-26894-1098064Self-Study Guide
-26894-1098064Self-Study Guide
BSBFIN501 Manage budgets and financial plans
00Self-Study Guide
BSBFIN501 Manage budgets and financial plans
-685800
About this document
This document is to be used as a self-study guide at home/in your own time to complement the formal learning you are doing as part of your classroom or online studies. It is a requirement of your course that you complete the activities in this guide.
You will need to take your notes/completed activities to class, or follow your trainers direction about how to complete activities.
If you are unsure about anything, talk to your trainer/assessor.
Self-study Guide
Unit code and title BSBFIN501 Manage budgets and financial plans
Instructions
You are to complete each of the self-study tasks below. Each activity is a mandatory part of your study. After completing each of the tasks, tick the box below to show that you have completed the activity and bring evidence of this to class to share.
Activity Task Expected time Completed
Watch & research Watch one of the videos from the RTO Works video series:
Risky Business
Conduct your own research to answer the following questions:
How can assessing future risks assist in managing budgets?
Why is a risk management framework important in any planning?
What are risk management frameworks? Week 1
Practical activity Think about the yearly costs in your personal life. Using a budgeting method (Top-down, Bottom-up, Zero-based or rolling budget) create a financial plan. Present your plan as an official document. Week 1
Research Research a large corporations process in financial planning. Gather information on how the company budgets for employee wages, profit etc.
Take notes to share in class. Week 2
Review Review your assessment requirements for this unit and read through your Project Portfolio so you know what you will be required to do. Make sure you review your Student Guide if you need to revisit some areas of your training. Ask your trainer any questions before you begin your assessment to ensure you understand all of the learning and are ready to be assessed. Week 2
Reflection Reflect on the following:
Information learned during your training
Your main key takeaways from this unit
What did you learn that you didnt know already? How can you apply this in your study/work/life?
What did you find challenging or confronting? How did you overcome these challenges or barriers? Week 3
-999490571400
right913765PROJECT PORTFOLIO
020000PROJECT PORTFOLIO
03322955STUDENT VERSION
020000STUDENT VERSION
05887106MANAGE BUDGETS AND FINANCIAL PLANS
00MANAGE BUDGETS AND FINANCIAL PLANS
05212008BSBFIN501
020000BSBFIN501
First published 2021
RTO Workswww.rtoworks.com.auhello@rtoworks.com.au
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2021 RTO Works
This resource is copyright. Apart from any fair dealing for the purposes of private study, research, criticism or review as permitted under the Copyright Act 1968, no part may be reproduced by any process without written permission as expressed in the RTO Works License Agreement.
The information contained in this resource is, to the best of the project teams and publishers knowledge true and correct. Every effort has been made to ensure its accuracy, but the project team and publisher do not accept responsibility for any loss, injury or damage arising from such information.
While every effort has been made to achieve strict accuracy in this resource, the publisher would welcome notification of any errors and any suggestions for improvement. Readers are invited to write to us at hello@rtoworks.com.au.
Business Works is a series of training and assessment resources developed for qualifications within the Business Services Training Package.
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012619000
Contents
TOC h z t "RTO Works Heading 1,1" Section 1: Financial management approaches planning PAGEREF _Toc66441637 h 6Section 2: Financial management implementation PAGEREF _Toc66441638 h 8Section 3: Financial management monitoring and evaluation PAGEREF _Toc66441639 h 9Section 4: Financial management improvement evaluation PAGEREF _Toc66441640 h 11
Student name: Assessor: Date: Business this assessment is based on:
Section 1: Financial management approaches planning
Budgets and financial plans
Describe the overall financial objectives for the business,
Describe the budget and financial plans you will use for this assessment to assist in achieving these objectives. Your description should include the purpose of the budget and financial budgets and the reporting period. You should also evaluate and report on the required outcomes for the budget and financial plan.
If you are completing this assessment based on the case study organisation, this will be the information in the simulation pack. If it is for your own business or workplace, you will need to access the budget and financial plan for your team. Financial management processes
Indicate the name of the policy and procedure/s that is utilised for financial management. Further, describe processes that are used to monitor expenditure and control costs, as well as adjust contingency plans as required.
If you are completing this assessment based on the case study organisation, this will be the information in the simulation pack. If it is for your own business or workplace, you will need to access your workplaces policy/ procedures. Budgets and financial plans
Based on your evaluation of the budget/ financial plan, what changes do you believe need to be made to the budget and financial plan? Describe at least one change. Contingency plans
As you know contingency plans are vital for a budget and financial plan.
Develop a contingency plan for your budget/financial plan, describing at least three possible contingencies. Negotiation
As documented above, you have identified a change or changes that need to be made to the budget. Assume that you need to negotiate this change with a Manager. Prepare an email here to confirm your understanding of the required budget and financial plan outcomes, as well as negotiate your recommended changes to the budget. Make sure you clearly state why you are recommending the change or changes.
Section 2: Financial management implementation
Complete this section prior to the meeting.
Meeting preparation
As per the instructions in the assessment, you are required to prepare a presentation in order to communicate the financial management plans to your team.
Your presentation can be in a form of your choice such as a PowerPoint presentation.
Your presentation is to include:
Details of the agreed budget and financial plans (assume your change/s to the budget were approved).
Information on the processes that will be used to monitor expenditure and control costs and adjust contingency plans as required.
Details of the resources and systems that your team need to access in order to be able to perform their roles (this will be as per the information you completed in Section 1).
Your presentation must be clear and concise and use a logical structure and language that your audience can understand.
List the name of your presentation here and attach it to your Portfolio. 61859414351000 Attach: Presentation
Section 3: Financial management monitoring and evaluationBudget and expenditure reporting
You are required to report on the variance between the actual and budgeted amount for your budget/financial plan following financial management procedures. If you are completing this assessment based on the case study organisation, this will be the information in the simulation pack. If it is for your own business and you can access this information, then report on it. Otherwise review the Budget Report information section in the Simulation Pack, as well as the Financial Management Policy and Procedures.
Please also report on contingencies in this section i.e. how well they were implemented and modifications. Financial management processes
Review current financial management processes. If you are completing this assessment based on the case study organisation, review the Financial Policy and Procedures, as well as reflect on the financial plan and budgeting planning and implementation process you have followed, as well as any budget variances.
If you are completing this for your own business, review your current workplace processes and the budgeting/financial planning process you have followed for this assessment.
What do you believe could be improved? Describe at least three recommendations. Note that you will need to implement at least one of these below. Financial management processes improvement
Select one of the improvements and implement it. You will also need to provide evidence of this. For example, you may decide that the budget policy section of the financial management policy needs updating and in this case you will provide an updated policy. You may also decide to recommend a specific amount for inclusion as a contingency.
You must also develop an email to send to your team in order to implement the improvement. Document the email in this section.
Submit your Portfolio to your assessor now and then when you receive feedback complete the next and final sections. 61859414351000 Attach: Evidence of financial management improvement
Section 4: Financial management improvement evaluationProvide an evaluation here of the improvement you implemented based on the feedback from your assessor. Record keeping
As indicated in the assessment task, you must create logical folders for all of your work. Submit a screenshot of these folders. This will ensure you follow record keeping requirements. List the name of your file here.
5484588318500Attach: Screenshot of folders
