SITXFIN003 MANAGE FINANCES WITHIN A BUDGET :
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INSTRUCTIONS TO LEARNER
Overview
Prior to commencing the assessments, your trainer/assessor will explain each assessment task and the terms and conditions relating to the submission of your assessment task. Please consult with your trainer/assessor if you are unsure of any questions. It is important that you understand and adhere to the terms and conditions, and address fully each assessment task. If any assessment task is not fully addressed, then your assessment task will be returned to you for resubmission. Your trainer/assessor will remain available to support you throughout the assessment process.
Written work
Assessment tasks are used to measure your understanding and underpinning skills and knowledge of the overall unit of competency. When undertaking any written assessment tasks, please ensure that you address the following criteria:
- Address each question including any sub-points
- Demonstrate that you have researched the topic thoroughly
- Cover the topic in a logical, structured manner
- Your assessment tasks are well presented, well referenced and word processed
- Your assessment tasks include your full legal name on each and every page.
Active participation
It is a condition of enrolment that you actively participate in your studies. Active participation is completing all the assessment tasks on time.
Plagiarism
Plagiarism is taking and using someone else’s thoughts, writings or inventions and representing them as your own. Plagiarism is a serious act and may result in a learner’s exclusion from a course. When you have any doubts about including the work of other authors in your assessment, please consult your trainer/assessor. The following list outlines some of the activities for which a learner can be accused of plagiarism:
- Presenting any work by another individual as one’s own unintentionally
- Handing in assessments markedly similar to or copied from another learner
- Presenting the work of another individual or group as their own work
- Handing in assessments without the adequate acknowledgement of sources used, including assessments taken totally or in part from the internet.
If it is identified that you have plagiarised within your assessment, then a meeting will be organised to discuss this with you, and further action may be taken accordingly.
Collusion
Collusion is the presentation by a learner of an assignment as their own that is, in fact, the result in whole or in part of unauthorised collaboration with another person or persons. Collusion involves the cooperation of two or more learners in plagiarism or other forms of academic misconduct and, as such, both parties are subject to disciplinary action. Collusion or copying from other learners is not permitted and will result in a “0” grade and NYC.
Assessments must be typed using document software such as (or similar to) MS Office. Handwritten assessments will not be accepted (unless, prior written confirmation is provided by the trainer/assessor to confirm).
Competency outcome
There are two outcomes of assessments: S = Satisfactory and NS = Not Satisfactory (requires more training and experience).
Once the learner has satisfactorily completed all the tasks for this module the learner will be awarded “Competent” (C) or “Not yet Competent” (NYC) for the relevant unit of competency.
If you are deemed “Not Yet Competent” you will be provided with feedback from your assessor and will be given another chance to resubmit your assessment task(s). If you are still deemed as “Not Yet Competent” you will be required to re-enrol in the unit of competency.
Additional evidence
If we, at our sole discretion, determine that we require additional or alternative information/evidence in order to determine competency, you must provide us with such information/evidence, subject to privacy and confidentiality issues. We retain this right at any time, including after submission of your assessments.
Confidentiality
We will treat anything, including information about your job, workplace, employer, with strict confidence, in accordance with the law. However, you are responsible for ensuring that you do not provide us with anything regarding any third party including your employer, colleagues and others, that they do not consent to the disclosure of. While we may ask you to provide information or details about aspects of your employer and workplace, you are responsible for obtaining necessary consents and ensuring that privacy rights and confidentiality obligations are not breached by you in supplying us with such information.
Assessment appeals process
If you feel that you have been unfairly treated during your assessment, and you are not happy with your assessment and/or the outcome as a result of that treatment, you have the right to lodge an appeal. You must first discuss the issue with your trainer/assessor. If you would like to proceed further with the request after discussions with your trainer/assessor, you need to lodge your appeal to the course coordinator, in writing, outlining the reason(s) for the appeal.
Recognised prior learning
Candidates will be able to have their previous experience or expertise recognised on request.
Special needs
Candidates with special needs should notify their trainer/assessor to request any required adjustments as soon as possible. This will enable the trainer/assessor to address the identified needs immediately.
Assessment can either be:
- Direct observation
- Product-based methods e.g. reports, role plays, work samples
- Portfolios – annotated and validated
- Questioning
- Third party evidence.
If submitting third party evidence, the Third Party Observation/Demonstration document must be completed by the agreed third party.
Third parties can be:
- Supervisors
- Trainers
- Team members
- Clients
- Consumers.
The third party observation must be submitted to your trainer/assessor, as directed.
The third party observation is to be used by the assessor to assist them in determining competency.
The assessment activities in this workbook assess aspects of all the elements, performance criteria, skills and knowledge and performance requirements of the unit of competency.
To demonstrate competence in this unit you must undertake all activities in this workbook and have them deemed satisfactory by the assessor. If you do not answer some questions or perform certain tasks, and therefore you are deemed to be Not Yet Competent, your trainer/assessor may ask you supplementary questions to determine your competence. Once you have demonstrated the required level of performance, you will be deemed competent in this unit.
Should you still be deemed Not Yet Competent, you will have the opportunity to resubmit your assessments or appeal the result.
As part of the assessment process, all learners must abide by any relevant assessment policies as provided during induction.
If you feel you are not yet ready to be assessed or that this assessment is unfair, please contact your assessor to discuss your options. You have the right to formally appeal any outcome and, if you wish to do so, discuss this with your trainer/assessor.
Throughout this unit, you will be expected to show your competency of the elements through observations or demonstrations. Your trainer/assessor will have a list of demonstrations you must complete or tasks to be observed. The observations and demonstrations will be completed as well as the activities found in this workbook.
An explanation of observations and demonstrations:
Observation is on-the-job
The observation will usually require:
- Performing a work based skill or task
- Interaction with colleagues and/or customers.
Demonstration is off-the-job
A demonstration will require:
- Performing a skill or task that is asked of you
- Undertaking a simulation exercise.
Your trainer/assessor will inform you of which one of the above they would like you to do. The observation/demonstration will cover one of the unit’s elements.
The observation/demonstration will take place either in the workplace or the training environment, depending on the task to be undertaken and whether it is an observation or demonstration. Your
trainer/assessor will ensure you are provided with the correct equipment and/or materials to complete the task. They will also inform you of how long you have to complete the task.
You should be able to demonstrate the skills, knowledge and performance criteria required for competency in this unit, as seen in the Learner Guide.
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THIRD PARTY GUIDE
You should supply details of the third party to the assessor before you commence the activities (see below), unless the assessor has already selected a third party themselves. The assessor can then contact the third party in instances where they require more evidence to determine competency, or they cannot observe certain tasks themselves.
The reasons to use a third party may include:
- Assessment is required in the workplace
- Where there are health and safety issues related to observation
- Patient confidentiality and privacy issues are involved.
If you are not employed, or able to complete demonstrative tasks in the workplace, you will need to inform the assessor. They will be able to provide you with a simulated environment in which to complete these tasks.
We would prefer that, wherever possible, these be “live” issues for your industry and require application of the principles that you are learning as part of your training.
Where this is not possible, you and your third party should simulate the activity tasks and demonstrations that you believe would be likely to arise in your organisation or job role.
Third party evidence can also be used to provide “everyday evidence” of tasks included in your work role that relate to the unit of competency but are not a part of the formal assessment process.
The third party is not to be used as a co-assessor – the assessor must make the final decision on competency themselves.
Documents relevant to collection of third party evidence are included in the Third Party section in the Observations/Demonstrations document.
| Objective | To provide you with an opportunity to allocate funds according to budget and agreed priorities. |
| What do you need to do before you can allocate funds to budgets? Explain why it is important to agree on organisational priorities before allocating funds. Give three examples of agreed priorities in budgets that you have been involved with. |
ACTIVITY 1B
| Objective | To provide you with an opportunity to discuss changes to income and expenditure priorities with appropriate colleagues prior to implementation. |
| This activity will need to be observed for assessment. As a simulated workplace activity as directed by the assessor; you will be given information on the current income and expenditure for one work area/project (as relevant to your organisation or area of work). You should read this through, looking for where any changes may be required. With the person acting as the finance manager, discuss whether this needs to be changed, identifying at least one change and your reason for this. Write down the outcome of your meeting in your workbook, and the change(s) you have recommended with your reason(s) why. Note to the assessor: You must ensure the learner has an appropriate simulated work environment to perform this activity, with a person representing the finance manager. The income and expenditure information must be relevant to the learner’s organisation or area of work; this only needs to be for a short period of time, e.g., three months, and should highlight the need for more than one change. The learner and the person acting as the finance manager must be given adequate time to read this information prior to the meeting. The learner should be observed to ensure they participate appropriately in the discussion and display relevant knowledge and understanding about the information they have been given. Assessment of the learner’s notes in their workbook must also be made to confirm they have correctly identified one change. |
ACTIVITY 1C
| Objective | To provide you with an opportunity to consult with and inform relevant personnel about resource decisions. |
| This activity will need to be observed for assessment. Following on from Activity 1B; as a simulated workplace activity, consult with the work area/project manager to discuss your identified change(s) regarding the income and expenditure they have. You should inform them of the reason for the change(s) that you have found. Note to the assessor: You must ensure the learner has an appropriate simulated work environment to perform this activity, with a person representing the work area/project manager. The learner should be observed to ensure they communicate professionally with the other person and to make sure they provide clear information and reasoning for their change(s). This activity does not require a two-way exchange, although the person acting as the manager can ask questions or provide comments that are applicable to the discussions. |
ACTIVITY 1D
| Objective | To provide you with an opportunity to promote awareness of the importance of budget control. |
| When promoting awareness of budget control, what points should you make as a priority? Provide three examples. |
ACTIVITY 1E
| Objective | To provide you with an opportunity to maintain detailed records of resource allocation according to organisational control systems. |
| Give four examples of different records of resource allocation that you use within your organisation (or business industry). For one of these, explain what information you will need to fill out and keep for financial recordkeeping. Why it is important to maintain this information for business? |
ACTIVITY 2A
| Objective | To provide you with an opportunity to use financial records to regularly check actual income and expenditure against budgets. |
| As a real or simulated work activity as directed by the assessor; you must check three records relating to income and expenditure for the previous month. These records will be allocated to you. Identify the actual income and expenditure that took place and assess these against the budgets they relate to. You must answer the following questions: Do the income and expenditure match the budget(s)?If there are variations, where are these found? Write up your conclusions as a report, providing clear details about your assessment and relevant findings. If produced separately, attach this to your workbook. (No word count specified; this can be as long or short as needed. However, reports must include all the relevant details.) NOTE TO THE ASSESSOR: YOU MUST ENSURE THE LEARNER HAS ACCESS TO THESE RECORDS AND THE RELEVANT BUDGETARY INFORMATION; THIS MAY BE IN COLLABORATION WITH THEIR ORGANISATION OR FROM EXAMPLES THAT HAVE BEEN CREATED FOR THE PURPOSE OF THIS ACTIVITY. INFORMATION SHOULD BE RELEVANT TO THE LEARNER’S ROLE AND AREA OF WORK. THE LEARNER MUST BE PROVIDED WITH AN APPROPRIATE WORK ENVIRONMENT WITH EQUIPMENT AND TECHNOLOGIES, TO ACCESS AND INTERPRET THESE RECORDS. THE LEARNER’S FINAL REPORT SHOULD BE ASSESSED FOR THE SUCCESSFUL COMPLETION OF THIS ACTIVITY AGAINST THE INFORMATION THEY HAVE WORKED WITH. |
| Objective | To provide you with an opportunity to include financial commitments in all documentation to ensure accurate monitoring. |
| Explain what a financial commitment is and give three examples of regular financial commitments that will need to be made at your organisation or in your area of work. |
| Objective | To provide you with an opportunity to identify and report deviations according to significance of deviation. |
| This spoken communication in this activity will need to be observed for assessment. As a real or simulated work activity as directed by the assessor; you will be given one financial record with two deviations. Read this record and identify the two deviations that are present and their level of significance for reporting. Report these deviations according to the level of importance; one will be minor and only need to be reported as an email correspondence, and one is more urgent and must be reported in a face-to-face meeting with the finance manager (or the person acting as the finance manager). For the one deviation that is to be reported by email, write an email script in your workbook. For the deviation that must be reported in a spoken communication, you must carry out this communication, making sure you report what the deviation is and where it is found. NOTE TO THE ASSESSOR: YOU MUST ENSURE THE LEARNER IS PROVIDED WITH ONE RECORD WITH TWO DEVIATIONS (ONE BEING MINOR AND ONE BEING MAJOR); THIS MAY BE IN COLLABORATION WITH THEIR ORGANISATION OR FROM EXAMPLES THAT HAVE BEEN CREATED FOR THE PURPOSE OF THIS ACTIVITY. INFORMATION SHOULD BE RELEVANT TO THE LEARNER’S ROLE AND AREA OF WORK. THE LEARNER MUST BE PROVIDED WITH AN |
| APPROPRIATE WORK ENVIRONMENT WITH EQUIPMENT AND TECHNOLOGIES, TO ACCESS AND INTERPRET INFORMATION. THEY MUST BE PROVIDED WITH ONE PERSON TO REPORT THE MAJOR DEVIATION TO. THE SPOKEN COMMUNICATION MUST BE OBSERVED TO ENSURE THE LEARNER SUCCESSFULLY COMMUNICATES THE MAJOR DEVIATION, AND THE EMAIL SCRIPT READ AND ASSESSED FOR THE MINOR DEVIATION. |
| Objective | To provide you with an opportunity to investigate appropriate options for more effective management of deviations. |
| From your own thinking, identify three options that you could take to investigate deviations. Suggest three actions you could take to manage deviations. |
ACTIVITY 2E
| Objective | To provide you with an opportunity to advise appropriate colleagues of budget status in relation to targets. |
| When advising colleagues of the budget status in relation to targets, what should you advise the following personnel of? Senior and mid-level managementThe accounts departmentA budget committee. |
ACTIVITY 3A
| Objective | To provide you with an opportunity to assess existing costs and resources and proactively identify areas for improvement. |
| As a simulated work activity as directed by the assessor; you will be given information on five main costs for an example organisation and their associated budgets. Assess this information and determine where improvements can be made in spending and use of resources. You should identify two improvements; write down your findings. Note to the assessor: You must ensure the learner is provided with example information to work with for this simulated work activity; there must be at least two possible improvements that can be made from this information. This must be relevant to the learner and their area of work. The learner must be provided with an appropriate work environment with equipment and technologies (as applicable). |
ACTIVITY 3B
| Objective | To provide you with an opportunity to discuss desired budget outcomes with relevant colleagues. |
| This activity will need to be observed for assessment. As a simulated work activity as directed by the assessor, and following on from Activity 3A; discuss your findings regarding the five main costs and the associated budget(s), with the persons representing the finance manager and organisational management (a total of two to three persons). In collaboration, identify the desired budget outcomes and how these can be achieved. NOTE TO THE ASSESSOR: You must ensure the learner has an appropriate simulated work environment to perform this activity, with persons representing the managers. The learner must be observed discussing their findings and identifying outcomes for their successful assessment. They must engage with the managers professionally and seek solutions to achieve the desired budget outcomes. |
ACTIVITY 3C
| Objective | To provide you with an opportunity to undertake appropriate research to investigate new approaches to budget management. |
| Describe two research methods you can use to investigate new approaches to budget management. |
| Objective | To provide you with an opportunity to define and communicate the benefits and disadvantages of new approaches. |
| How can you define new approaches for the benefit of your colleagues? What information should you provide them with? |
| Objective | To provide you with an opportunity to take account of impacts on customer service levels and colleagues in developing new approaches. |
| How can new approaches to managing finances affect the customer experience? Give at least three examples. |
ACTIVITY 3F
| Objective | To provide you with an opportunity to present clear and logical recommendations for budget management. |
| This activity will need to be observed for assessment. As a simulated work activity as directed by the assessor, and following on from Activity 3B; you must develop three recommendations to manage the budget more appropriately. In a meeting with the finance manager and organisation’s manager, present your recommendations in a spoken communication. NOTE TO THE ASSESSOR: You must ensure the learner has an appropriate simulated work environment to perform this activity, with persons representing the managers. The learner must be observed presenting their three recommendations; they must speak clearly, confidently and with awareness to an appropriate way to manage the budget. |
ACTIVITY 4A
| Objective | To provide you with an opportunity to complete financial and statistical reports within designated timelines. |
| As a real or simulated workplace activity as directed by the assessor; you must complete one financial report and one statistical report. You should be provided with the information that needs to be put into these reports. When completed, print out these reports and attach these to your workbook. Note to the assessor: You must ensure the learner is provided with an appropriate work environment with equipment, resources and technologies to complete this activity. They must be given the information for creating the two reports, as relevant to their organisation or area of work, and be provided with the correct document guidelines to ensure these are produced correctly. The finished reports must be assessed for their correctness and against the original information. The timeline for completing these is as stated in the estimated activity time, although this can be changed as necessary to suit the given requirements. |
ACTIVITY 4B
| Objective | To provide you with an opportunity to prepare and present clear and concise information to enable informed decision making. |
| Following on from Activity 4A; for one of your reports, assess how the information is presented and make two changes to this to help make the report clearer and easier to read; for example, you can introduce a graph to illustrate data, or you may want to change the layout in some way. When completed, re-print your report and attach this to your workbook. Note down in your workbook the changes that you have made. |
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SUMMATIVE ASSESSMENTS
The summative assessments are the major activities designed to assess your skills, knowledge and performance, as required to show competency in this unit. These activities should be completed after finishing the Learner Guide. You should complete these as stated below and as instructed by your trainer/assessor.
Skills, knowledge and performance may be termed as:
- Skills – skill requirements, required skills, essential skills, foundation skills
- Knowledge – knowledge requirements, required knowledge, essential knowledge, knowledge evidence
- Performance – evidence requirements, critical aspects of assessment, performance evidence.
Section A: Skills activity
The skills activity is designed to be a series of demonstrative tasks that should be assessed by observation (by the assessor or third party, depending on the circumstances).
It will demonstrate all of the skills required for this unit of competency – your assessor will provide further instructions to you, if necessary.
Section B: Knowledge activity (Q & A)
The knowledge activity is designed to be a verbal questionnaire where the assessor asks you a series of questions to confirm your competency for all of the required knowledge in the unit of competency.
Section C: Performance activity
The performance activity is designed to be a practical activity performed either in the workplace or a simulated environment. You should demonstrate the required practical tasks for the unit of competency and be observed by the assessor and/or third party, as applicable to the situation. If the third party is required to observe you, you will need to make the required arrangements with them.
If necessary for the activities, you should attach completed written answers, portfolios or any evidence of competency to this workbook.
Objective: To provide you with an opportunity to show you have the required skills for this unit.
A signed observation by either an approved third party or the assessor will need to be included in this activity as proof of completion.
This activity will enable you to demonstrate the following skills:
- Reading skills
- Writing skills
- Oral communication
- Numeracy skills
- Problem-solving skills
- Teamwork skills
- Technology skills
Answer the activity in as much detail as possible, considering your organisational requirements. As a workplace activity or simulated workplace activity (as directed by the assessor):
- Obtain a copy of an expenditure report from a past budget, and thoroughly read this document to identify and analyse any examples of wastage.
- Using your organisation’s computer software (financial/accounting and/or layout software), write up a mock purchase summary report for a recent order.
- Organise a meeting with any staff who have financial decision-making authority, in order to discuss the setting of priorities for an upcoming budget. Lead this meeting, using your oral communication skills to make sure that details of priorities are communicated and understood by everyone.
- Use your numeracy skills to estimate expenditure for an upcoming project; this may be done with the aid of financial/accounting software. Don’t forget to check previous budgets to check the likely costs involved.
- Use your problem-solving skills to develop a contingency plan for use in the event of a significant deviation from the planned budget in question four.
- Organise a meeting with those involved in the creation of the budget from question four and five. Use teamwork skills to lead discussions and come to decisions on the desired outcomes of the budget. Make sure everyone knows what part they play in budget control, and how they can contribute to agreed outcomes.
- Using your organisation’s financial/accounting software on computer, create a graph or chart which shows overall levels of expenditure over the course of the budgetary period (using the budget you created in the previous three questions).
Note to the assessor:
You must ensure the learner has access to a real or simulated workplace for this activity, with access to equipment, resources, technologies and persons. They must be provided with access to the necessary financial information and any organisational guidelines that will be required
SECTION B: KNOWLEDGE ACTIVITY (Q & A)
Objective: To provide you with an opportunity to show you have the required knowledge for this unit.
The answers to the following questions will enable you to demonstrate your knowledge of:
- Types of financial records:
- bank deposit documentationbank statementsbanking summariesbusiness activity statementscheque bookscredit card transaction statementsinvoicesjournal entrieslabour and wages reportsmerchant statementsmerchant summariestransaction reportsTypes of budgets:
- cash budgetscash flow budgetsdepartmental budgetsevent budgetsproject budgetspurchasing budgetssales budgetswage budgetswhole of organisation budgets
- cash flowcommercial account activitycommission earningscovers and financial returndaily, weekly and monthly transactionsexpenditureincomeoccupancy rates and financial returnperformance of department, project and/or products and servicessales performancesales returnsstaff costsstock levelsvariance in income and/or expenditurewastageyield
- Use, contents of and formats for:
- budgets
- financial reports
- statistical reports
- bank deposit documentationbank statementsbanking summariesbusiness activity statementscheque bookscredit card transaction statementsinvoicesjournal entrieslabour and wages reportsmerchant statementsmerchant summariestransaction reportsTypes of budgets:
- Budget terminology
- Specific industry sector and organisation:
- use of budgets to control costs and enhance profitability
- importance of budget control
- techniques for maximising budget performance
- financial reporting procedures and cycles
- features and functions of accounting software programs used to manage budgets
- Specific industry sector and organisation:
Answer each question in as much detail as possible, considering your organisational requirements for each one.
- In your own words, explain what each of the following financial records show:
- Invoices
- Labour/wage reports
- Credit card transaction statements.
- Explain why having dedicated budgets for specific departments and projects can be useful (as opposed to only relying on a budget for the whole organisation).
- Why is it important to consider sales performance when monitoring budgets and preparing financial reports?
- What information is contained in the following document types:
- Budgets
- Financial reports
- Statistical reports?
- Explain what the following budgetary terminology means:
- Revenue
- Financial commitment
- Debt.
- Why is it important to promote budget control, and how can this enhance the overall profitability of your organisation?
SECTION C: PERFORMANCE ACTIVITY
Objective: To provide you with an opportunity to demonstrate the required performance elements for this unit.
A signed observation by either an approved third party or the assessor will need to be included in this activity as proof of completion.
This activity will enable you to demonstrate the following performance evidence:
- Manage a budget for a business over a three-month period that meets the specific business’ needs
- Undertake at least two of the following to inform management of the above budget:
- discussions with existing suppliers
- evaluation of staffing and rostering requirements
- evaluation of impact of potential roster changes
- review of operating procedures
- sourcing new suppliers
- Monitor income and expenditure and evaluate budgetary performance over the above budgetary life cycle
- Complete financial reports related to the above budget within designated timelines and using correct budget terminology
- Undertake at least two of the following to inform management of the above budget:
Answer the activity in as much detail as possible, considering your organisational requirements. As a workplace activity or simulated workplace activity (as directed by the assessor):
- Create a budget for an event or project that will last for three months or more. Throughout this period, you must show that you can create, monitor, and control the budget by doing the following:
- Show that you can work with colleagues to establish requirements and priorities (including staffing requirements and stock requirements)
- Use financial records to monitor expenditure and income on a regular basis
- Identify any variances and deviations, and react to them – you may need to adapt the budget
- Complete financial reports to ensure control of finances, and to update others on the budget’s status.
SITXFIN003
MANAGE FINANCES WITHIN A BUDGET
Learner Workbook
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INSTRUCTIONS TO LEARNER
Overview
Prior to commencing the assessments, your trainer/assessor will explain each assessment task and the terms and conditions relating to the submission of your assessment task. Please consult with your trainer/assessor if you are unsure of any questions. It is important that you understand and adhere to the terms and conditions, and address fully each assessment task. If any assessment task is not fully addressed, then your assessment task will be returned to you for resubmission. Your trainer/assessor will remain available to support you throughout the assessment process.
Written work
Assessment tasks are used to measure your understanding and underpinning skills and knowledge of the overall unit of competency. When undertaking any written assessment tasks, please ensure that you address the following criteria:
- Address each question including any sub-points
- Demonstrate that you have researched the topic thoroughly
- Cover the topic in a logical, structured manner
- Your assessment tasks are well presented, well referenced and word processed
- Your assessment tasks include your full legal name on each and every page.
Active participation
It is a condition of enrolment that you actively participate in your studies. Active participation is completing all the assessment tasks on time.
Plagiarism
Plagiarism is taking and using someone else’s thoughts, writings or inventions and representing them as your own. Plagiarism is a serious act and may result in a learner’s exclusion from a course. When you have any doubts about including the work of other authors in your assessment, please consult your trainer/assessor. The following list outlines some of the activities for which a learner can be accused of plagiarism:
- Presenting any work by another individual as one’s own unintentionally
- Handing in assessments markedly similar to or copied from another learner
- Presenting the work of another individual or group as their own work
- Handing in assessments without the adequate acknowledgement of sources used, including assessments taken totally or in part from the internet.
If it is identified that you have plagiarised within your assessment, then a meeting will be organised to discuss this with you, and further action may be taken accordingly.
Collusion
Collusion is the presentation by a learner of an assignment as their own that is, in fact, the result in whole or in part of unauthorised collaboration with another person or persons. Collusion involves the cooperation of two or more learners in plagiarism or other forms of academic misconduct and, as such, both parties are subject to disciplinary action. Collusion or copying from other learners is not permitted and will result in a “0” grade and NYC.
Assessments must be typed using document software such as (or similar to) MS Office. Handwritten assessments will not be accepted (unless, prior written confirmation is provided by the trainer/assessor to confirm).
Competency outcome
There are two outcomes of assessments: S = Satisfactory and NS = Not Satisfactory (requires more training and experience).
Once the learner has satisfactorily completed all the tasks for this module the learner will be awarded “Competent” (C) or “Not yet Competent” (NYC) for the relevant unit of competency.
If you are deemed “Not Yet Competent” you will be provided with feedback from your assessor and will be given another chance to resubmit your assessment task(s). If you are still deemed as “Not Yet Competent” you will be required to re-enrol in the unit of competency.
Additional evidence
If we, at our sole discretion, determine that we require additional or alternative information/evidence in order to determine competency, you must provide us with such information/evidence, subject to privacy and confidentiality issues. We retain this right at any time, including after submission of your assessments.
Confidentiality
We will treat anything, including information about your job, workplace, employer, with strict confidence, in accordance with the law. However, you are responsible for ensuring that you do not provide us with anything regarding any third party including your employer, colleagues and others, that they do not consent to the disclosure of. While we may ask you to provide information or details about aspects of your employer and workplace, you are responsible for obtaining necessary consents and ensuring that privacy rights and confidentiality obligations are not breached by you in supplying us with such information.
Assessment appeals process
If you feel that you have been unfairly treated during your assessment, and you are not happy with your assessment and/or the outcome as a result of that treatment, you have the right to lodge an appeal. You must first discuss the issue with your trainer/assessor. If you would like to proceed further with the request after discussions with your trainer/assessor, you need to lodge your appeal to the course coordinator, in writing, outlining the reason(s) for the appeal.
Recognised prior learning
Candidates will be able to have their previous experience or expertise recognised on request.
Special needs
Candidates with special needs should notify their trainer/assessor to request any required adjustments as soon as possible. This will enable the trainer/assessor to address the identified needs immediately.
Assessment can either be:
- Direct observation
- Product-based methods e.g. reports, role plays, work samples
- Portfolios – annotated and validated
- Questioning
- Third party evidence.
If submitting third party evidence, the Third Party Observation/Demonstration document must be completed by the agreed third party.
Third parties can be:
- Supervisors
- Trainers
- Team members
- Clients
- Consumers.
The third party observation must be submitted to your trainer/assessor, as directed.
The third party observation is to be used by the assessor to assist them in determining competency.
The assessment activities in this workbook assess aspects of all the elements, performance criteria, skills and knowledge and performance requirements of the unit of competency.
To demonstrate competence in this unit you must undertake all activities in this workbook and have them deemed satisfactory by the assessor. If you do not answer some questions or perform certain tasks, and therefore you are deemed to be Not Yet Competent, your trainer/assessor may ask you supplementary questions to determine your competence. Once you have demonstrated the required level of performance, you will be deemed competent in this unit.
Should you still be deemed Not Yet Competent, you will have the opportunity to resubmit your assessments or appeal the result.
As part of the assessment process, all learners must abide by any relevant assessment policies as provided during induction.
If you feel you are not yet ready to be assessed or that this assessment is unfair, please contact your assessor to discuss your options. You have the right to formally appeal any outcome and, if you wish to do so, discuss this with your trainer/assessor.
Throughout this unit, you will be expected to show your competency of the elements through observations or demonstrations. Your trainer/assessor will have a list of demonstrations you must complete or tasks to be observed. The observations and demonstrations will be completed as well as the activities found in this workbook.
An explanation of observations and demonstrations:
Observation is on-the-job
The observation will usually require:
- Performing a work based skill or task
- Interaction with colleagues and/or customers.
Demonstration is off-the-job
A demonstration will require:
- Performing a skill or task that is asked of you
- Undertaking a simulation exercise.
Your trainer/assessor will inform you of which one of the above they would like you to do. The observation/demonstration will cover one of the unit’s elements.
The observation/demonstration will take place either in the workplace or the training environment, depending on the task to be undertaken and whether it is an observation or demonstration. Your
trainer/assessor will ensure you are provided with the correct equipment and/or materials to complete the task. They will also inform you of how long you have to complete the task.
You should be able to demonstrate the skills, knowledge and performance criteria required for competency in this unit, as seen in the Learner Guide.
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THIRD PARTY GUIDE
You should supply details of the third party to the assessor before you commence the activities (see below), unless the assessor has already selected a third party themselves. The assessor can then contact the third party in instances where they require more evidence to determine competency, or they cannot observe certain tasks themselves.
The reasons to use a third party may include:
- Assessment is required in the workplace
- Where there are health and safety issues related to observation
- Patient confidentiality and privacy issues are involved.
If you are not employed, or able to complete demonstrative tasks in the workplace, you will need to inform the assessor. They will be able to provide you with a simulated environment in which to complete these tasks.
We would prefer that, wherever possible, these be “live” issues for your industry and require application of the principles that you are learning as part of your training.
Where this is not possible, you and your third party should simulate the activity tasks and demonstrations that you believe would be likely to arise in your organisation or job role.
Third party evidence can also be used to provide “everyday evidence” of tasks included in your work role that relate to the unit of competency but are not a part of the formal assessment process.
The third party is not to be used as a co-assessor – the assessor must make the final decision on competency themselves.
Documents relevant to collection of third party evidence are included in the Third Party section in the Observations/Demonstrations document.
| Objective | To provide you with an opportunity to allocate funds according to budget and agreed priorities. |
| What do you need to do before you can allocate funds to budgets? Explain why it is important to agree on organisational priorities before allocating funds. Give three examples of agreed priorities in budgets that you have been involved with. |
ACTIVITY 1B
| Objective | To provide you with an opportunity to discuss changes to income and expenditure priorities with appropriate colleagues prior to implementation. |
| This activity will need to be observed for assessment. As a simulated workplace activity as directed by the assessor; you will be given information on the current income and expenditure for one work area/project (as relevant to your organisation or area of work). You should read this through, looking for where any changes may be required. With the person acting as the finance manager, discuss whether this needs to be changed, identifying at least one change and your reason for this. Write down the outcome of your meeting in your workbook, and the change(s) you have recommended with your reason(s) why. Note to the assessor: You must ensure the learner has an appropriate simulated work environment to perform this activity, with a person representing the finance manager. The income and expenditure information must be relevant to the learner’s organisation or area of work; this only needs to be for a short period of time, e.g., three months, and should highlight the need for more than one change. The learner and the person acting as the finance manager must be given adequate time to read this information prior to the meeting. The learner should be observed to ensure they participate appropriately in the discussion and display relevant knowledge and understanding about the information they have been given. Assessment of the learner’s notes in their workbook must also be made to confirm they have correctly identified one change. |
ACTIVITY 1C
| Objective | To provide you with an opportunity to consult with and inform relevant personnel about resource decisions. |
| This activity will need to be observed for assessment. Following on from Activity 1B; as a simulated workplace activity, consult with the work area/project manager to discuss your identified change(s) regarding the income and expenditure they have. You should inform them of the reason for the change(s) that you have found. Note to the assessor: You must ensure the learner has an appropriate simulated work environment to perform this activity, with a person representing the work area/project manager. The learner should be observed to ensure they communicate professionally with the other person and to make sure they provide clear information and reasoning for their change(s). This activity does not require a two-way exchange, although the person acting as the manager can ask questions or provide comments that are applicable to the discussions. |
ACTIVITY 1D
| Objective | To provide you with an opportunity to promote awareness of the importance of budget control. |
| When promoting awareness of budget control, what points should you make as a priority? Provide three examples. |
ACTIVITY 1E
| Objective | To provide you with an opportunity to maintain detailed records of resource allocation according to organisational control systems. |
| Give four examples of different records of resource allocation that you use within your organisation (or business industry). For one of these, explain what information you will need to fill out and keep for financial recordkeeping. Why it is important to maintain this information for business? |
ACTIVITY 2A
| Objective | To provide you with an opportunity to use financial records to regularly check actual income and expenditure against budgets. |
| As a real or simulated work activity as directed by the assessor; you must check three records relating to income and expenditure for the previous month. These records will be allocated to you. Identify the actual income and expenditure that took place and assess these against the budgets they relate to. You must answer the following questions: Do the income and expenditure match the budget(s)?If there are variations, where are these found? Write up your conclusions as a report, providing clear details about your assessment and relevant findings. If produced separately, attach this to your workbook. (No word count specified; this can be as long or short as needed. However, reports must include all the relevant details.) NOTE TO THE ASSESSOR: YOU MUST ENSURE THE LEARNER HAS ACCESS TO THESE RECORDS AND THE RELEVANT BUDGETARY INFORMATION; THIS MAY BE IN COLLABORATION WITH THEIR ORGANISATION OR FROM EXAMPLES THAT HAVE BEEN CREATED FOR THE PURPOSE OF THIS ACTIVITY. INFORMATION SHOULD BE RELEVANT TO THE LEARNER’S ROLE AND AREA OF WORK. THE LEARNER MUST BE PROVIDED WITH AN APPROPRIATE WORK ENVIRONMENT WITH EQUIPMENT AND TECHNOLOGIES, TO ACCESS AND INTERPRET THESE RECORDS. THE LEARNER’S FINAL REPORT SHOULD BE ASSESSED FOR THE SUCCESSFUL COMPLETION OF THIS ACTIVITY AGAINST THE INFORMATION THEY HAVE WORKED WITH. |
| Objective | To provide you with an opportunity to include financial commitments in all documentation to ensure accurate monitoring. |
| Explain what a financial commitment is and give three examples of regular financial commitments that will need to be made at your organisation or in your area of work. |
| Objective | To provide you with an opportunity to identify and report deviations according to significance of deviation. |
| This spoken communication in this activity will need to be observed for assessment. As a real or simulated work activity as directed by the assessor; you will be given one financial record with two deviations. Read this record and identify the two deviations that are present and their level of significance for reporting. Report these deviations according to the level of importance; one will be minor and only need to be reported as an email correspondence, and one is more urgent and must be reported in a face-to-face meeting with the finance manager (or the person acting as the finance manager). For the one deviation that is to be reported by email, write an email script in your workbook. For the deviation that must be reported in a spoken communication, you must carry out this communication, making sure you report what the deviation is and where it is found. NOTE TO THE ASSESSOR: YOU MUST ENSURE THE LEARNER IS PROVIDED WITH ONE RECORD WITH TWO DEVIATIONS (ONE BEING MINOR AND ONE BEING MAJOR); THIS MAY BE IN COLLABORATION WITH THEIR ORGANISATION OR FROM EXAMPLES THAT HAVE BEEN CREATED FOR THE PURPOSE OF THIS ACTIVITY. INFORMATION SHOULD BE RELEVANT TO THE LEARNER’S ROLE AND AREA OF WORK. THE LEARNER MUST BE PROVIDED WITH AN |
| APPROPRIATE WORK ENVIRONMENT WITH EQUIPMENT AND TECHNOLOGIES, TO ACCESS AND INTERPRET INFORMATION. THEY MUST BE PROVIDED WITH ONE PERSON TO REPORT THE MAJOR DEVIATION TO. THE SPOKEN COMMUNICATION MUST BE OBSERVED TO ENSURE THE LEARNER SUCCESSFULLY COMMUNICATES THE MAJOR DEVIATION, AND THE EMAIL SCRIPT READ AND ASSESSED FOR THE MINOR DEVIATION. |
| Objective | To provide you with an opportunity to investigate appropriate options for more effective management of deviations. |
| From your own thinking, identify three options that you could take to investigate deviations. Suggest three actions you could take to manage deviations. |
ACTIVITY 2E
| Objective | To provide you with an opportunity to advise appropriate colleagues of budget status in relation to targets. |
| When advising colleagues of the budget status in relation to targets, what should you advise the following personnel of? Senior and mid-level managementThe accounts departmentA budget committee. |
ACTIVITY 3A
| Objective | To provide you with an opportunity to assess existing costs and resources and proactively identify areas for improvement. |
| As a simulated work activity as directed by the assessor; you will be given information on five main costs for an example organisation and their associated budgets. Assess this information and determine where improvements can be made in spending and use of resources. You should identify two improvements; write down your findings. Note to the assessor: You must ensure the learner is provided with example information to work with for this simulated work activity; there must be at least two possible improvements that can be made from this information. This must be relevant to the learner and their area of work. The learner must be provided with an appropriate work environment with equipment and technologies (as applicable). |
ACTIVITY 3B
| Objective | To provide you with an opportunity to discuss desired budget outcomes with relevant colleagues. |
| This activity will need to be observed for assessment. As a simulated work activity as directed by the assessor, and following on from Activity 3A; discuss your findings regarding the five main costs and the associated budget(s), with the persons representing the finance manager and organisational management (a total of two to three persons). In collaboration, identify the desired budget outcomes and how these can be achieved. NOTE TO THE ASSESSOR: You must ensure the learner has an appropriate simulated work environment to perform this activity, with persons representing the managers. The learner must be observed discussing their findings and identifying outcomes for their successful assessment. They must engage with the managers professionally and seek solutions to achieve the desired budget outcomes. |
ACTIVITY 3C
| Objective | To provide you with an opportunity to undertake appropriate research to investigate new approaches to budget management. |
| Describe two research methods you can use to investigate new approaches to budget management. |
| Objective | To provide you with an opportunity to define and communicate the benefits and disadvantages of new approaches. |
| How can you define new approaches for the benefit of your colleagues? What information should you provide them with? |
| Objective | To provide you with an opportunity to take account of impacts on customer service levels and colleagues in developing new approaches. |
| How can new approaches to managing finances affect the customer experience? Give at least three examples. |
ACTIVITY 3F
| Objective | To provide you with an opportunity to present clear and logical recommendations for budget management. |
| This activity will need to be observed for assessment. As a simulated work activity as directed by the assessor, and following on from Activity 3B; you must develop three recommendations to manage the budget more appropriately. In a meeting with the finance manager and organisation’s manager, present your recommendations in a spoken communication. NOTE TO THE ASSESSOR: You must ensure the learner has an appropriate simulated work environment to perform this activity, with persons representing the managers. The learner must be observed presenting their three recommendations; they must speak clearly, confidently and with awareness to an appropriate way to manage the budget. |
ACTIVITY 4A
| Objective | To provide you with an opportunity to complete financial and statistical reports within designated timelines. |
| As a real or simulated workplace activity as directed by the assessor; you must complete one financial report and one statistical report. You should be provided with the information that needs to be put into these reports. When completed, print out these reports and attach these to your workbook. Note to the assessor: You must ensure the learner is provided with an appropriate work environment with equipment, resources and technologies to complete this activity. They must be given the information for creating the two reports, as relevant to their organisation or area of work, and be provided with the correct document guidelines to ensure these are produced correctly. The finished reports must be assessed for their correctness and against the original information. The timeline for completing these is as stated in the estimated activity time, although this can be changed as necessary to suit the given requirements. |
ACTIVITY 4B
| Objective | To provide you with an opportunity to prepare and present clear and concise information to enable informed decision making. |
| Following on from Activity 4A; for one of your reports, assess how the information is presented and make two changes to this to help make the report clearer and easier to read; for example, you can introduce a graph to illustrate data, or you may want to change the layout in some way. When completed, re-print your report and attach this to your workbook. Note down in your workbook the changes that you have made. |
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SUMMATIVE ASSESSMENTS
The summative assessments are the major activities designed to assess your skills, knowledge and performance, as required to show competency in this unit. These activities should be completed after finishing the Learner Guide. You should complete these as stated below and as instructed by your trainer/assessor.
skills, knowledge and performance may be termed as:
- Skills – skill requirements, required skills, essential skills, foundation skills
- Knowledge – knowledge requirements, required knowledge, essential knowledge, knowledge evidence
- Performance – evidence requirements, critical aspects of assessment, performance evidence.
Section A: Skills activity
The skills activity is designed to be a series of demonstrative tasks that should be assessed by observation (by the assessor or third party, depending on the circumstances).
It will demonstrate all of the skills required for this unit of competency – your assessor will provide further instructions to you, if necessary.
Section B: Knowledge activity (Q & A)
The knowledge activity is designed to be a verbal questionnaire where the assessor asks you a series of questions to confirm your competency for all of the required knowledge in the unit of competency.
Section C: Performance activity
The performance activity is designed to be a practical activity performed either in the workplace or a simulated environment. You should demonstrate the required practical tasks for the unit of competency and be observed by the assessor and/or third party, as applicable to the situation. If the third party is required to observe you, you will need to make the required arrangements with them.
If necessary for the activities, you should attach completed written answers, portfolios or any evidence of competency to this workbook.
Objective: To provide you with an opportunity to show you have the required skills for this unit.
A signed observation by either an approved third party or the assessor will need to be included in this activity as proof of completion.
This activity will enable you to demonstrate the following skills:
- Reading skills
- Writing skills
- Oral communication
- Numeracy skills
- Problem-solving skills
- Teamwork skills
- Technology skills
Answer the activity in as much detail as possible, considering your organisational requirements. As a workplace activity or simulated workplace activity (as directed by the assessor):
- Obtain a copy of an expenditure report from a past budget, and thoroughly read this document to identify and analyse any examples of wastage.
- Using your organisation’s computer software (financial/accounting and/or layout software), write up a mock purchase summary report for a recent order.
- Organise a meeting with any staff who have financial decision-making authority, in order to discuss the setting of priorities for an upcoming budget. Lead this meeting, using your oral communication skills to make sure that details of priorities are communicated and understood by everyone.
- Use your numeracy skills to estimate expenditure for an upcoming project; this may be done with the aid of financial/accounting software. Don’t forget to check previous budgets to check the likely costs involved.
- Use your problem-solving skills to develop a contingency plan for use in the event of a significant deviation from the planned budget in question four.
- Organise a meeting with those involved in the creation of the budget from question four and five. Use teamwork skills to lead discussions and come to decisions on the desired outcomes of the budget. Make sure everyone knows what part they play in budget control, and how they can contribute to agreed outcomes.
- Using your organisation’s financial/accounting software on computer, create a graph or chart which shows overall levels of expenditure over the course of the budgetary period (using the budget you created in the previous three questions).
Note to the assessor:
You must ensure the learner has access to a real or simulated workplace for this activity, with access to equipment, resources, technologies and persons. They must be provided with access to the necessary financial information and any organisational guidelines that will be required
SECTION B: KNOWLEDGE ACTIVITY (Q & A)
Objective: To provide you with an opportunity to show you have the required knowledge for this unit.
The answers to the following questions will enable you to demonstrate your knowledge of:
- Types of financial records:
- bank deposit documentationbank statementsbanking summariesbusiness activity statementscheque bookscredit card transaction statementsinvoicesjournal entrieslabour and wages reportsmerchant statementsmerchant summariestransaction reportsTypes of budgets:
- cash budgetscash flow budgetsdepartmental budgetsevent budgetsproject budgetspurchasing budgetssales budgetswage budgetswhole of organisation budgets
- cash flowcommercial account activitycommission earningscovers and financial returndaily, weekly and monthly transactionsexpenditureincomeoccupancy rates and financial returnperformance of department, project and/or products and servicessales performancesales returnsstaff costsstock levelsvariance in income and/or expenditurewastageyield
- Use, contents of and formats for:
- budgets
- financial reports
- statistical reports
- bank deposit documentationbank statementsbanking summariesbusiness activity statementscheque bookscredit card transaction statementsinvoicesjournal entrieslabour and wages reportsmerchant statementsmerchant summariestransaction reportsTypes of budgets:
- Budget terminology
- Specific industry sector and organisation:
- use of budgets to control costs and enhance profitability
- importance of budget control
- techniques for maximising budget performance
- financial reporting procedures and cycles
- features and functions of accounting software programs used to manage budgets
- Specific industry sector and organisation:
Answer each question in as much detail as possible, considering your organisational requirements for each one.
- In your own words, explain what each of the following financial records show:
- Invoices
- Labour/wage reports
- Credit card transaction statements.
- Explain why having dedicated budgets for specific departments and projects can be useful (as opposed to only relying on a budget for the whole organisation).
- Why is it important to consider sales performance when monitoring budgets and preparing financial reports?
- What information is contained in the following document types:
- Budgets
- Financial reports
- Statistical reports?
- Explain what the following budgetary terminology means:
- Revenue
- Financial commitment
- Debt.
- Why is it important to promote budget control, and how can this enhance the overall profitability of your organisation?
SECTION C: PERFORMANCE ACTIVITY
Objective: To provide you with an opportunity to demonstrate the required performance elements for this unit.
A signed observation by either an approved third party or the assessor will need to be included in this activity as proof of completion.
This activity will enable you to demonstrate the following performance evidence:
- Manage a budget for a business over a three-month period that meets the specific business’ needs
- Undertake at least two of the following to inform management of the above budget:
- discussions with existing suppliers
- evaluation of staffing and rostering requirements
- evaluation of impact of potential roster changes
- review of operating procedures
- sourcing new suppliers
- Monitor income and expenditure and evaluate budgetary performance over the above budgetary life cycle
- Complete financial reports related to the above budget within designated timelines and using correct budget terminology
- Undertake at least two of the following to inform management of the above budget:
Answer the activity in as much detail as possible, considering your organisational requirements. As a workplace activity or simulated workplace activity (as directed by the assessor):
- Create a budget for an event or project that will last for three months or more. Throughout this period, you must show that you can create, monitor, and control the budget by doing the following:
SITXFIN003
MANAGE FINANCES WITHIN A BUDGET
Learner Workbook
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INSTRUCTIONS TO LEARNER
Overview
Prior to commencing the assessments, your trainer/assessor will explain each assessment task and the terms and conditions relating to the submission of your assessment task. Please consult with your trainer/assessor if you are unsure of any questions. It is important that you understand and adhere to the terms and conditions, and address fully each assessment task. If any assessment task is not fully addressed, then your assessment task will be returned to you for resubmission. Your trainer/assessor will remain available to support you throughout the assessment process.
Written work
Assessment tasks are used to measure your understanding and underpinning skills and knowledge of the overall unit of competency. When undertaking any written assessment tasks, please ensure that you address the following criteria:
- Address each question including any sub-points
- Demonstrate that you have researched the topic thoroughly
- Cover the topic in a logical, structured manner
- Your assessment tasks are well presented, well referenced and word processed
- Your assessment tasks include your full legal name on each and every page.
Active participation
It is a condition of enrolment that you actively participate in your studies. Active participation is completing all the assessment tasks on time.
Plagiarism
Plagiarism is taking and using someone else’s thoughts, writings or inventions and representing them as your own. Plagiarism is a serious act and may result in a learner’s exclusion from a course. When you have any doubts about including the work of other authors in your assessment, please consult your trainer/assessor. The following list outlines some of the activities for which a learner can be accused of plagiarism:
- Presenting any work by another individual as one’s own unintentionally
- Handing in assessments markedly similar to or copied from another learner
- Presenting the work of another individual or group as their own work
- Handing in assessments without the adequate acknowledgement of sources used, including assessments taken totally or in part from the internet.
If it is identified that you have plagiarised within your assessment, then a meeting will be organised to discuss this with you, and further action may be taken accordingly.
Collusion
Collusion is the presentation by a learner of an assignment as their own that is, in fact, the result in whole or in part of unauthorised collaboration with another person or persons. Collusion involves the cooperation of two or more learners in plagiarism or other forms of academic misconduct and, as such, both parties are subject to disciplinary action. Collusion or copying from other learners is not permitted and will result in a “0” grade and NYC.
Assessments must be typed using document software such as (or similar to) MS Office. Handwritten assessments will not be accepted (unless, prior written confirmation is provided by the trainer/assessor to confirm).
Competency outcome
There are two outcomes of assessments: S = Satisfactory and NS = Not Satisfactory (requires more training and experience).
Once the learner has satisfactorily completed all the tasks for this module the learner will be awarded “Competent” (C) or “Not yet Competent” (NYC) for the relevant unit of competency.
If you are deemed “Not Yet Competent” you will be provided with feedback from your assessor and will be given another chance to resubmit your assessment task(s). If you are still deemed as “Not Yet Competent” you will be required to re-enrol in the unit of competency.
Additional evidence
If we, at our sole discretion, determine that we require additional or alternative information/evidence in order to determine competency, you must provide us with such information/evidence, subject to privacy and confidentiality issues. We retain this right at any time, including after submission of your assessments.
Confidentiality
We will treat anything, including information about your job, workplace, employer, with strict confidence, in accordance with the law. However, you are responsible for ensuring that you do not provide us with anything regarding any third party including your employer, colleagues and others, that they do not consent to the disclosure of. While we may ask you to provide information or details about aspects of your employer and workplace, you are responsible for obtaining necessary consents and ensuring that privacy rights and confidentiality obligations are not breached by you in supplying us with such information.
Assessment appeals process
If you feel that you have been unfairly treated during your assessment, and you are not happy with your assessment and/or the outcome as a result of that treatment, you have the right to lodge an appeal. You must first discuss the issue with your trainer/assessor. If you would like to proceed further with the request after discussions with your trainer/assessor, you need to lodge your appeal to the course coordinator, in writing, outlining the reason(s) for the appeal.
Recognised prior learning
Candidates will be able to have their previous experience or expertise recognised on request.
Special needs
Candidates with special needs should notify their trainer/assessor to request any required adjustments as soon as possible. This will enable the trainer/assessor to address the identified needs immediately.
Assessment can either be:
- Direct observation
- Product-based methods e.g. reports, role plays, work samples
- Portfolios – annotated and validated
- Questioning
- Third party evidence.
If submitting third party evidence, the Third Party Observation/Demonstration document must be completed by the agreed third party.
Third parties can be:
- Supervisors
- Trainers
- Team members
- Clients
- Consumers.
The third party observation must be submitted to your trainer/assessor, as directed.
The third party observation is to be used by the assessor to assist them in determining competency.
The assessment activities in this workbook assess aspects of all the elements, performance criteria, skills and knowledge and performance requirements of the unit of competency.
To demonstrate competence in this unit you must undertake all activities in this workbook and have them deemed satisfactory by the assessor. If you do not answer some questions or perform certain tasks, and therefore you are deemed to be Not Yet Competent, your trainer/assessor may ask you supplementary questions to determine your competence. Once you have demonstrated the required level of performance, you will be deemed competent in this unit.
Should you still be deemed Not Yet Competent, you will have the opportunity to resubmit your assessments or appeal the result.
As part of the assessment process, all learners must abide by any relevant assessment policies as provided during induction.
If you feel you are not yet ready to be assessed or that this assessment is unfair, please contact your assessor to discuss your options. You have the right to formally appeal any outcome and, if you wish to do so, discuss this with your trainer/assessor.
Throughout this unit, you will be expected to show your competency of the elements through observations or demonstrations. Your trainer/assessor will have a list of demonstrations you must complete or tasks to be observed. The observations and demonstrations will be completed as well as the activities found in this workbook.
An explanation of observations and demonstrations:
Observation is on-the-job
The observation will usually require:
- Performing a work based skill or task
- Interaction with colleagues and/or customers.
Demonstration is off-the-job
A demonstration will require:
- Performing a skill or task that is asked of you
- Undertaking a simulation exercise.
Your trainer/assessor will inform you of which one of the above they would like you to do. The observation/demonstration will cover one of the unit’s elements.
The observation/demonstration will take place either in the workplace or the training environment, depending on the task to be undertaken and whether it is an observation or demonstration. Your
trainer/assessor will ensure you are provided with the correct equipment and/or materials to complete the task. They will also inform you of how long you have to complete the task.
You should be able to demonstrate the skills, knowledge and performance criteria required for competency in this unit, as seen in the Learner Guide.
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THIRD PARTY GUIDE
You should supply details of the third party to the assessor before you commence the activities (see below), unless the assessor has already selected a third party themselves. The assessor can then contact the third party in instances where they require more evidence to determine competency, or they cannot observe certain tasks themselves.
The reasons to use a third party may include:
- Assessment is required in the workplace
- Where there are health and safety issues related to observation
- Patient confidentiality and privacy issues are involved.
If you are not employed, or able to complete demonstrative tasks in the workplace, you will need to inform the assessor. They will be able to provide you with a simulated environment in which to complete these tasks.
We would prefer that, wherever possible, these be “live” issues for your industry and require application of the principles that you are learning as part of your training.
Where this is not possible, you and your third party should simulate the activity tasks and demonstrations that you believe would be likely to arise in your organisation or job role.
Third party evidence can also be used to provide “everyday evidence” of tasks included in your work role that relate to the unit of competency but are not a part of the formal assessment process.
The third party is not to be used as a co-assessor – the assessor must make the final decision on competency themselves.
Documents relevant to collection of third party evidence are included in the Third Party section in the Observations/Demonstrations document.
| Objective | To provide you with an opportunity to allocate funds according to budget and agreed priorities. |
| What do you need to do before you can allocate funds to budgets? Explain why it is important to agree on organisational priorities before allocating funds. Give three examples of agreed priorities in budgets that you have been involved with. |
ACTIVITY 1B
| Objective | To provide you with an opportunity to discuss changes to income and expenditure priorities with appropriate colleagues prior to implementation. |
| This activity will need to be observed for assessment. As a simulated workplace activity as directed by the assessor; you will be given information on the current income and expenditure for one work area/project (as relevant to your organisation or area of work). You should read this through, looking for where any changes may be required. With the person acting as the finance manager, discuss whether this needs to be changed, identifying at least one change and your reason for this. Write down the outcome of your meeting in your workbook, and the change(s) you have recommended with your reason(s) why. Note to the assessor: You must ensure the learner has an appropriate simulated work environment to perform this activity, with a person representing the finance manager. The income and expenditure information must be relevant to the learner’s organisation or area of work; this only needs to be for a short period of time, e.g., three months, and should highlight the need for more than one change. The learner and the person acting as the finance manager must be given adequate time to read this information prior to the meeting. The learner should be observed to ensure they participate appropriately in the discussion and display relevant knowledge and understanding about the information they have been given. Assessment of the learner’s notes in their workbook must also be made to confirm they have correctly identified one change. |
ACTIVITY 1C
| Objective | To provide you with an opportunity to consult with and inform relevant personnel about resource decisions. |
| This activity will need to be observed for assessment. Following on from Activity 1B; as a simulated workplace activity, consult with the work area/project manager to discuss your identified change(s) regarding the income and expenditure they have. You should inform them of the reason for the change(s) that you have found. Note to the assessor: You must ensure the learner has an appropriate simulated work environment to perform this activity, with a person representing the work area/project manager. The learner should be observed to ensure they communicate professionally with the other person and to make sure they provide clear information and reasoning for their change(s). This activity does not require a two-way exchange, although the person acting as the manager can ask questions or provide comments that are applicable to the discussions. |
ACTIVITY 1D
| Objective | To provide you with an opportunity to promote awareness of the importance of budget control. |
| When promoting awareness of budget control, what points should you make as a priority? Provide three examples. |
ACTIVITY 1E
| Objective | To provide you with an opportunity to maintain detailed records of resource allocation according to organisational control systems. |
| Give four examples of different records of resource allocation that you use within your organisation (or business industry). For one of these, explain what information you will need to fill out and keep for financial recordkeeping. Why it is important to maintain this information for business? |
ACTIVITY 2A
| Objective | To provide you with an opportunity to use financial records to regularly check actual income and expenditure against budgets. |
| As a real or simulated work activity as directed by the assessor; you must check three records relating to income and expenditure for the previous month. These records will be allocated to you. Identify the actual income and expenditure that took place and assess these against the budgets they relate to. You must answer the following questions: Do the income and expenditure match the budget(s)?If there are variations, where are these found? Write up your conclusions as a report, providing clear details about your assessment and relevant findings. If produced separately, attach this to your workbook. (No word count specified; this can be as long or short as needed. However, reports must include all the relevant details.) NOTE TO THE ASSESSOR: YOU MUST ENSURE THE LEARNER HAS ACCESS TO THESE RECORDS AND THE RELEVANT BUDGETARY INFORMATION; THIS MAY BE IN COLLABORATION WITH THEIR ORGANISATION OR FROM EXAMPLES THAT HAVE BEEN CREATED FOR THE PURPOSE OF THIS ACTIVITY. INFORMATION SHOULD BE RELEVANT TO THE LEARNER’S ROLE AND AREA OF WORK. THE LEARNER MUST BE PROVIDED WITH AN APPROPRIATE WORK ENVIRONMENT WITH EQUIPMENT AND TECHNOLOGIES, TO ACCESS AND INTERPRET THESE RECORDS. THE LEARNER’S FINAL REPORT SHOULD BE ASSESSED FOR THE SUCCESSFUL COMPLETION OF THIS ACTIVITY AGAINST THE INFORMATION THEY HAVE WORKED WITH. |
| Objective | To provide you with an opportunity to include financial commitments in all documentation to ensure accurate monitoring. |
| Explain what a financial commitment is and give three examples of regular financial commitments that will need to be made at your organisation or in your area of work. |
| Objective | To provide you with an opportunity to identify and report deviations according to significance of deviation. |
| This spoken communication in this activity will need to be observed for assessment. As a real or simulated work activity as directed by the assessor; you will be given one financial record with two deviations. Read this record and identify the two deviations that are present and their level of significance for reporting. Report these deviations according to the level of importance; one will be minor and only need to be reported as an email correspondence, and one is more urgent and must be reported in a face-to-face meeting with the finance manager (or the person acting as the finance manager). For the one deviation that is to be reported by email, write an email script in your workbook. For the deviation that must be reported in a spoken communication, you must carry out this communication, making sure you report what the deviation is and where it is found. NOTE TO THE ASSESSOR: YOU MUST ENSURE THE LEARNER IS PROVIDED WITH ONE RECORD WITH TWO DEVIATIONS (ONE BEING MINOR AND ONE BEING MAJOR); THIS MAY BE IN COLLABORATION WITH THEIR ORGANISATION OR FROM EXAMPLES THAT HAVE BEEN CREATED FOR THE PURPOSE OF THIS ACTIVITY. INFORMATION SHOULD BE RELEVANT TO THE LEARNER’S ROLE AND AREA OF WORK. THE LEARNER MUST BE PROVIDED WITH AN |
| APPROPRIATE WORK ENVIRONMENT WITH EQUIPMENT AND TECHNOLOGIES, TO ACCESS AND INTERPRET INFORMATION. THEY MUST BE PROVIDED WITH ONE PERSON TO REPORT THE MAJOR DEVIATION TO. THE SPOKEN COMMUNICATION MUST BE OBSERVED TO ENSURE THE LEARNER SUCCESSFULLY COMMUNICATES THE MAJOR DEVIATION, AND THE EMAIL SCRIPT READ AND ASSESSED FOR THE MINOR DEVIATION. |
| Objective | To provide you with an opportunity to investigate appropriate options for more effective management of deviations. |
| From your own thinking, identify three options that you could take to investigate deviations. Suggest three actions you could take to manage deviations. |
ACTIVITY 2E
| Objective | To provide you with an opportunity to advise appropriate colleagues of budget status in relation to targets. |
| When advising colleagues of the budget status in relation to targets, what should you advise the following personnel of? Senior and mid-level managementThe accounts departmentA budget committee. |
ACTIVITY 3A
| Objective | To provide you with an opportunity to assess existing costs and resources and proactively identify areas for improvement. |
| As a simulated work activity as directed by the assessor; you will be given information on five main costs for an example organisation and their associated budgets. Assess this information and determine where improvements can be made in spending and use of resources. You should identify two improvements; write down your findings. Note to the assessor: You must ensure the learner is provided with example information to work with for this simulated work activity; there must be at least two possible improvements that can be made from this information. This must be relevant to the learner and their area of work. The learner must be provided with an appropriate work environment with equipment and technologies (as applicable). |
ACTIVITY 3B
| Objective | To provide you with an opportunity to discuss desired budget outcomes with relevant colleagues. |
| This activity will need to be observed for assessment. As a simulated work activity as directed by the assessor, and following on from Activity 3A; discuss your findings regarding the five main costs and the associated budget(s), with the persons representing the finance manager and organisational management (a total of two to three persons). In collaboration, identify the desired budget outcomes and how these can be achieved. NOTE TO THE ASSESSOR: You must ensure the learner has an appropriate simulated work environment to perform this activity, with persons representing the managers. The learner must be observed discussing their findings and identifying outcomes for their successful assessment. They must engage with the managers professionally and seek solutions to achieve the desired budget outcomes. |
ACTIVITY 3C
| Objective | To provide you with an opportunity to undertake appropriate research to investigate new approaches to budget management. |
| Describe two research methods you can use to investigate new approaches to budget management. |
| Objective | To provide you with an opportunity to define and communicate the benefits and disadvantages of new approaches. |
| How can you define new approaches for the benefit of your colleagues? What information should you provide them with? |
| Objective | To provide you with an opportunity to take account of impacts on customer service levels and colleagues in developing new approaches. |
| How can new approaches to managing finances affect the customer experience? Give at least three examples. |
ACTIVITY 3F
| Objective | To provide you with an opportunity to present clear and logical recommendations for budget management. |
| This activity will need to be observed for assessment. As a simulated work activity as directed by the assessor, and following on from Activity 3B; you must develop three recommendations to manage the budget more appropriately. In a meeting with the finance manager and organisation’s manager, present your recommendations in a spoken communication. NOTE TO THE ASSESSOR: You must ensure the learner has an appropriate simulated work environment to perform this activity, with persons representing the managers. The learner must be observed presenting their three recommendations; they must speak clearly, confidently and with awareness to an appropriate way to manage the budget. |
ACTIVITY 4A
| Objective | To provide you with an opportunity to complete financial and statistical reports within designated timelines. |
| As a real or simulated workplace activity as directed by the assessor; you must complete one financial report and one statistical report. You should be provided with the information that needs to be put into these reports. When completed, print out these reports and attach these to your workbook. Note to the assessor: You must ensure the learner is provided with an appropriate work environment with equipment, resources and technologies to complete this activity. They must be given the information for creating the two reports, as relevant to their organisation or area of work, and be provided with the correct document guidelines to ensure these are produced correctly. The finished reports must be assessed for their correctness and against the original information. The timeline for completing these is as stated in the estimated activity time, although this can be changed as necessary to suit the given requirements. |
ACTIVITY 4B
| Objective | To provide you with an opportunity to prepare and present clear and concise information to enable informed decision making. |
| Following on from Activity 4A; for one of your reports, assess how the information is presented and make two changes to this to help make the report clearer and easier to read; for example, you can introduce a graph to illustrate data, or you may want to change the layout in some way. When completed, re-print your report and attach this to your workbook. Note down in your workbook the changes that you have made. |
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SUMMATIVE ASSESSMENTS
The summative assessments are the major activities designed to assess your skills, knowledge and performance, as required to show competency in this unit. These activities should be completed after finishing the Learner Guide. You should complete these as stated below and as instructed by your trainer/assessor.
Skills, knowledge and performance may be termed as:
- Skills – skill requirements, required skills, essential skills, foundation skills
- Knowledge – knowledge requirements, required knowledge, essential knowledge, knowledge evidence
- Performance – evidence requirements, critical aspects of assessment, performance evidence.
Section A: Skills activity
The skills activity is designed to be a series of demonstrative tasks that should be assessed by observation (by the assessor or third party, depending on the circumstances).
It will demonstrate all of the skills required for this unit of competency – your assessor will provide further instructions to you, if necessary.
Section B: Knowledge activity (Q & A)
The knowledge activity is designed to be a verbal questionnaire where the assessor asks you a series of questions to confirm your competency for all of the required knowledge in the unit of competency.
Section C: Performance activity
The performance activity is designed to be a practical activity performed either in the workplace or a simulated environment. You should demonstrate the required practical tasks for the unit of competency and be observed by the assessor and/or third party, as applicable to the situation. If the third party is required to observe you, you will need to make the required arrangements with them.
If necessary for the activities, you should attach completed written answers, portfolios or any evidence of competency to this workbook.
Objective: To provide you with an opportunity to show you have the required skills for this unit.
A signed observation by either an approved third party or the assessor will need to be included in this activity as proof of completion.
This activity will enable you to demonstrate the following skills:
- Reading skills
- Writing skills
- Oral communication
- Numeracy skills
- Problem-solving skills
- Teamwork skills
- Technology skills
Answer the activity in as much detail as possible, considering your organisational requirements. As a workplace activity or simulated workplace activity (as directed by the assessor):
- Obtain a copy of an expenditure report from a past budget, and thoroughly read this document to identify and analyse any examples of wastage.
- Using your organisation’s computer software (financial/accounting and/or layout software), write up a mock purchase summary report for a recent order.
- Organise a meeting with any staff who have financial decision-making authority, in order to discuss the setting of priorities for an upcoming budget. Lead this meeting, using your oral communication skills to make sure that details of priorities are communicated and understood by everyone.
- Use your numeracy skills to estimate expenditure for an upcoming project; this may be done with the aid of financial/accounting software. Don’t forget to check previous budgets to check the likely costs involved.
- Use your problem-solving skills to develop a contingency plan for use in the event of a significant deviation from the planned budget in question four.
- Organise a meeting with those involved in the creation of the budget from question four and five. Use teamwork skills to lead discussions and come to decisions on the desired outcomes of the budget. Make sure everyone knows what part they play in budget control, and how they can contribute to agreed outcomes.
- Using your organisation’s financial/accounting software on computer, create a graph or chart which shows overall levels of expenditure over the course of the budgetary period (using the budget you created in the previous three questions).
Note to the assessor:
You must ensure the learner has access to a real or simulated workplace for this activity, with access to equipment, resources, technologies and persons. They must be provided with access to the necessary financial information and any organisational guidelines that will be required
SECTION B: KNOWLEDGE ACTIVITY (Q & A)
Objective: To provide you with an opportunity to show you have the required knowledge for this unit.
The answers to the following questions will enable you to demonstrate your knowledge of:
- Types of financial records:
- bank deposit documentationbank statementsbanking summariesbusiness activity statementscheque bookscredit card transaction statementsinvoicesjournal entrieslabour and wages reportsmerchant statementsmerchant summariestransaction reportsTypes of budgets:
- cash budgetscash flow budgetsdepartmental budgetsevent budgetsproject budgetspurchasing budgetssales budgetswage budgetswhole of organisation budgets
- cash flowcommercial account activitycommission earningscovers and financial returndaily, weekly and monthly transactionsexpenditureincomeoccupancy rates and financial returnperformance of department, project and/or products and servicessales performancesales returnsstaff costsstock levelsvariance in income and/or expenditurewastageyield
- Use, contents of and formats for:
- budgets
- financial reports
- statistical reports
- bank deposit documentationbank statementsbanking summariesbusiness activity statementscheque bookscredit card transaction statementsinvoicesjournal entrieslabour and wages reportsmerchant statementsmerchant summariestransaction reportsTypes of budgets:
- Budget terminology
- Specific industry sector and organisation:
- use of budgets to control costs and enhance profitability
- importance of budget control
- techniques for maximising budget performance
- financial reporting procedures and cycles
- features and functions of accounting software programs used to manage budgets
- Specific industry sector and organisation:
Answer each question in as much detail as possible, considering your organisational requirements for each one.
- In your own words, explain what each of the following financial records show:
- Invoices
- Labour/wage reports
- Credit card transaction statements.
- Explain why having dedicated budgets for specific departments and projects can be useful (as opposed to only relying on a budget for the whole organisation).
- Why is it important to consider sales performance when monitoring budgets and preparing financial reports?
- What information is contained in the following document types:
- Budgets
- Financial reports
- Statistical reports?
- Explain what the following budgetary terminology means:
- Revenue
- Financial commitment
- Debt.
SECTION C: PERFORMANCE ACTIVITY
Objective: To provide you with an opportunity to demonstrate the required performance elements for this unit.
A signed observation by either an approved third party or the assessor will need to be included in this activity as proof of completion.
This activity will enable you to demonstrate the following performance evidence:
- Manage a budget for a business over a three-month period that meets the specific business’ needs
- Undertake at least two of the following to inform management of the above budget:
- discussions with existing suppliers
- evaluation of staffing and rostering requirements
- evaluation of impact of potential roster changes
- review of operating procedures
- sourcing new suppliers
- Monitor income and expenditure and evaluate budgetary performance over the above budgetary life cycle
- Complete financial reports related to the above budget within designated timelines and using correct budget terminology
- Undertake at least two of the following to inform management of the above budget:
Answer the activity in as much detail as possible, considering your organisational requirements. As a workplace activity or simulated workplace activity (as directed by the assessor):
- Create a budget for an event or project that will last for three months or more. Throughout this period, you must show that you can create, monitor, and control the budget by doing the following:
- Show that you can work with colleagues to establish requirements and priorities (including staffing requirements and stock requirements)
- Use financial records to monitor expenditure and income on a regular basis
- Identify any variances and deviations, and react to them – you may need to adapt the budget
- Complete financial reports to ensure control of finances, and to update others on the budget’s status.
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