BSBFIN601

Application

This unit describes the skills and knowledge required to undertake budgeting, financial forecasting and reporting. This unit also describes the skills and knowledge required to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to reviewing financial information, analysing financial risks, preparing a budget and reporting on financial activity.

The unit applies to individuals who have managerial responsibilities which include overseeing the management of financial and other resources across a business unit, a series of business units or teams, or an organisation. It covers all areas of broad financial management. In a larger organisation this work would be supported by specialists in financial management.

Unit mapping information

Supersedes and is equivalent to BSBFIM601 Manage finances.

Supersedes but is not equivalent to BSBGOV504 Monitor organisational finances.

Licensing, legislative, regulatory or certification requirements

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Foundation skills

Foundation skills essential to performance are explicit in the performance criteria of this unit of competency.

Unit sector or competency field

Business Competence – Financial Literacy

Prerequisite, co-requisite or interdependent assessment of units

Not applicable

Assessment conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

• financial data
• relevant legislation and Australian Tax Office requirements
• examples of business plans, profit and loss statements, cash flows and ageing summaries
• organisational financial policies and procedures
• financial management software

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.