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Elective Unit
BSBFIN501
Manage budgets and financial plans
70 hours
Elective Unit
Financial Management
Unit Overview
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 and supporting and evaluating effectiveness of financial management processes.
Learning Outcomes
- •Develop budgets and financial plans for property agency operations
- •Monitor and control budget expenditure and income
- •Prepare financial reports and forecasts
- •Implement strategies to improve financial performance
- •Ensure compliance with financial regulations and reporting requirements
Key Topics Covered
Budget Development
- • Budget planning processes
- • Revenue and expense forecasting
- • Resource allocation strategies
Financial Monitoring
- • Variance analysis
- • Cash flow management
- • Performance indicators
Financial Reporting
- • Financial statements preparation
- • Compliance reporting
- • Stakeholder communication
Financial Strategy
- • Cost reduction initiatives
- • Revenue enhancement strategies
- • Financial risk management
Assessment
This unit is typically assessed through:
- •Budget development project for a property agency
- •Financial reports and variance analysis
- •Case studies on financial management scenarios