisation’s acceptable variance Period covered by variance report Indicate your response in months Projected expense of each expenditure Response must correspond to your initial expenditure from the financial and budget plans from Part 1. Actual expense of each expenditure Response must correspond to the financial records provided in Task 2.3 |
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Variance in dollars of each expenditure Variance in per cent of each expenditure Projected total expenditure Response must correspond to your initial expenditure from the financial and budget plans from Part 1. Actual total expenditure Response must correspond to the financial records provided in Task 2.3 Variance of total expenditure in dollars Variance of total expenditure in per cent Identify if your per cent variance for each of the following is favourable or unfavourable: Individual expenditure Total expenditure Submit at least one completed Variance Report to your assessor. |
Variance Report
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PERIOD COVERED: |
ACCEPTABLE VARIANCE |
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Projected Expenditure |
Actual Expenditure |
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Task 2.5 Report on Implementation Results
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ASSESSMENT INSTRUCTIONS |
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Access the following from your organisation Documentations relevant to protocols on reporting each of the following: Budgets Expenditure Documentation may include, but is not limited to the following: Budget Reporting Policy and Procedures Financial Management Policy and Procedures Protocols on reporting include, but are not limited to the following: Frequency of reporting (e.g. monthly, quarterly, etc.) Required documents of financial activity that must be submitted for reporting Acceptable variance of reported expenditure Access your organisation’s template for reporting for the following: Budgets Expenditure If you currently do not have a template for reporting, you may use the Financial Report template found within this workbook. Access the found within this workbook: Financial Reporting Requirements template This will be used to record organisational requirements for reporting budget and expenditure. Report Checklist This will be used by your assessor to confirm that you have followed the required requirements for reporting budget and expenditure. Review the templates and the instructions outlined below before starting your task. Record the following on your Financial Reporting Requirements template: At least one organisational protocol relevant to reporting budget At least one organisational protocol relevant to reporting expenditure |
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Have your supervisor sign off your Financial Reporting Requirements template. This is to ensure that the identified requirements are in line with the requirements of your organisation. Their signature must be handwritten. IMPORTANT: You must secure confirmation from your supervisor before preparing your reports. Prepare a report on each of the following based on the implementation of your Financial Management Plan from Task 3.1 in accordance with your organisation’s reporting protocols: Actual expenditure Actual budget used The content of your financial report will depend on the protocols identified in your Financial Reporting Requirements template. Review your requirements and discuss with your assessor how to complete your template. You can choose to have one consolidated report so long as the report contains individual reports on expenditure and budget. Report may include, but is not limited to the following: Variance Report Cash flow statements Profit and Loss Statement Follow your organisation’s reporting protocols and send the report to relevant personnel. This refers to personnel in charge of reviewing completed financial reports relevant to your team (e.g., line manager, board of director, Chief Finance Officer) You must secure proof of your reporting to be submitted as supplementary evidence at the end of this task. Evidence includes but is not limited to: Memo Meeting Minutes Submit the following to your assessor: Financial Reporting Requirements template Report on actual expenditure Report on actual budget At least one evidence of reporting |
Financial Reporting Requirements
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Learner Name |
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Organisation |
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Organisational Protocols for Reporting Budget |
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Organisational Protocols for Reporting Expenditure |
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TO THE SUPERVISOR By signing here, you are confirming that the identified organisational protocols for reporting budget and expenditure identified by the learner, whose name appears above, reflects the views of your organisation. |
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Supervisor Name |
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Position |
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Supervisor Signature |
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Date Signed |
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Financial Report
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PROFIT & LOSS STATEMENT |
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Total Operating Expenses |
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Variance Report
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PERIOD COVERED: |
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ACCEPTABLE VARIANCE |
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Projected Expenditure |
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Variance (%) |
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Report Checklist (For Assessor’s Use Only)
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Learner Name: |
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Name of Workplace/ |
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Task Title Refer to task title. |
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Date of Observation: |
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Did the learner… |
Yes |
No |
Comments |
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Adhere to the organisational requirement for reporting budget as identified in the learner’s approved Financial Reporting Requirements |
☐ |
☐ |
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Adhere to the organisational requirement for reporting expenditure as identified in the learner’s approved Financial Reporting Requirements |
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OVERALL FEEDBACK TO LEARNER |
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Task 2.6 Implement and Modify Contingency Plans
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ASSESSMENT INSTRUCTIONS |
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Seek an opportunity to implement each contingency plan as identified in Part D. Contingency Plans of your Financial Management Plan. Access your organisation’s policies and procedures relevant to modifying contingency plans: This includes, but is not limited to the following: Contingency Planning Policies and Procedures Continuous Improvement Policies and Procedures To complete this task, you must implement the contingency plans identified in your Financial Management Plan from Task 1.3. Implement each contingency strategy identified in Part D. Contingency Plans of your Financial Management Plan. You must implement at least two strategies, at least one strategy for the budget plan and at least one strategy for your financial plan. During your implementation you must update the following for each contingency strategy in Part D. Contingency Plans of your Financial Management: Actual implementation date Actual outcome You must secure proof at least one evidence that you implemented each of the contingency strategies outlined in your Financial Management Plan. This is to be submitted as supplementary evidence at the end of this task. This includes, but is not limited to the following: Revised budgets Correspondence with new supplier Interview notes with team regarding updated processes Review the implementation, to identify at least two modifications to your contingency plan to ensure that this is in line with your identified financial objectives. |
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Provide the following information on the on Part D. Contingency Plan of your Financial Management Plan: Revised contingency plan based on implementation, which must contain the following: Associated risk Contingency strategy Implementation Date Expected Outcome On you’re the ‘Modifications’ table: At least two modifications made to contingency plan Explanation of how each would help reach identified financial objectives Modifications must be based on the results of the implementation of your contingency plans and organisational objectives outlined in your Financial Management Plan. You must highlight ALL modification done to your Financial Management Plan. Update Part E. Version Control of your Financial Management Plan to reflect ALL modification to Part D. Contingency Plans. This must include the following information: Date of modification Modification made to Financial Management Plan New version control number Have your supervisor complete the Supervisor Declaration found at the end of this task. This is to ensure that all information is in line with organisational objectives. All signatures must be handwritten. Submit the following to your assessor: Completed Financial Management Plan, with the Part D. Contingency Plan completed At least two evidence of implementation of each contingency strategy, one for each contingency strategy |
Part 3. Review and Evaluation of Financial Management Processes
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Task Overview |
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This part of the project requires you to evaluate current financial management processes in your organisation. Specifically, you are required to: Identify and recommend improvement to existing financial management processes Implement and monitor agreed improvements according to financial objectives of work team and organisation |
Task 3.1 Analyse Financial Management Processes
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ASSESSMENT INSTRUCTIONS |
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Locate the Improvement Log found within this workbook. This outlines all the information you need to complete record in this task. Review the following documents completed in Part 2 to assist you in recommending improvements to your current financial management processes: Team Performance Monitoring Sheet from Task 2.3 Financial Report from Task 2.5 Financial Management Plan from Task 2.6 Analyse all the data and information you collected to identify improvements for the processes of each of the following: Monitoring actual expenditure Controlling costs To complete the Improvement Log, you must Identify at least one process of each the following that requires improvement: Strategy for monitoring actual expenditure Strategy for controlling costs For each process that requires improvement identified you must: Briefly explain how the process does not meet the following: at least one financial objective identified in Task 1.1 at least one team objective identified in Task1.1 |
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Identify at least one improvement to meet each of the following, based on your explanation: Financial objective identified Team objective identified You are to complete one Improvement Log for each of the following: Process of strategy for monitoring actual expenditure Process of strategy for controlling costs. Recommend your identified improvements to the two team members who implemented the Financial Management Plan in Task 2. In your correspondence with your team members, you must request for their approval of the changes to current financial management processes. You must secure proof of your correspondence with each of your team members, which includes agreement to improvements to your processes. This is to be submitted as supplementary evidence at the end of the task. Evidence includes, but is not limited to the following: Meeting Minutes Interview notes Include all negotiations, discussions, or revisions to your recommended improvements, if any, in the evidence you submit. After agreeing on improvements to be implemented, update the following sections of your Financial Management Plan to incorporate all agreed changes: Part B. Expenditure Monitoring Plan, which must include at least one updated process related to your strategy for monitoring actual expenditure. This must incorporates ALL approved improvements from your correspondence. |
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Part C. Cost Control Plan, which must include at least one updated process related to your strategy to control costs. This must incorporates ALL approved improvements from your correspondence Part E. Version Control of your Financial Management Plan to reflect ALL modifications. This must include the following information: Date of modification Modification made to Financial Management Plan New version control number You must highlight all modifications made to your Change Management Plan. Submit the following to your assessor: At least two completed Improvement Logs, one for each of the following: Process relevant to monitoring actual expenditure Process relevant to controlling costs At least two pieces of evidence of correspondence of approval with team members—one for each team member Updated Financial Management Plan |
Improvement Log
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Organisation |
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Process for Improvement |
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Explanation |
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Improvements |
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Task 3.2 Implement and Evaluate Recommendations
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ASSESSMENT INSTRUCTIONS |
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Access the Continuous Improvement Sheet found within this workbook. This outlines all the information you need to complete this task. You must complete one Continuous Improvement Sheet for each updated improved process implemented. Implement the following improved processes as indicated in your Financial Management Plan updated in Task 3.1: Process relevant to strategy to monitor actual expenditure Process relevant strategy to controlling costs You must secure proof of your implementation of each improvement. This will be submitted as supplementary evidence at the end of this task. Evidence includes, but is not limited to the following: Email of changes Memo of changes to process Documentation relevant to improvement After implementing your improved processes, you must evaluate outcomes of each in relation to the relevant financial and team objectives indicated in Task 3.1. You must record the following on each Evaluation Sheet: Updated financial management process you are evaluating For each financial management process: Relevant financial objective as identified in Task 3.1 Relevant team objective as identified in Task 3.1 |
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Date of observation Outcome of implementation of improved process Evaluation of process effectivity in line with the relevant financial objective Evaluation of process effectivity in line with the relevant team objective Evaluation includes: Aspects of the updated process that assists in reaching required goals Improvements to current team performance in relation to objectives You must complete one Evaluation Sheet for each updated process implemented. Have your supervisor complete the Supervisor Declaration Form found at the end of this task to ensure that you have implemented improvements as per the organisation’s requirements. Their signature must be handwritten. Submit the following to your assessor: At least two Evaluation Sheets, one for each process implemented At least two evidence of implementation of each updated process |
Evaluation Sheet
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Completed by |
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Organisation |
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Updated Financial Management Process |
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SUPERVISOR DECLARATION TO THE SUPERVISOR By signing in the spaces below, you are confirming that the learner implemented and evaluated the improvements as per the organisation’s requirements, and that their responses provided above reflect that of the organisation. |
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Supervisor Name: |
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Organisation Name |
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Position: |
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Signature: |
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Learner Assessment Pack
Assessment Workbook Checklist
| Instructions:
Your assessor will review your submissions against the checklist below. This section is to be completed by your assessor. |
| The learner has completed the Short Answer Questions in this workbook |
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| Short Answer Questions |
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The learner has completed the Practical Assessments in this workbook and has submitted all the required evidence: |
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| Project Assessment | ||||
| Task 1.1 Review Budget and Financial Plans | ||||
| Financial Review |
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| Task 1.2 Evaluate Performance of Budget and Financial Plan | ||||
| Video Recording of meeting (ONLY if direct observation is not possible) |
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| Meeting Minutes |
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| Updated Budget Plan |
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| Updated Financial Plan |
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| At least one supplementary evidence of approval from each personnel present in the meeting |
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| Task 1.3 Develop Financial Management Plan | ||||
| Partially completed Financial Management Plan |
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| Task 2.1 Team Meeting | |
| Video Recording of meeting (ONLY if direct observation is not possible) |
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| Meeting Minutes |
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| Partially Completed Support Plan |
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| Task 2.2 Provide Support | |
| Completed Support Plan |
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| Support Log |
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Support for accessing resources required to perform their role |
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Support for accessing systems required to perform their role |
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| Task 2.3 Implement Financial Management Plan | |
| Record-Keeping Requirements template |
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| Partially completed Financial Management Plan |
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| At least two Team Performance Monitoring Sheets |
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At least two instances of monitoring actual expenditure |
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At least two instances of controlling costs |
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At least two instances of each team member’s performance |
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| Task 2.4 Prepare Variance Reports | |
| At least one Variance Report |
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| Task 2.5 Report on Implementation Results | |
| Financial Reporting Requirements template |
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| Report on Actual Expenditure |
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| Report on Actual Budget |
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| At least one evidence of reporting |
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| Task 2.6 Implement and Modify Contingency Plans | |
| Completed Financial Management Plan |
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| At least two evidence of implementation of each contingency strategy |
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| Task 3.1 Analyse Financial Management Processes | |
| At least two completed Improvement Logs |
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| At least two pieces of evidence of correspondence of approval with team members—one for each team member |
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| Updated Financial Management Plan |
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| Task 3.2 Implement and Evaluate Recommendations | |
| At least two Evaluation Sheets |
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| At least two evidence of implementation of each updated process |
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Learner Assessment Pack
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Instructions: This section is to be completed by your assessor. |
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Assessment Details |
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Learner |
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Course Code |
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Unit of Competency |
BSBFIN501 Manage budgets and financial plans |
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RTO |
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Assessment Activity |
Satisfactory |
Needs more evidence |
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Short Answer Questions |
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Short Answer Question 4 |
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Short Answer Question 5 |
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Short Answer Question 6 |
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Short Answer Question 7 |
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Short Answer Question 8 |
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Short Answer Question 9 |
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Short Answer Question 10 |
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Short Answer Question 11 |
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Short Answer Question 12 |
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Short Answer Question 13 |
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Short Answer Question 14 |
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Short Answer Question 15 |
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Short Answer Question 16 |
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Short Answer Question 17 |
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Practical Assessment |
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Part I Task 1 Review Budget and Financial Plans |
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Part I Task 2 Evaluate Performance of Budget and Financial Plan |
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Part I Task 3 Develop Financial Management Plan |
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Part II Task 1 Team Meeting |
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Part II Task 2 Provide Support |
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Part II Task 3 Implement Financial Management Plan |
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Part II Task 4 Prepare Variation Reports |
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Part II Task 5 Report on Implementation Results |
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Part II Task 6 Implement and Modify Contingency Plans |
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Part III Task 1 Analyse Financial Management Processes |
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Part III Task 2 Implement and Evaluate Recommendations |
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Context Details |
Satisfactory |
Needs more evidence |
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| Supervisor/Observer Verification Log | |||||
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Supervisor/Observer verifies the learner’s submissions |
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No |
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| Assessor’s Comments |
| Remarks/feedback |
| Details of further evidence required |
| Please tick the appropriate box. |
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No |
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Comments and further action required are noted in the Learner Assessment Pack |
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| Results discussed and agreed to by the learner
You have the right to appeal the outcome of your assessment. |
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| The Learner is | Competent
Not Yet Competent |
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| Assessor’s signature | Date signed | ||||||
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I further confirm that I have verified the learner’s submissions by contacting the learner’s supervisor and/or observer whose names appear in the Supervisor/Observer Verification Log above. |
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| After reassessment, the Learner is: | Competent | Not Yet Competent | |||||
| Assessor’s signature | Date signed | ||||||
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Learner’s Comments |
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The signature confirms that I have submitted all my own work, and agree with the assessment decision and feedback. |
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Learner’s signature |
Date signed |
End of Document