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Manage budgets and financial plans BSBFIM501


SKU: BSBMKG527-1 Category:


This unit describes the skills and knowledge required to undertake financial management within a work team in an organisation. It includes planning and implementing financial management approaches, supporting team members whose role involves aspects of financial operations, monitoring and controlling finances and reviewing and evaluating effectiveness of financial management processes.

It applies to managers in a wide range of organisations and sectors who have responsibility for ensuring that work team financial resources are used effectively and are managed in line with financial objectives of the team and organisation.

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

1.1 Access budget/financial plans for the work team

1.2 Clarify budget/financial plans with relevant personnel within the organisation to ensure that documented outcomes are achievable, accurate and comprehensible

1.3 Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation

1.4 Prepare contingency plans in the event that initial plans need to be varied

3.1 Implement processes to monitor actual expenditure and to control costs across the work team

3.2 Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns

3.3 Implement, monitor and modify contingency plans as required to maintain financial objectives

3.4 Report on budget and expenditure in accordance with organisational protocols

4.1 Collect and collate for analysis, data and information on the effectiveness of financial management processes within the work team

4.2 Analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes

4.3 Implement and monitor agreed improvements in line with financial objectives of the work team and the organisation