Manage budgets and financial plan

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Learner Assessment Pack

BSBFIN501

Manage budgets and financial plans

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

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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

Date

Summary of modifications

Version

13 July 2020

Version 1 final produced following assessment validation.

1.0

 

 

Table of Contents

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 Cover Sheet BSBFIN501 Manage budgets and financial plans

Student’s name:

Assessors Name:

 Date:
Is the Student ready for assessment?

Yes

No
Has the assessment process been explained?

Yes

No
Does the Student understand which evidence is to be collected and how?

Yes

No
Have the Student’s rights and the appeal system been fully explained?

Yes

No
Have you discussed any special needs to be considered during assessment?

Yes

No
The following documents must be completed and attached
□ Assessment Task 1 – Knowledge Test Checklist

The student will complete the written activity provided to them by the assessor.

The Written Activity Checklist will be completed by the assessor.

S

NYS
□ Assessment Task 2 – Project Checklist: Financial Management Planning Project

The student will complete the practical activity provided to them by the assessor.

The Practical Activity Checklist will be completed by the assessor.

S

NYS
□ Assessment Task 3 – Project Checklist: Financial Management Plan Implementation Project

The student will answer a range of questions either verbally or written.

The Questioning Checklist will be completed by the assessor.

S

NYS
□ Assessment Task 4 – Review and Evaluation of Financial Management Process Project

The student will complete the Work Task provided to them by the assessor.

The Work Task Checklist will be completed by the assessor.

S

NYS
I agree to undertake assessment in the knowledge that information gathered will only be used for professional development purposes and can only be accessed by the RTO:
Overall Outcome □Competent □Not yet Competent
Student Signature: Date:
Assessor Signature: Date:

 

 

Result and Feedback
 

Feedback to Student:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Overall Outcome □Competent □Not yet Competent
Assessor Signature: Date:

 

Assessment Task 1: Knowledge Test

Short Answer Questions

Assessment type
Written Questions
Instructions provided to the student:
Assessment task description: 

This is the first (1) assessment task you must successfully complete to be deemed competent in this unit of competency.

The Knowledge Test is comprised of seven (7) written questions

You must respond to all questions and submit them to your Trainer/Assessor.

You must answer all questions to the required level, e.g. provide an answer within the required word limit, to be deemed satisfactory in this task.
Applicable conditions:        

All knowledge tests are untimed and are conducted as open book assessment (this means you can refer to your textbook during the test).

You must read and respond to all questions.

You may handwrite/use a computer to answer the questions.

You must complete the task independently.

No marks or grades are allocated for this assessment task. The outcome of the task will be Satisfactory or Not Satisfactory.

As you complete this assessment task, you are predominately demonstrating your written skills and knowledge to your trainer/assessor.

Resubmissions and reattempts: 

Where a student’s answers are deemed not satisfactory after the first attempt, a resubmission attempt will be allowed.

The student may speak to their trainer/assessor if they have any difficulty in completing this task and require reasonable adjustments.

For more information, please refer to the Training Organisation’s Student Handbook.

Location: Classroom
Instructions for answering the written questions:

Complete a written assessment consisting of a series of questions.

You will be required to answer all the questions correctly.

Do not start answering questions without understanding what is required. Read the questions carefully and critically analyse them for a few seconds; this will help you to identify what information is needed in the answer.

Your answers must demonstrate an understanding and application of the relevant concepts and critical thinking.

Be concise, to the point and write answers within the word-limit given to each question. Do not provide irrelevant information. Remember, quantity is not quality.

You must write your responses in your own words.

Use non-discriminatory language. The language used should not devalue, demean, or exclude individuals or groups based on attributes such as gender, disability, culture, race, religion, sexual preference or age. Gender-inclusive language should be used.

When you quote, paraphrase, summarise or copy information from other sources to write your answers or research your work, always acknowledge the source.
Purpose of the assessment
This assessment task is designed to evaluate student’s knowledge essential to contribute to organisational performance development in a range of contexts and industry settings and knowledge regarding the following:

 

Knowledge of the purposes and benefits of an organisational performance development program

Knowledge of the components of an organisational performance development program

Knowledge of the organisational performance development program design principles

Knowledge of the roles in an organisational performance development

Knowledge of the legislation and organisational policies relevant to organisational performance development, including confidentiality and privacy requirements

Knowledge of the key methods for evaluating and reporting on organisational performance development programs..
Task instructions

This is an individual assessment.

To ensure your responses are satisfactory, consult a range of learning resources and other information such as handouts, textbooks, learner resources etc.

The student must attempt all questions.

Instructions/Guidelines such as word limit, what is expected from the student, example answer etc., have been given to each question.

The student must complete this task individually.

The student’s answers must demonstrate understanding and application of relevant concepts and critical thinking.

To be assessed as Satisfactory in this assessment task, all questions must be answered correctly.

 

Question 1

Identify two basic accounting principles and briefly explain how each is applied in the workplace.

Accounting Principle

Explanation of How Each Principle is Applied in the Workplace

 (a)accrual concept or principle

  In this kind of concept transactions are recorded as and when they occur irrespective of cash flow associated with the transaction is received or paid. this concept empowers the credit transactions in the firm.

 

example: if we purchased a car for investing it into the business on credit basis , it will be recorded at the time of purchase not on the time when it’s payments are actually made.  

(b) prudence or conservatism principle

 according to this principle , anticipated expenses and losses are recorded and anticipated incomes and gains are ignored .

 

for example : we record depreciation as provision for depreciation , bad debts as provision  for bad debts etc. in the work place. 

 

 

Question 2

Identify the two types of ageing accounts found in ageing summaries and briefly explain how each is used using your own words.

 

Types of Ageing Accounts

Explanation of How Each is Used

     acounts recievable aging

     The main purpose of this type of aging account is to keep a check on a account collection activity. Aging accounts are most commonly applied to accounts receivable because a individual perusing accounts can easily identify the accounts which are over due . Aging accounts are prepared in report format.

accounts payable aging

   The main purpose of this type of aging accounts is to identify the overdue payments . This is also prepared in the report format. it is less helpful as comparison with accounts receivable account  

 

 

Question 3

Identify the three types of cash flow activities and briefly explain each using your own words.

 

Types of Cash Flow Activities

Explanation of Each Cash Flow Activity

operating activities      

      operating activities refers to cash activities associated with day -to-day activities of the business . It is related with net income .

 

for example: purchase of inputs and conversion of inputs to outputs of the enterprise.

 Investing activities  

      investing activities include all those cash activities which are related with non current assets

 

for example : purchase of machinery, sale of old car etc

financing activities      

      financing activities refers to cash activities associated with non current liability and owner’s fund.

 

for example: repayment of loans , issue or more equity capital ,redemption of debentures etc.

 

 

Question 4

Identify two types of petty cash books and briefly explain how petty cash is recorded on each using your own words.

 

Types of Petty Cash Books

Explanation of How Petty Cash is Recorded

simple petty cashbook     

     simple petty cashbook is just similar to main cash book . amount received by the petty cashier by the higher authorities are recorded on the debit side and all the payments related to petty expenses are recorded on the credit side in one column. 

 analytical petty cashbook

  this type of petty cashbook is efficient way of recording petty expenses of the business. In this kind of petty cashbook separate column for analytical petty expenses are made on credit side of the cashbook , whenever the amount of expense is recorded in the total of credit column it also get posted into that separate analytical column to which it is associated.   

 

 

Question 5

Review the following link regarding reporting of Goods and Services Tax (GST):

GST reporting methods

GST reporting methods | Australian Taxation Office

Answer the following questions based on the link provided.

 

Identify ALL information a business is required to report in their Business activity statement (BAS) if they are using the full reporting method

   full reporting method is only used in case your GST turnover exceed $10 million or more. following items are reported in context with this method:

1 total sales G1

2 export sales G2

3 other gst free sales G3

4 G10 capital purchase

5 non capital purchases G11

6 GST on sales 1A

7 GST on purchase 1B

Identify the condition that would require a business to report GST using the full reporting method.
     the full reporting method is only used when the GST turnover exceed $10 million or more.

Identify ALL information a business is required to report in their BAS if they are using the instalment method.

     1 G1 total sales

2 1A GST on sales

3 1B GST on purchase

4 1H GST installment amounts reported in the reports or notices on the annual GST returns.

 

Question 6

Identify three categories of financial information that is reported in Profit & Loss Statements. Briefly define each using your own words.

 

Categories of Financial Information

Definition of Each Category of Financial Information

     revenues

      revenues refers to the income of business enterprise earned by the sales of produce .

     expenses

  expenses refers to the cost incurred in production cycle to sale of the output. in other words its cost of operating business.   

     net income

      net income for a period refers to exceed of revenue over expenses.

 

 

Question 7

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.

Legislation

Explanation of Each Legislation

Division 355 of the income tax assessment act 1997     

 this act aimed at providing rewritten income tax assessment statute as prior statute was considered outdated.     

part III of the industry research and development act 1986     

 1 its main purpose is to provide integrity to the tax’s working offsets under 355 division.

 2 it helps to improve the access for small and medium scale R and d enterprises  to quality research services.  

 

Question 8

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.

ATO Tax Requirement for Businesses

Explanation of Each ATO Tax Requirement for Businesses

Goods and Services Tax (GST)

      
Source      
Date Accessed      
Modification Date      

 

     

      
Source      
Date Accessed      
Modification Date      

     

      
Source      
Date Accessed      
Modification Date      

 

Question 9

Identify two key requirements for financial record-keeping and briefly explain each using your own words.

 

Key Requirements for Financial Record-keeping

Explanation of Each Key Requirement

     

      

     

      

 

 

Question 10

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

 

Sections of Corporations Act

Requirements for Financial Auditing

     

      

     

      

 

Question 11

Identify at least three principles for managing work teams and briefly explain how each promotes effective team management.

 

Principle of Managing a Team

Explanation of How Principle Promotes Effective Team Management

Division of work  

   this principle states that work is to be delegated among different employes irrespective of giving whole work to single individual. this helps to reduce overburden and promotes effective working .   

Unity of command  

   according to this principle, there should be one boss on the team of individuals this helps to reduce chaos and miscommunication among team members.  

discipline     

 according to this principle, every individual in the organisation should ld follow rules and regulations of the company. if any individual didn’t obey it that individual should be penalised for the same.   

 

Question 12

Identify one principle involved in managing each of the financial requirements listed below. Briefly describe each principle using your own words.

 

Financial Requirement

Principles

Description of Each Principle

Budgeting

            

Cash flows

            

Electronic spreadsheets

            

 

GST

            

Ledgers

            

Financial Statements

            

Profit and Loss Statements

            

 

 

Question 13

Briefly describe how to use or calculate for the following financial requirements.

 

Financial Requirements

How Do You Calculate These?

Cash Flows

     

GST

     

Financial Requirements

How Do You Use These?

Budgets

     

Electronic Spreadsheets

     

Ledgers

     

Financial Statements

     

Profit and Loss Statements

     

 

Question 14

Identify the two areas that you need to evaluate when reviewing budget plans. Briefly explain why each needs to be reviewed.

 

Areas to Evaluate when Reviewing Budget Plans

Explanation Why Each Area Needs to be Evaluated

     

      

     

      

 

Question 15

Identify at least two techniques for evaluating budget plans and briefly explain how each is applied.

 

Techniques to Evaluate Budget Plans

Application of Technique

     

      

     

      

 

Question 16

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.

 

Key Financial Statements

Explanation Why Each Financial Statement Needs to be Evaluated

     

      

     

      

     

      

 

Question 17

Identify at least two techniques for effective evaluation of financial plans. Briefly explain how each technique can be applied using your own words.

 

Techniques for Evaluating Financial Plans

Application of Technique

     

      

     

      

BSBTWK502 Manage team effectiveness

ASSESSMENT Task 1 – Knowledge Test Checklist

 

Student’s Name
Assessor’s name:
Satisfactory response:

Yes

No

1

 Identified at least two effects of group dynamics on team performance

⬜

⬜
Explained how each effect of group dynamics impacts team performance

⬜

⬜

2

 Identified two methods that can be used to communicate with team members to establish team activities.

⬜

⬜

3

 Identified at least one strategy for the listed outcomes

⬜

⬜
Explained how each strategy identified can allow the team leader to demonstrate support to achieve each outcome listed

⬜

⬜

4

 Identified at least two strategies for gaining consensus in a team.

⬜

⬜
Explained how each strategy can be used to gain consensus

⬜

⬜

5

 Identified two strategies that can be used to resolve issues between team members.

⬜

⬜
Explained how each strategy can be used to resolve issues.

⬜

⬜

Feedback to Student:

Result □ Satisfactory □ Not Yet Satisfactory

Assessor’s Signature:

Date:

 

 

 

Practical Assessment

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.

Project Assessments

A series of tasks assessing the learner’s practical knowledge and skills relevant to the unit of competency. This includes the learner completing workplace documents or similar as evidence of competent performance.

 

Practical Observations

A set of assessment tasks where the learner must demonstrate practical skills relevant to the unit of competency. These skills are to be demonstrated while being observed by the assessor.

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.

 

 

Assessments 2 to 4: Projects

Project Overview

This project will require you to manage budgets and financial plans.

The project is divided into three parts:

Assessment 2 – Financial Management Planning Project

Assessment 3 Financial Management Plan Implementation Project

Assessment 4 – Review and Evaluation of Financial Management Process Project

Read the instructions in this project carefully before proceeding.

These projects requires you to complete the assessment tasks in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

Each task comes with a set of instructions. You are to follow and perform these instructions while being observed by the assessor and/or submit any required documentation as evidence of task completion.

Before starting this assessment, your assessor will discuss with you these tasks, including instructions, resources, and guidance for satisfactorily completing them.

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.

 

 

Project 2 – Financial Management Planning

Assessment Task Instructions

This assessment is to be submitted individually.

To ensure your responses are satisfactory you should consult a range of learning resources and other information such as handouts, textbooks, learner resources etc.

You must document your responses in the provided template.

This assessment involves a role play, which must be completed in class. If you do not complete this role play, you cannot complete and submit your assessment and cannot be assessed as competent.

You must be concise, to the point and write answers according to the given word limit to each question and not provide irrelevant information.

You must write your responses in your own words.

You will be required to complete all parts of this assessment task.

 

Project Overview

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

 

Project 2.1 Review Budget and Financial Plans

 

ASSESSMENT INSTRUCTIONS

Seek assistance from your supervisor to identify an opportunity to manage at least one financial plan for your work team.

Work team must consist of at least two members.

Access one of your organisation’s existing financial plans for your work team, which must be of at least two members. Your financial plan must include the following:

At least one financial goal

Goals are general objectives that describe what you want to achieve with your finances in the long run.

At least two financial objectives relevant to financial goal

These are the specific numerical milestones that indicate the accomplishment of your financial goal.

Cash flow projections

Ageing summaries

Petty cash statements

Goods and Service Tax (GST)

At least two profit and loss statements

At least one budget plan, which includes at least one budgetary objective

Budget plans include, but are not limited to, the following:

Short-term budget plan

Long-term budget plan

Access the Financial Review template found within this workbook. This outlines all the information required for this task.

Review the past performance of your financial records in relation to the financial goals and objectives of your financial plan.

 

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?

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

Learner Name      
Name of Workplace/
Organisation:		      
Date      

Financial Goal

     

Financial Objectives

     

     .

Section of Financial Plan

     

Type of Budget Plan Used

     

 

Financial Performance Interpretation

     
Budget Plan
     
Ageing Summaries

     
Petty Cash

     
Cash Flow Statement

     

 

Goods and Service Tax (GST)

     
Profit and Loss Statement 1

     

Profit and Loss Statement 2

     

 

 

 

Project 2.2 Evaluate Performance of Budget and Financial Plans

To complete this task, you must conduct a meeting with at least two relevant personnel from your organisation to evaluate the performance of your budget and financial plans, as outlined in Task 1.1.

Relevant personnel includes, but is not limited to the following:

Financial managers

Accountants

Financial controllers

Locate the following found within this workbook to assist you in completing this task:

Meeting Minutes template

Observation Form

This outlines all the skills you must demonstrate throughout this task. Read this and the instructions that follow before conducting your meeting.

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.

Review the budget and financial plans interpreted in Task 1.1. You must share the information recorded here during your meeting.

Conduct a meeting with at least two relevant personnel to evaluate the performance of the budget and financial plans based on review from Task 1.1.

During the meeting:

Evaluate how each of the following performed based on your interpretation in your Financial Review:

Budget plan

Ageing summary

Petty cash

Cash flow statement

Goods and Services Tax (GST)

Profit and loss statement

Identify at least one change to your budget plan based on your evaluation

Negotiate possible changes to implement to your budget plan to achieve financial objectives better.

Negotiation includes, but is not limited to the following:

Looking for common ground among participants of meeting

Building ideas so others can come to a decision

Propose solutions that would drive conversation forward

Identify at least one change to be made to your financial plan based on your evaluation

Negotiate possible changes to implement your financial plan to better achieve financial objectives.

Based on your discussion, finalise the following:

At least one change to your budget plan

At least one change to your financial plan

Record all discussions in your Meeting Minutes.

After the meeting, have each of the participants sign the ‘Attendees’ section of your Meeting Minutes. All signatures must be handwritten.

Update your financial plan and your budget plan based on changes identified in your meeting.

Seek approval from the participants of your meeting on the updates made to the following:

Budget Plan

Financial Plan

You must secure proof of each approval. This will be submitted as supplementary evidence at the end of the task.

Evidence includes, but is not limited to the following:

Email

Meeting Minutes

Video recording

 

 

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

Date:       Time:       Location:      
Meeting called      
Facilitator      
Attendees

Attendees must sign beside their name after the meeting.

     

 

Agenda Item 1: Evaluation of Current Financial Plan

Discussion

     

     

 

Agenda Item 2: Changes to Financial and Budget Plans

Discussion

     

     

 

 

Observation Form (For Assessor’s Use Only)

INSTRUCTIONS TO THE ASSESSOR

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.

 

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

Observation Form

Learner Name:      
Name of Workplace/
Organisation:

     
Task Title

Refer to task title.

      
Date of Observation:      

The learner… Yes No Comments

Negotiate changes required to budget and financial plans

Did the learner

Look for common ground among attendees of the meeting to understand on changes to plans

□

□

     

Build on ideas of others to come to a decision that would satisfy all parties

□

□

Propose solutions that would drive the conversation forward

□

□

Presents information about financial issues using:

Structure to suit the audience

Did the learner:

Order presentation of information in a logical sequence (e.g. chronological, cause and effect, most important to least important)

□

□

     

Use proper transitions to indicate shifts or changes in points of discussion

□

□

Summarise information to ensure that all information is understood by attendees

□

□

 

Language to suit the audience
Did the learner:

Use proper English and follow grammar rules

□

□

     

Use plain and simple English language for easier comprehension of attendees from CALD background

□

□

Repeat messages shared using their own words to clarify understanding

□

□

Use body language to confirm that they have understood the message being shared

□

□

Clarify and confirm understanding using:

Active listening

Did the learner:

Paraphrase statements to ensure that information is remembered

□

□

     

Repeat messages shared using their own words to clarify understanding

□

□

Active Questioning

Did the learner:

Use open questions to clarify details of ideas or messages being communicated

□

□

     

Uses hypothetical questioning to determine the application of ideas or message being communicated.

□

□

 

OVERALL FEEDBACK TO LEARNER

     

 

 

Project 2.3 Develop Financial Management Plan

 

ASSESSMENT INSTRUCTIONS

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

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

Time-bound

 

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

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

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

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

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.

 

Financial Management Plan

Learner Name      
Name of Workplace/Organisation

     
PART A. TEAM MANAGEMENT PLAN
Team Objective for Monitoring Expenditure      
Team Objective for Controlling Costs      

Team Member

Role

Key Performance Indicator (KPI)

Expected Review Date

Expected Outcome

Actual Review Date

Actual Outcome

     

     

     

     

     

            

     

      

     

                        

 

PART B. EXPENDITURE MONITORING PLAN

Schedule

     

Financial Objective

Strategy to Monitor Actual Expenditure

Processes to Implement Strategy

Implementation Date

Expected Outcome

Actual Implementation Date

Actual Outcome
     .      ]

     

     

     

            

     

     

     

            

Resource Required to Implement Strategy

     

System Required to Implement Strategy

     

 

PART C. COST CONTROL PLAN

Financial Objective

Cost Control Strategy

Processes to Implement Strategy

Implementation Date

Expected Outcome

Actual Implementation Date

Actual Outcome
           

     

     

                  

     

     

                  

Resource Required to Implement Strategy

     

System Required to Implement Strategy

     

 

PART D. CONTINGENCY PLAN

Financial Contingency Plan
Financial Plan Risk Assessment

Risk

Factors to Consider

L

C

R

P

Contingency Strategy
           

     

     

     

     

     

Add more rows as needed

 

Action Plan

Risk

Contingency Strategy

Implementation Date

Expected Outcome

Actual Implementation Date

Actual Outcome

     

     

     

     

            

Add more rows as needed

Modifications

     

Budgetary Contingency Plan
Budget Plan Risk Assessment

Risk

Factors to Consider

L

C

R

P

Contingency Strategy

     

      

     

     

     

     

      

Add more rows as needed

 

Action Plan

Risk

Contingency Strategy

Implementation Date

Expected Outcome

Actual Implementation Date

Actual Outcome

     

     

     

     

            

Add more rows as needed

 

Modifications

 

PART E. VERSION CONTROL

Date

Summary of modifications

Version

Supervisor Signature

     

     

     

     

     

     

     

     

     

     

     

     

 

 

Risk Rating Guide

Likelihood Scale

Level

Likelihood

Description

1

Rare

 The event may occur in exceptional circumstances. Less than once in 2 years.

2

Unlikely

 The event could occur at some time. At least once per year.

3

Moderate

 The event will probably occur at some time. At least once in 6 months.

4

Likely

 The event will occur in most circumstances. At least once per month

5

Certain

 The event is expected to occur in all circumstances. At least once per week.

 

Consequence Scale

Level

Consequence

Description

0

Negligible

 No Injuries. Low financial loss. Financial loses less than $1,000

1

Minor

 First-aid treatment. Financial losses between $1,000 and $10,000

2

Serious

 Medical treatment required. Financial losses between $10,000 and $50,000. Moderate environmental implications. Moderate loss of reputation. Moderate business interruption.

3

Major

 Excessive, multiple long-term injuries. Financial losses greater than $50,000. High environmental implications. Major loss of reputation. Major business interruption.

4

Fatality

 Single death

5

Multiple Fatalities

 Multiple deaths and serious long-term injuries.

 

 

Risk Rating Matrix

Likelihood

Rare

Unlikely

Moderate

Likely

Certain
Consequences Level

1

2

3

4

5

Negligible

0

0

0

0

0

0

Minor

1

1

2

3

4

5

Serious

2

2

4

6

8

10

Major

3

3

6

9

12

15

Fatality

4

4

8

12

16

20

Multiple Fatalities

5

5

10

15

20

25

Risk Priority Scale

Risk Rating

 Risk Priority

Description

0

N

 No Risk: The costs to treat the risk are disproportionately high compared to the negligible consequences.

1 – 3

L

 Low: May require consideration in any future changes to the work area or processes, or can be fixed immediately.

4 – 6

M

 Moderate: May require corrective action through planning and budgeting process.

8 – 12

H

 High: Requires immediate corrective action.

15 – 25

E

 Extreme: Requires immediate prohibition of the work process and immediate corrective action.

BSBFIN501 Manage budgets and financial plans

Project 2 – Financial Management Planning Project Checklist

 

Student’s Name
Assessor’s name:
Satisfactory response:

Yes

No
Task 2.1 – Review Budget and Financial Plans

1

 Accessed one of your organisation’s existing financial plans

⬜

⬜

2

 Reviewed past performance of financial records in relation to the financial goals and objectives of your financial plan

⬜

⬜

3

 Completed the Financial Review Template

⬜

⬜

4

 Interpreted financial documents in relation to identified financial objectives

⬜

⬜
Task 2.2 – Evaluate Performance of Budget and Financial Plans

1

 Conducted a meeting with at least 2 relevant personnel to evaluate the performance of your budget and financial plans

⬜

⬜

2

 Evaluate how these performed based on your interpretation in your Financial Review:

Budget plan

Ageing summary

Petty cash

Cash flow statement

Goods and Services Tax (GST)

Profit and loss statement

⬜

⬜

3

 Identified at least 1 change to be made to your Financial Plan based on your evaluation

⬜

⬜

4

 Negotiated possible changes to your Financial Plan to better achieve financial objectives

⬜

⬜

5

 Finalised at least 1 change to the budget plan and 1 change to the Financial Plan

⬜

⬜

6

 Attendees signed meeting minutes

⬜

⬜

7

 Submitted proof of approval of participants on updates to Budget Plan and Financial Plan

⬜

⬜

8

 Submitted updated Budget and Financial Plans

⬜

⬜
Task 2.3 Develop Financial Management Plan

1

 Completed Financial Management Plan

⬜

⬜

2

 Team Management Plan – Developed at least one team objective based on your financial objective

⬜

⬜

3

 Objectives written following SMART Goals

⬜

⬜

4

 Included at least 1 team objective to achieve organisational financial objective relevant to controlling costs

⬜

⬜

5

 At least 2 members of your work team involved in financial management

⬜

⬜

6

 At least 1 KPI for each role identified, date to review and expected outcome included

⬜

⬜

7

 Completed Part B. Expenditure Monitoring Plan

⬜

⬜

8

 Included at least one financial objective relevant to monitoring actual expenditure for work team.

⬜

⬜

9

 Included at least one strategy to monitor actual expenditure

⬜

⬜

10

 Included at least 2 processes to implement strategy to monitor actual expenditure

⬜

⬜

11

 Included schedule for monitoring expenditure

⬜

⬜

12

 Included resources and system required to monitor actual expenditure

⬜

⬜

13

 Completed Part C: Cost Control Plan

⬜

⬜

14

 Identified at least one financial objective relevant to controlling costs for the work team

⬜

⬜

15

 Identified at least one strategy to control costs

⬜

⬜

16

 Identified at least 2 processes to implement this strategy

⬜

⬜

17

 Included resources and system required to implement identified strategy

⬜

⬜

18

 Completed Part D: Contingency Plan

⬜

⬜

19

 Developed contingency plans for Financial Plan and Budget Plan

⬜

⬜

20

 Plan contains at least one financial risk

⬜

⬜

21

 Plan contains at least one financial objective each risk affects

⬜

⬜

22

 Plan contains at least one factor of the risk that will affect the business

⬜

⬜

23

 Completed risk assessment of each risk identified

⬜

⬜

24

 Included at least one contingency strategy to achieve the relevant financial objective

⬜

⬜

25

 Included an action plan for each risk identified

⬜

⬜

26

 Completed Version Control – included date Financial Management Plan completed, explain modifications done and included version number

⬜

⬜

Feedback to Student:

Result □ Satisfactory □ Not Yet Satisfactory

Assessor’s Signature:

Date:

 

 

Part 3. Financial Management Plan Implementation

Task Overview

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 3.1 Team Meeting

 

ASSESSMENT INSTRUCTIONS

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

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.

 

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

Date:       Time:       Location:      
Meeting called      
Facilitator      
Attendees

Attendees must sign beside their name after the meeting.

     

 

Agenda Item 1: Clarification of Approved Budget Plan and Financial Plan

Discussion

      

     

 

 

Agenda Item 2: Discussion of Resources and Systems Required

Discussion

     

     

 

Agenda Item 3: Roles of Team Members

Discussion

     

     

Support Plan

Learner Name      
Organisation Name      

#

Team Member

Role

Support Required

Implementation Date

Expected Outcome

Actual Implementation Date

Actual Outcome

1

     

       Resource            

     

            
System                              

2

             Resource                              
System                              

Add more rows as needed

Observation Form (For Assessor’s Use Only)

INSTRUCTIONS TO THE ASSESSOR

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.

 

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

Learner Name:      
Name of Workplace/
Organisation:		      
Task Title

Refer to task title.

      
Date of Observation:      

Did the learner… Yes No Comments

Communicates required details of the following during the meeting:

Agreed Budget Plan

☐

 ☐

     

Agreed Financial Plan

☐

 ☐

     

Presents information about financial issues:

Using structure to suit audience

During the meeting, did the learner:

Order information in a logical sequence (e.g. chronological, cause and effect, most important to least important)

□

□

     

Use proper transitions to indicate shifts or changes in points of discussion

□

□

Summarise information to ensure attendees of the meeting understand the main points of discussion

□

□

 

Language to suit the audience

During the meeting, did the learner:

Use standard English and rules of proper grammar

□

□

     

Use formality as necessary

□

□

Avoid use of slang

□

□

Clarify and confirm understanding using:

Active listening

Did the learner:

Paraphrase statements to ensure information is retained

□

□

     

Repeat messages shared using their own words to clarify understanding

□

□

Use body language to confirm that they have understood the message being shared

□

□

Active Questioning

Did the learner:

Use open questions to clarify details of ideas or messages being communicated

□

□

     

Uses hypothetical questioning to determine the application of ideas or message being communicated.

□

□

OVERALL FEEDBACK TO LEARNER

     

 

 

Task 3.2 Provide Support

 

ASSESSMENT INSTRUCTIONS

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.

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 Plan

Learner must only provide response to cells coloured white. Sections coloured in grey will be completed in a succeeding task.

Mapping: BSBFIN501 PC2.2 (p), PE2.4 (p)
Learner Name
Organisation Name

#

Team Member

Role

Support Required

Implementation Date

Expected Outcome

Actual Implementation Date

Actual Outcome

1

   Resource
System            

Support Log

Learner Name      
Organisation Name      

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.

Date of Support Provision

Team Member

Role

Support Provided

Team Member Signature
           

     

     

     
           

     

     

     
           

     

     

     
           

     

     

     

*Add more rows as needed*

 

Task 3.3 Implement Financial Management Plan

 

ASSESSMENT INSTRUCTIONS

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/

 

 

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

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)

 

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.

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

Learner Name      
Organisation      
ATO Record-Keeping Requirements

     

     

Audit Record Keeping Requirements

     

     

 

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.

Supervisor Name      
Position      
Supervisor Signature      
Date Signed      

Team Performance Monitoring Sheet

Team Member

      

Team Role

     

KPI

     

 

Date Observation

     

      

     

      
Observed by      
Organisation      

Add more rows as needed

Observation Form (For Assessor’s Use Only)

INSTRUCTIONS TO THE ASSESSOR

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.

 

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:

     
Name of Workplace/
Organisation:

     
Task Title

Refer to task title.

     
Start Date of Observation:

     
End Date of Observation:

     
Did the learner…

Yes

No

Details of Observation

Comments

Adhere to the following ATO requirements for record-keeping:

ATO record keeping requirement A identified in the learner’s approved Record-Keeping Requirements

☐

☐

 Observed by:

Initials:      

Date observed:      

      

ATO record keeping requirement B identified in the learner’s approved Record-Keeping Requirements

☐

☐

 Observed by:

Initials:      

Date observed:      

      

Adhere to the following record-keeping requirements for the purpose of audit

Audit record-keeping requirement A identified in the learner’s approved Record-Keeping Requirements

☐

☐

 Observed by:

Initials:      

Date observed:      

      

Audit record-keeping requirement B identified in the learner’s approved Record-Keeping Requirements

☐

☐

 Observed by:

Initials:      

Date observed:      

      

 

OVERALL FEEDBACK TO LEARNER
     

 

 

Project 3.4 Prepare Variation Reports

 

ASSESSMENT INSTRUCTIONS

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

 

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

PERIOD COVERED:

     

ACCEPTABLE VARIANCE

     

Expenditure

Projected Expenditure

Actual Expenditure

Variance ($)

Variance (%)

Favourability
      $

     

 $

     

$

     

     

     
      $

     

 $

     

$

     

     

     
      $

     

 $

     

$

     

     

     
      $

     

 $

     

$

     

     

     
      $

     

 $

     

$

     

     

     
      $

     

 $

     

$

     

     

     
      $

     

 $

     

$

     

     

     
      $

     

 $

     

$

     

     

     

TOTAL

 $

     

 $

     

$

     

     

     

*Add more rows as needed*

Project 3.5 Report on Implementation Results

 

ASSESSMENT INSTRUCTIONS

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

 

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:

Email

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

Learner Name      
Organisation      
Organisational Protocols for Reporting Budget

     

Organisational Protocols for Reporting Expenditure

     

 

Financial Report

PROFIT & LOSS STATEMENT
Sales
      $

     
      $

     
      $

     

Total Sales

 $

     
      $

     

Total Cost of Sales

 $

     
Operating Expenses  
      $

     
      $

     
      $

     
      $

     
      $

     
      $

     
      $

     
      $

     
      $

     
      $

     

Total Operating Expenses

 $

     

Profit before Interest and Taxes

 $

     
Interest  
Corporate Taxes

$

     

Net Profit

$

     

Variance Report

PERIOD COVERED:

     

ACCEPTABLE VARIANCE

     

Expenditure

Projected Expenditure

Actual Expenditure

Variance ($)

Variance (%)

Favourability
      $

     

 $

     

$

     

     

     
      $

     

 $

     

$

     

     

     
      $

     

 $

     

$

     

     

     
      $

     

 $

     

$

     

     

     
      $

     

 $

     

$

     

     

     
      $

     

 $

     

$

     

     

     
      $

     

 $

     

$

     

     

     

TOTAL

 $

     

 $

     

$

     

     

     

Project 3.6 Implement and Modify Contingency Plans

 

ASSESSMENT INSTRUCTIONS

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.

 

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

BSBFIN501 Manage budgets and financial plans

Assessment Task 3– Financial Management Planning

Student’s Name
Assessor’s name:
Satisfactory response:

Yes

No
Part 3: Financial Management Plan Implementation

Project 3.1 Team meeting

1

 Conducted a meeting with at least 2 team members

⬜

⬜

2

 Clarified approved budget plan

⬜

⬜

3

 Included financial objective relevant to budget plan

⬜

⬜

4

 Included Changes applied to initial budget plan

⬜

⬜

5

 Included contingency plan for budget plan

⬜

⬜

6

 Clarified approved financial plan

⬜

⬜

7

 Included financial goals relevant to the financial plan

⬜

⬜

8

 Included changes applied to initial budget plan

⬜

⬜

9

 Discussed resources and systems required for financial management

⬜

⬜

10

 Discussed roles of team members

⬜

⬜

11

 Identified at least one support required by each team member to perform roles

⬜

⬜

12

 Completed Meeting Minutes

⬜

⬜

13

 Completed Support Plan

⬜

⬜
Project 3.2: Provide Support

1

 Submitted completed Support Plan

⬜

⬜

2

 Included actual date of implementation and actual outcome

⬜

⬜

3

 Submitted completed support log

⬜

⬜

4

 Submitted At least two pieces of evidence of providing support for accessing resources required to perform required roles—one for each team member supported.

⬜

⬜

5

 Submitted At least two pieces of evidence of providing support for accessing systems required to perform required roles—one for each team member supported.

⬜

⬜
Project 3.3: Implement Financial Management Plan

1

 Submitted a completed Record Keeping Requirements Template

⬜

⬜

2

 Submitted at least 2 completed Team Monitoring Sheets

⬜

⬜

3

 Submitted version 2.0 of their Financial Management Plan:

⬜

⬜

4

Team Management Plan

⬜

⬜

5

Expenditure Monitoring Plan

⬜

⬜

6

Cost Control Plan

⬜

⬜

7

Version History

⬜

⬜
Project 3.4: Prepare Variation Reports

1

 Submitted completed Variance report template, including:

⬜

⬜

2

 Acceptable Variance

⬜

⬜

3

 Period covered by Variance Report

⬜

⬜

4

 Projected expense of each expenditure

⬜

⬜

5

 Actual expense of each expenditure

⬜

⬜

6

 Variance in dollars of each expenditure

⬜

⬜

7

 Variance in % of each expenditure

⬜

⬜

8

 Favourability of each expenditure

⬜

⬜

9

 Projected total expenditure

⬜

⬜

10

 Actual total expenditure

⬜

⬜

11

 Variance of total expenditure in dollars

⬜

⬜

12

 Variance of total expenditure as %

⬜

⬜

13

 Favourability of total expenditure

⬜

⬜
Project 3.5: Report on Implementation Results

1

 Submitted completed Financial Reporting Requirements Template

⬜

⬜

2

Submitted at least one organisational protocol for reporting budget

⬜

⬜

3

Submitted at least one organisational protocol for reporting expenditure

⬜

⬜

4

 Submitted reports of their organisation’s protocols for reporting as identified in their Financial Reporting Requirements – actual expenditure

⬜

⬜

5

 Submitted reports of their organisation’s protocols for reporting as identified in their Financial Reporting Requirements – actual budget

⬜

⬜

6

Submitted at least one supplementary evidence as proof that they have reported to the appropriate personnel based on reporting protocols identified in their Financial Reporting Requirements.

⬜

⬜

7

 Identified at least one organisational protocol for reporting budgets

⬜

⬜

8

 Variance Report included required information

⬜

⬜

9

 Included at least one organisational protocol relevant to reporting expenditure

⬜

⬜

10

 Profit and Loss Statement included required information

⬜

⬜

11

 Profit and Loss Statement prepared using the information from the records of financial activity from Task 2.3

⬜

⬜
Project 3.6: Implement and Modify Contingency Plans

1

 Submitted a completed Financial Management Plan

⬜

⬜

2

 Updated Part D. Contingency Plan

⬜

⬜

3

 Updated part E. Version Control

⬜

⬜

4

 Provided at least two pieces of evidence implementation of their contingency strategy, one for each implementation strategy.

⬜

⬜

Feedback to Student:

Result □ Satisfactory □ Not Yet Satisfactory

Assessor’s Signature:

Date:

 

 

Part 4. Review and Evaluation of Financial Management Processes

Task Overview

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

Assessment Task Instructions

This assessment is to be submitted individually.

To ensure your responses are satisfactory you should consult a range of learning resources and other information such as handouts, textbooks, learner resources etc.

You must document your responses in the provided template.

This assessment involves a role play, which must be completed in class. If you do not complete this role play, you cannot complete and submit your assessment and cannot be assessed as competent.

You must be concise, to the point and write answers according to the given word limit to each question and not provide irrelevant information.

You must write your responses in your own words.

You will be required to complete all parts of this assessment task.

 

 

 

Project 4.1 Analyse Financial Management Processes

 

ASSESSMENT INSTRUCTIONS

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

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:

Email

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.

 

 

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

Learner Name      
Organisation

     
Date      
Process for Improvement      

Financial Objective

Financial Objective      

Explanation      
Team Objective Team Objective      
Explanation      

 

Improvements

     

Financial Objective      
Team Objective      

 

Project 4.2 Implement and Evaluate Recommendations

 

ASSESSMENT INSTRUCTIONS

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

 

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.

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

Completed by      
Organisation

     
Updated Financial Management Process

     
Organisational Financial Objective

     
Team Objective      

Date

Outcome

Evaluation

            Financial Objective      
Team Objective      
            Financial Objective      
Team Objective      
            Financial Objective      
Team Objective      

 

*Add more rows as needed*

BSBFIN501 Manage budgets and financial plans

Assessment Project 4 – Review and Evaluation of Financial Management Processes

Student’s Name
Assessor’s name:
Satisfactory response:

Yes

No
Project 4.1 Analyse Financial Management Processes

1

 Submitted at least two completed Improvement Logs, one for each process of each the following that requires improvement: strategy for monitoring actual expenditure

⬜

⬜

2

 Submitted at least two completed Improvement Logs, one for each process of each the following that requires improvement: strategy for controlling costs

⬜

⬜

3

 Improvement logs contained the required information

⬜

⬜

4

 Submit at least two evidence of their correspondence with at least two team members showing required evidence.

⬜

⬜

5

 Updated the Financial Management Plan based on the agreed improvements to their processes as outlined in their Improvement Logs and submitted Supplementary Evidence:

⬜

⬜

6

 Identified at least one process of their strategy for monitoring actual expenditure that needs improvement

⬜

⬜

7

 Identified at least one process of their strategy for controlling costs that needs improvement.

⬜

⬜

8

 Identified at least one financial objective that the current process is not meeting. The identified financial objective must correspond to the objective that their Strategy for to Monitor Actual Expenditure is addressing as indicated in Part B. Expenditure Monitoring Plan of their Financial Management Plan.

⬜

⬜

9

 Identified at least one financial objective that the current process is not meeting -corresponding to the objective that their Strategy for to Control Costs is addressing as indicated in Part C. Controlling Costs Plan of their Financial Management Plan.

⬜

⬜

10

 Identified at least one team objective that the current process is not meeting (Part A: Team Management Plan of their Financial Management Plan.

⬜

⬜

11

 Identified at least two improvements to the current process

⬜

⬜
Project 4.2: Implement and Evaluate Recommendations

1

 Submitted two Evaluation Sheets, one for each update process implemented

⬜

⬜

2

 Evaluation Sheets contained required information

⬜

⬜

3

 Submitted at least one supplementary evidence for each improved process implemented. The evidence must correspond to the information provided in the Evaluation Sheets.

⬜

⬜

Feedback to Student:

Result □ Satisfactory □ Not Yet Satisfactory

Assessor’s Signature:

Date: