5 - FINANCIAL MANAGEMENT (BSBFLM513A)
Duration: 1 day off the job
Overview
This program addresses financial management within a work team/group. This includes planning financial management approaches and implementing these processes, supporting team members whose role involves aspects of financial operations, monitoring and controlling finances and reviewing and evaluating effectiveness of financial management processes in line with the financial objectives of the work team/group and the organisation.
Who will benefit?
This program is designed to benefit Frontline Managers, Supervisors and Team Leaders who are involved in the planning, implementation, reporting and monitoring of financial operations across work teams within an organisation.Structure
The outcomes for the program align to the unit of competency:BSBFLM513A Manage Finances and are to:
Plan financial management approaches
• Access budget/financial plans for work team/group.
• Clarify documented budget/financial plans with relevant personnel within the organisation to ensure that documented outcomes are achievable, accurate and comprehensible.
• Negotiate any changes required to budget/financial plans with relevant personnel within the organisation.
• Prepare contingency plans in the event that initial plans need to be varied.Implement financial management approaches
• Disseminate relevant details of the agreed budget/financial plans to team members.
• Provide support to ensure that members can competently perform required roles associated with management of finances.
• Determine and access resources and systems to manage financial management processes within the work team/group.Monitor and control finances
• Implement processes for reporting of expenditure, income, assets, stock, consumables, equipment and wastage across the work team/group to monitor actual expenditure and to control costs.
• Provide mentoring and coaching to support team members perform required roles associated with financial management processes.
• Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns.
• Implement, monitor and modify contingency plans as required to maintain financial objectives.Review and evaluate financial management processes
• Collect and collate data and information on the effectiveness of financial management processes within the work team/group for analysis.
• Analyse data and information on the effectiveness of financial management processes within the work team/group and identify document and recommend any improvements to existing processes.
• Implement agreed improvements and monitor in line with financial objectives of the work team/group and the organisation.For registration of interest, enrolment or further information, please contact stefanie.pawluk@uts.edu.au