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Bsbfim501 pdf

26/03/2021 Client: saad24vbs Deadline: 2 Day

Learner Guide

BSBFIM501

MANAGE BUDGETS AND

FINANCIAL PLANS

This learner guide is copyright protected and belongs to:

Developed by Enhance Your Future Pty Ltd 1

BSBFIM501 - Manage budgets and financial plans Version 1.1

TABLE OF CONTENTS

TABLE OF CONTENTS............................................................................................................................... 0

COURSE INTRODUCTION ........................................................................................................................ 2

ABOUT THIS GUIDE ...................................................................................................................................................................... 2 ABOUT THIS RESOURCE ..................................................................................................................................................... 2 ABOUT ASSESSMENT ............................................................................................................................................................ 3

ELEMENTS AND PERFORMANCE CRITERIA ...................................................................................... 5

EVIDENCE REQUIREMENTS ................................................................................................................... 7

KNOWLEDGE EVIDENCE ........................................................................................................................................................... 7 PERFORMANCE EVIDENCE ........................................................................................................................................................ 7

ASSESSMENT CONDITIONS ..................................................................................................................... 8

PRE-REQUISITES ........................................................................................................................................ 8

TOPIC 1 – PLAN FINANCIAL MANAGEMENT APPROACHES ............................................................ 9

ACCESS BUDGET/FINANCIAL PLANS FOR THE WORK TEAM ........................................................ 9

WHAT IS A BUDGET? .................................................................................................................................................................... 9

CLARIFY BUDGET/FINANCIAL PLANS WITH RELEVANT PERSONNEL WITHIN THE

ORGANISATION TO ENSURE THAT DOCUMENTED OUTCOMES ARE ACHIEVABLE,

ACCURATE AND COMPREHENSIBLE AND NEGOTIATE ANY CHANGES REQUIRED TO BE

MADE TO BUDGET/FINANCIAL PLANS WITH RELEVANT PERSONNEL WITHIN THE

ORGANISATION ......................................................................................................................................... 10

STAFF BUDGETS ......................................................................................................................................................................... 11 PREPARING A BUDGET .............................................................................................................................................................. 12 TYPES OF BUDGETS ................................................................................................................................................................... 13 PLANNING BUDGETS................................................................................................................................................................. 14 FINANCIAL STATEMENTS – THE FUNDAMENTALS .............................................................................................................. 17 BALANCE SHEET ........................................................................................................................................................................ 17 PROFIT AND LOSS STATEMENTS ............................................................................................................................................. 18 CASH FLOW STATEMENTS ........................................................................................................................................................ 19 DEVELOPING BUDGETS ........................................................................................................................................................... 21 ACCOUNTING PRINCIPLES ....................................................................................................................................................... 23 BUDGETING APPROACHES ....................................................................................................................................................... 24

PREPARE CONTINGENCY PLANS IN THE EVENT THAT INITIAL PLANS NEED TO BE

VARIED ....................................................................................................................................................... 26

INITIATIVES TO SUPPORT WORKFORCE PLANNING OBJECTIVES .................................................................................... 28

TOPIC 2 - IMPLEMENT FINANCIAL MANAGEMENT APPROACHES ............................................. 30

DISSEMINATE RELEVANT DETAILS OF THE AGREED BUDGET/FINANCIAL PLANS TO

TEAM MEMBERS ....................................................................................................................................... 30

COMMUNICATE THE BENEFITS OF COST CONTROL ............................................................................................................. 30 INSPIRE INDIVIDUAL ACCOUNTABILITY ................................................................................................................................ 31

PROVIDE SUPPORT TO ENSURE THAT TEAM MEMBERS CAN COMPETENTLY

PERFORM REQUIRED ROLES ASSOCIATED WITH THE MANAGEMENT OF FINANCES ........ 32

DEVELOP FEEDBACK MECHANISMS TO ACTION RECOMMENDATIONS ........................................................................... 32

Developed by Enhance Your Future Pty Ltd 1

BSBFIM501 - Manage budgets and financial plans Version 1.1

DETERMINE AND ACCESS RESOURCES AND SYSTEMS TO MANAGE FINANCIAL

MANAGEMENT PROCESSES WITHIN THE WORK TEAM ................................................................ 33

HUMAN RESOURCES ................................................................................................................................................................... 33 PHYSICAL RESOURCES ............................................................................................................................................................... 33 TIME ............................................................................................................................................................................................. 34

TOPIC 3 - MONITOR AND CONTROL FINANCES .............................................................................. 35

IMPLEMENT PROCESSES TO MONITOR ACTUAL EXPENDITURE AND TO CONTROL COSTS

ACROSS THE WORK TEAM ..................................................................................................................... 35

COMPUTERISED SYSTEMS ......................................................................................................................................................... 35 PRINCIPLES OF SPREADSHEET USE .......................................................................................................................................... 36 MONITOR SALES, REVENUE AND EXPENDITURE DATA ...................................................................................................... 37 C

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