Implement financial management approaches
The assessment task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor. Submit this document with any required evidence attached. See specifications below for details.
The candidate will demonstrate the ability to implement financial management approaches. Assessment description
In response to the scenario provided, you will access and communicate details of budget to a team member (assessor). You will then support the team member to perform their required role with respect to software resources and systems. Procedure
1. Consider the scenario provided and tasks A and B
2. Prepare to meet with your team member (assessor) to communicate budget and then coach and train them in new role: a. access required budget information from assessor
b. determine organisational needs
c. identify coaching/training needs of team member
d. plan coaching/ training session:
i. Outcome : team member produces spreadsheet to meet management requirements ii. Include activities/elements to instruct, practice, test, motivate e. Use appropriate coaching techniques or models such as grow f. Use appropriate motivational theory
meet with your assessor to role-play support of team member
submit coaching/training plan.
Your assessor will be looking for:
numeracy skills to read and understand a budget and to communicate a budget technology skills to use software associated with financial record keeping knowledge of basic accounting principles to identify and use account balances in communication and training knowledge of organisational requirements related to financial management such as contained in organisational policies and procedures requirements for organisational record keeping and auditing with respect to petty cash knowledge principles and techniques involved in budgeting and electronic spreadsheets. Adjustment for distance-based learners
No variation of the task is required.
Documentation can be submitted electronically or posted in the mail.
Appendix 1 – Scenario
Big Red Bicycle is a bicycle manufacturer based in Bendigo Victoria. The company produces bicycles which it sells to retailers for on-sale in the domestic Australian market. The senior management structure of the company appears below: Person
Operations General Manager
Sales General Manager
According to company strategic plans, the company aims to achieve a net profit before tax of $1,000,000. The chief risks to this goal are: poor sales due to economic downturn
increases in expenses such as wage expenses.
In addition to Australian operations, the company is considering manufacturing overseas to take advantage of reduced costs. The company is also considering diversifying its product range to reduce exposure to poor sales of one product. Role
You are the manager of Sales Team A. You manage a small team of sales team members. Your duties include accessing budget information for your team, explaining relevant aspects of budgets and features of budget documents to your team, and supporting team members to achieve performance goals. Task A
You have determined that you will need to access budget information from the Senior Accountant to explain to your team. You will explain the overall financial objective of the business, provide an overview of the budget and explain how the budget translates to expense allocations for the team. Task B
You have determined that one team member, Bill Goodale, will be responsible for tracking expenses and petty cash throughout the...
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