SITXFIN009 - Manage finances within a budget

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Unit code: SITXFIN009 | Study level: TAFE
Credit points
N/A
Location
Footscray Nicholson
Footscray Park
Industry
Prerequisites
N/A
Overview
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Overview

This unit describes the performance outcomes, skills and knowledge required to take responsibility for budget management where others may have developed the budget. It requires the ability to interpret budgetary requirements, allocate resources, monitor actual income and expenditure, and report on budgetary deviations.
The skills and knowledge for budget development are covered in SITXFIN010 Prepare and monitor budgets.This unit applies to all tourism, travel, hospitality and event sectors. The budget may be for an entire organisation, for a department or for a particular project or activity. It applies to those people who operate independently or with limited guidance from others. This includes supervisors and departmental managers.

Assessment

For Melbourne campuses

Assessment tasks will be designed to reinforce & extend knowledge and skill competence within set & controlled parameters in accordance with each units learning outcomes & performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines.

Students will be expected to demonstrate the following required skills:

  • 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.

Students will also be expected to demonstrate the following knowledge:

  • types of financial records:
  • bank deposit documentation
  • bank statements
  • business activity statements (BAS)
  • credit card transaction statements
  • invoices
  • journal entries
  • labour and wages reports
  • merchant statements
  • transaction reports
  • types of budgets:
  • cash
  • cash flow
  • departmental
  • project
  • purchasing
  • sales
  • wage
  • whole of organisation
  • factors for consideration in the preparation of financial and statistical reports:
  • cash flow
  • commercial account activity
  • commission earnings
  • covers and financial return
  • daily, weekly and monthly transactions
  • expenditure
  • income
  • occupancy rates and financial return
  • sales performance
  • staff costs
  • stock levels
  • variance in income or expenditure
  • wastage
  • yield
  • use, contents of and formats for:
  • budgets
  • financial reports
  • statistical reports
  • budget terminology
  • 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.

Required reading

The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by the VU Polytechnic and/or via the VU Polytechnic e-learning system.

As part of a course

This unit is studied as part of the following course(s):

Advanced Diploma of Hospitality Management
SIT60322 | Advanced diploma | Duration:
Certificate IV in Kitchen Management
SIT40521 | Certificate iv | Duration:
Diploma of Event Management
SIT50322 | Diploma | Duration:
Diploma of Hospitality Management
SIT50422 | Diploma | Duration:
Diploma of Travel and Tourism Management
SIT50122 | Diploma | Duration:

Refer to the course page for information on how to apply for the course. VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.

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