Finance

Learner Assessment Pack
BSBFIN501
Precision Group (Australia)
Level 13, 269 Wickham St, Fortitude Valley 4006
Email: [email protected]
Website: www.precisiongroup.com.au
© 2020 Precision Group (Australia)
BSBFIN501 - Manage budgets and financial plans (Release 1)
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Version Control & Document History
Date Summary of modifications Version
Version 1 final produced following assessment

13 July 2020 1.0
validation. Unit Title
Manage budgets and financial plans

2 Learner Assessment Pack Produced 13 July 2020
© Precision Group (Australia)
Table of Contents
TABLE OF CONTENTS 3
RESOURCES REQUIRED FOR ASSESSMENT 4
ACCESSING INTRANET PAGES AND EXTERNAL LINKS 5

Assessment Task 1: Knowledge Test 8
Short Answer Questions 8
Practical Assessment 31
Assessments 2 to 4: Projects 32
Project Overview 32
Project 2 – Financial Management Planning 33
Part 3. Financial Management Plan Implementation 69
Part 4. Review and Evaluation of Financial Management Processes 110
BSBFIN501 Manage budgets and financial plans– Learner Pack Version 1.0 Dev: 1/2022
Developed by: Precision Group CRICOS 02856B RTO 21984 Review: Jan 2023
Nova Institute of Technology Page 3 of 139
Resources Required for Assessment
To complete the Practical Assessment projects, you will require access to:
▪ Computer with internet and email access and a working web browser
▪ Installed software: MS Word, Adobe Acrobat Reader
▪ A workplace that will allow you access to:
o Workplace documentation, including:
▪ Financial plan for your work team that includes the following:
o Cash flow projections
o Ageing Summaries
o Petty Cash Statements
o Goods and Service Tax (GST)
o Profit and Loss Statements
o One budget plan
Budget plans may include, but is not limited to the following:
▪ Short-term budget plan
▪ Long-term budget
o People, including:
▪ Two relevant personnel
This includes, but is not limited to the following:

o Financial managers
o Accountants
o Financial controllers
▪ At least two team members whose job roles are focused on management
of finances.
These include, but are not limited to:
o Purchasing and procurement staff

o Debt collectors
o Bookkeepers
o Opportunity to manage at least one financial plan for your own work team
o At least two resources that can be used to manage financial management

processes.
These include, but are not limited to the following:
▪ Microsoft Excel
▪ Cloud-based storage
▪ Time tracking application
o At least two systems that can be used to manage financial management processes
▪ Mind Your Own Business (MYOB)
▪ Quickbooks
▪ Xero
Accessing Intranet Pages and External Links

Throughout this workbook, you will be asked to access specific pages from the simulated business,
Bounce Fitness and/or external webpages. Links to these pages are formatted in Blue Text.
To access these, hold the Ctrl key for Windows users while clicking on these links. For Mac users,
directly click the link.
The simulated business, Bounce Fitness, can be accessed by going to
http://bouncefitness.precisiongroup.com.au.
Login to Bounce Fitness using the username and password provided by your Registered Training
Organisation (RTO).

Assessment Cover Sheet BSBFIN501 Manage
budgets and financial plans
Student’s name:
Assessors Name: Date:

Is the Student ready for assessment? Yes No
Has the assessment process been explained? Yes No
Does the Student understand which evidence is to be collected and how? Yes No
Have the Student’s rights and the appeal system been fully explained? Yes No
Have you discussed any special needs to be considered during

Yes No
assessment?
The following documents must be completed and attached
□ Assessment Task 1 - Knowledge Test Checklist

The student will complete the written activity provided to them by
S NYS
the assessor.
The Written Activity Checklist will be completed by the assessor.
□ Assessment Task 2 – Project Checklist: Financial

Management Planning Project
The student will complete the practical activity provided to them S NYS
by the assessor.
The Practical Activity Checklist will be completed by the assessor.
□ Assessment Task 3 – Project Checklist: Financial Management
Plan Implementation Project
The student will answer a range of questions either verbally or S NYS
written.
The Questioning Checklist will be completed by the assessor.
□ Assessment Task 4 – Review and Evaluation of Financial

Management Process Project
The student will complete the Work Task provided to them by the S NYS
assessor.
The Work Task Checklist will be completed by the assessor.
I agree to undertake assessment in the knowledge that information gathered will only be used for
professional development purposes and can only be accessed by the RTO:
Overall Outcome □Competent □Not yet Competent
Student Signature: Date:
Assessor Signature: Date:
Result and Feedback
Feedback to Student:

Overall Outcome □Competent □Not yet Competent
Assessor
Date:
Signature:
Assessment Task 1: Knowledge Test
Short Answer Questions
Assessment type
Written Questions
Instructions provided to the student:
Assessment task description:
● This is the first (1) assessment task you must successfully complete to be
deemed competent in this unit of competency.
● The Knowledge Test is comprised of seven (7) written questions
● You must respond to all questions and submit them to your Trainer/Assessor.
● You must answer all questions to the required level, e.g. provide an answer
within the required word limit, to be deemed satisfactory in this task.
Applicable conditions:
● All knowledge tests are untimed and are conducted as open book assessment
(this means you can refer to your textbook during the test).
● You must read and respond to all questions.
● You may handwrite/use a computer to answer the questions.
● You must complete the task independently.
● No marks or grades are allocated for this assessment task. The outcome of the
task will be Satisfactory or Not Satisfactory.
● As you complete this assessment task, you are predominately demonstrating
your written skills and knowledge to your trainer/assessor.
Resubmissions and reattempts:
● Where a student’s answers are deemed not satisfactory after the first attempt,
a resubmission attempt will be allowed.
● The student may speak to their trainer/assessor if they have any difficulty in
completing this task and require reasonable adjustments.
● For more information, please refer to the Training Organisation’s Student

Handbook.

Location: Classroom
Instructions for answering the written questions:
● Complete a written assessment consisting of a series of questions.
● You will be required to answer all the questions correctly.
● Do not start answering questions without understanding what is required. Read

the questions carefully and critically analyse them for a few seconds; this will
help you to identify what information is needed in the answer.
● Your answers must demonstrate an understanding and application of the
relevant concepts and critical thinking.
● Be concise, to the point and write answers within the word-limit given to each
question. Do not provide irrelevant information. Remember, quantity is not
quality.
● You must write your responses in your own words.
● Use non-discriminatory language. The language used should not devalue,

demean, or exclude individuals or groups based on attributes such as gender,
disability, culture, race, religion, sexual preference or age. Gender-inclusive
language should be used.
● When you quote, paraphrase, summarise or copy information from other
sources to write your answers or research your work, always acknowledge the
source.
Purpose of the assessment
This assessment task is designed to evaluate student’s knowledge essential to

contribute to organisational performance development in a range of contexts and
industry settings and knowledge regarding the following:
● Knowledge of the purposes and benefits of an organisational performance

development program
● Knowledge of the components of an organisational performance development
program
● Knowledge of the organisational performance development program design
principles
● Knowledge of the roles in an organisational performance development
● Knowledge of the legislation and organisational policies relevant to

organisational performance development, including confidentiality and privacy
requirements
● Knowledge of the key methods for evaluating and reporting on organisational
performance development programs..
Task instructions
● This is an individual assessment.
● To ensure your responses are satisfactory, consult a range of learning

resources and other information such as handouts, textbooks, learner
resources etc.
● The student must attempt all questions.
● Instructions/Guidelines such as word limit, what is expected from the

student, example answer etc., have been given to each question.
● The student must complete this task individually.
● The student’s answers must demonstrate understanding and application of

relevant concepts and critical thinking.
● To be assessed as Satisfactory in this assessment task, all questions must be
answered correctly.

Question 1
Identify two basic accounting principles and briefly explain how each is applied in the workplace.
Accounting Principle Explanation of How Each Principle is Applied in the Workplace

a.

b.
Question 2
Identify the two types of ageing accounts found in ageing summaries and briefly explain how
each is used using your own words.
Types of Ageing Accounts Explanation of How Each is Used

a.

b.

Question 3
Identify the three types of cash flow activities and briefly explain each using your own words.
Types of Cash Flow Activities Explanation of Each Cash Flow Activity

a.

b.

c.
Question 4
Identify two types of petty cash books and briefly explain how petty cash is recorded on each
using your own words.
Types of Petty Cash Books Explanation of How Petty Cash is Recorded

a.

b.

Question 5
Review the following link regarding reporting of Goods and Services Tax (GST):
GST reporting methods
https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Goods-and-services-tax-
(GST)/GST-reporting-methods/
Answer the following questions based on the link provided.
a. Identify ALL information a business is required to report in their Business activity

statement (BAS) if they are using the full reporting method

b. Identify the condition that would require a business to report GST using the full reporting
method.

c. Identify ALL information a business is required to report in their BAS if they are using the
instalment method.

Question 6
Identify three categories of financial information that is reported in Profit & Loss Statements.
Briefly define each using your own words.
Categories of Financial
Definition of Each Category of Financial Information
Information

a.

b.

c.

Question 7
List two legislations under the Australian Taxation Office (ATO) relevant to business taxation,
except GST. Briefly explain the purpose of each legislation using your own words.
Legislation Explanation of Each Legislation

a.

b.
Question 8
List two current tax requirements of the Australian Taxation Office (ATO) for businesses aside
from the Goods and Services Tax (GST) already listed below.
For each tax requirement, including the GST, you must:
▪ Identify the following
o Link to the ATO requirement
o Date you accessed the source
o Date the source was last modified
▪ Brief explanation of the requirement that the business must pay using your own words
The information provided must be in line with the most current requirements upon the date of
access.
Explanation of Each ATO Tax Requirement for

ATO Tax Requirement for Businesses
Businesses

a. Goods and Services Tax (GST)
Source
Date
Accessed
Modification
Date


b.
Source
Date
Accessed
Modification
Date

c.
Source
Date
Accessed
Modification
Date
Question 9
Identify two key requirements for financial record-keeping and briefly explain each using your
own words.
Key Requirements for

Explanation of Each Key Requirement
Financial Record-keeping

a.

b.

Question 10
Identify at least two sections of the Corporations Act 2001 containing key requirements for
financial auditing. Identify at least one requirement of financial auditing from each section
indicated.
You must indicate the volume and the section of the Act when identifying the relevant section.
Access the following link to assist you in completing this task:
Corporations Act 2001 Series
https://www.legislation.gov.au/Series/C2004A00818
Ensure that you are accessing the current version of the Corporations Act 2001
Sections of Corporations Act Requirements for Financial Auditing

a.

b.
Question 11
Identify at least three principles for managing work teams and briefly explain how each promotes
effective team management.
Explanation of How Principle Promotes Effective Team

Principle of Managing a Team
Management

a.

b.

c.

Question 12
Identify one principle involved in managing each of the financial requirements listed below.
Briefly describe each principle using your own words.
Financial
Principles Description of Each Principle
Requirement

a. Budgeting

b. Cash flows

c. Electronic
spreadsheets

d. GST

e. Ledgers

f. Financial
Statements

g. Profit and Loss
Statements

Question 13
Briefly describe how to use or calculate for the following financial requirements.
Financial Requirements How Do You Calculate These?

a. Cash Flows

b. GST
Financial Requirements How Do You Use These?

a. Budgets

b. Electronic
Spreadsheets

c. Ledgers

d. Financial Statements

e. Profit and Loss
Statements
Question 14
Identify the two areas that you need to evaluate when reviewing budget plans. Briefly explain
why each needs to be reviewed.
Areas to Evaluate when

Explanation Why Each Area Needs to be Evaluated
Reviewing Budget Plans

a.

b.

Question 15
Identify at least two techniques for evaluating budget plans and briefly explain how each is
applied.
Techniques to Evaluate
Application of Technique
Budget Plans

a.

b.
Question 16
Identify the three key financial statements that you must review when conducting an annual
evaluation of your financial plans. Briefly explain why each financial statement needs to be
evaluated.
Explanation Why Each Financial Statement Needs to be

Key Financial Statements
Evaluated

a.

b.

c.

Question 17
Identify at least two techniques for effective evaluation of financial plans. Briefly explain how
each technique can be applied using your own words.
Techniques for Evaluating

Application of Technique
Financial Plans

a.

b.
BSBTWK502 Manage team effectiveness
ASSESSMENT Task 1 – Knowledge Test Checklist
Student’s Name
Assessor’s name:
Satisfactory
Yes No
response:
Identified at least two

effects of group
dynamics on team ⬜ ⬜
performance
1
Explained how each
effect of group
dynamics impacts ⬜ ⬜
team performance
Identified two
methods that can be
used to communicate
2
with team members to ⬜ ⬜
establish team
activities.
Identified at least one
strategy for the listed ⬜ ⬜
outcomes
Explained how each

3 strategy identified can
allow the team leader
to demonstrate ⬜ ⬜
support to achieve
each outcome listed
Identified at least two

strategies for gaining ⬜ ⬜
consensus in a team.
4
Explained how each
strategy can be used to ⬜ ⬜
gain consensus
5 Identified two
strategies that can be ⬜ ⬜
used to resolve issues
between team

members.
Explained how each

strategy can be used to ⬜ ⬜
resolve issues.
Result □ Satisfactory □ Not Yet Satisfactory
Assessor’s Date:
Signature:

Practical Assessment
The Practical Assessment is a set of tasks that must be completed in a workplace, or in an
environment with conditions similar to that of a real workplace.
To be assessed for this unit of competency, you must demonstrate your skills and knowledge to
undertake financial management within a work team in an organisation.
1. Project Assessments
A series of tasks assessing the learner’s practical knowledge and skills relevant to the
unit of competency. This includes the learner completing workplace documents or
similar as evidence of competent performance.
2. Practical Observations
A set of assessment tasks where the learner must demonstrate practical skills relevant
to the unit of competency. These skills are to be demonstrated while being observed by
the assessor.
IMPORTANT
▪ All signatures/initials in your submissions, including yours, must be handwritten and

dated. Submissions with signatures/initials must be scanned.
▪ The supervisor/observer who completes and signs your evidence submissions must
provide their real name, contact number, and email address for your assessor’s
reference.
Should you encounter issue or concerns regarding your assessment, contact your assessor.
Assessments 2 to 4: Projects
Project Overview
This project will require you to manage budgets and financial plans.
The project is divided into three parts:
● Assessment 2 - Financial Management Planning Project
● Assessment 3 Financial Management Plan Implementation Project
● Assessment 4 - Review and Evaluation of Financial Management Process Project
Read the instructions in this project carefully before proceeding.

These projects requires you to complete the assessment tasks in a workplace or simulated
environment where the conditions are typical of those in a working environment in this
industry.
Each task comes with a set of instructions. You are to follow and perform these instructions
while being observed by the assessor and/or submit any required documentation as evidence of
task completion.
Before starting this assessment, your assessor will discuss with you these tasks, including
instructions, resources, and guidance for satisfactorily completing them.
Resources Required for Assessment

Resources you need to access to complete this assessment are outlined in the Resources
Required for Assessment section of this workbook and in the task overview of each part of the
assessment.
Forms and Templates

Assessment forms and templates are provided in each task in this Project Assessment, unless
otherwise specified.

Project 2 – Financial Management Planning
Assessment Task Instructions
● This assessment is to be submitted individually.
● To ensure your responses are satisfactory you should consult a range of learning resources
and other information such as handouts, textbooks, learner resources etc.
● You must document your responses in the provided template.
● This assessment involves a role play, which must be completed in class. If you do not
complete this role play, you cannot complete and submit your assessment and cannot be
assessed as competent.
● You must be concise, to the point and write answers according to the given word limit to
each question and not provide irrelevant information.
● You will be required to complete all parts of this assessment task.
Project Overview
This part of the project requires you to review an existing budget plan and financial plan in your
organisation. Specifically, you are required to:
▪ Access budget plan and financial plan documentation
▪ Negotiate changes that need to be applied to budget plan and financial plan
▪ Clarify budget plan and financial plan on their achievability, accuracy, and
comprehensibility
▪ Prepare contingency plans in the event that initial plans change
Resources Required:
To complete this project, you will need access to the following:
o Workplace financial documentation, such as:
▪ Financial plan for your work team that includes the following:

● Cash flow projections
● Ageing Summaries
● Petty Cash Statements
● Goods and Service Tax (GST)
● Profit and Loss Statements
● One budget plan
Budget plans may include, but is not limited to the following:

o Short-term budget plan
o Long-term budget plan
o Two relevant personnel
▪ Financial managers
▪ Accountants
▪ Financial controllers
o Opportunity to manage at least one financial plan for your own work team
Project 2.1 Review Budget and Financial Plans
ASSESSMENT INSTRUCTIONS
1. Seek assistance from your supervisor to identify an opportunity to manage at least one
financial plan for your work team.
Work team must consist of at least two members.
2. Access one of your organisation’s existing financial plans for your work team, which
must be of at least two members. Your financial plan must include the following:
▪ At least one financial goal
Goals are general objectives that describe what you want to achieve with your
finances in the long run.
▪ At least two financial objectives relevant to financial goal
These are the specific numerical milestones that indicate the accomplishment of
your financial goal.
▪ Cash flow projections
▪ Ageing summaries
▪ Petty cash statements
▪ Goods and Service Tax (GST)
▪ At least two profit and loss statements
▪ At least one budget plan, which includes at least one budgetary objective
Budget plans include, but are not limited to, the following:
o Short-term budget plan
o Long-term budget plan
3. Access the Financial Review template found within this workbook. This outlines all the
information required for this task.
4. Review the past performance of your financial records in relation to the financial goals
and objectives of your financial plan.

5. Complete the Financial Review template. To do this, you must:
▪ Identify the following:
o At least one financial goal relevant to budgeting
o At least two financial objectives relevant to the identified financial goal
o Section of financial plan used
o Type of budget plan used
▪ Interpret the performance of the following in relation to your identified

financial objectives:
Interpretation of financial documents is dependent on the objectives you have
identified. You must ensure that you incorporate discussion of ALL identified
financial objectives throughout your interpretation.
o Budget Plan
Interpretation includes but is limited to the following:

o If expenses incurred throughout the year are in line with
budgetary requirements
o If the company was able to achieve positive variance
o Ageing summaries
Interpretation includes but is limited to the following:

o How will you tackle the unpaid invoices?
o What action must be taken to convert this to cash?
o Petty cash
Interpretation includes but is not limited to the following:

o Will the current petty cash suffice for the organisation?
o Is the petty cash accounted for in your budget?
o Cash flow statement

o Is your budget consistent with your expected income based on
the trends of your cash flow statements?
o Goods and Services Tax (GST)

o Will you be able to claim GST credits at the end of the next tax
period?
o Are GST credits included in the computation of your budgets?
o Profit and loss statement

o Will the proposed budgets meet the expected expenses and
cost?
o Will the current return on equity generate the required profit
for your organisation?
6. Have your supervisor complete the Supervisor Declaration Form found at the end of the
Financial Review template. This is to ensure that all information provided is accurate
and factual.
7. Submit the completed Financial Review to your assessor.

Financial Review
Learner Name
Name of Workplace/

Organisation:
Date

Financial Goal
i.
Financial Objectives
ii. .

Section of Financial Plan

Type of Budget Plan Used
Financial Performance Interpretation

Budget Plan

Ageing Summaries

Petty Cash

Cash Flow Statement


Goods and Service Tax (GST)

Profit and Loss Statement 1

Profit and Loss Statement 2

Project 2.2 Evaluate Performance of Budget and Financial Plans
1. To complete this task, you must conduct a meeting with at least two relevant personnel
from your organisation to evaluate the performance of your budget and financial plans,
as outlined in Task 1.1.
Relevant personnel includes, but is not limited to the following:
▪ Accountants
2. Locate the following found within this workbook to assist you in completing this task:
▪ Meeting Minutes template
▪ Observation Form
This outlines all the skills you must demonstrate throughout this task. Read this
and the instructions that follow before conducting your meeting.
3. Arrange a time with your assessor to observe you in conducting the meeting. Discuss all
requirements of the task with your assessor and prepare these before the meeting.
Your assessor will complete the Observation Form.
If direct observation from your assessor is not possible, record the meeting in a video.
Ensure to obtain permission first from persons involved before doing so.
4. Review the budget and financial plans interpreted in Task 1.1. You must share the
information recorded here during your meeting.
5. Conduct a meeting with at least two relevant personnel to evaluate the performance of
the budget and financial plans based on review from Task 1.1.
During the meeting:
i. Evaluate how each of the following performed based on your interpretation in
your Financial Review:
▪ Budget plan
▪ Ageing summary
▪ Petty cash

▪ Cash flow statement
▪ Goods and Services Tax (GST)
▪ Profit and loss statement
ii. Identify at least one change to your budget plan based on your evaluation
iii. Negotiate possible changes to implement to your budget plan to achieve
financial objectives better.
Negotiation includes, but is not limited to the following:
▪ Looking for common ground among participants of meeting
▪ Building ideas so others can come to a decision
▪ Propose solutions that would drive conversation forward
iv. Identify at least one change to be made to your financial plan based on your
evaluation
v. Negotiate possible changes to implement your financial plan to better achieve
financial objectives.
vi. Based on your discussion, finalise the following:
▪ At least one change to your budget plan
▪ At least one change to your financial plan
Record all discussions in your Meeting Minutes.

6. After the meeting, have each of the participants sign the ‘Attendees’ section of your
Meeting Minutes. All signatures must be handwritten.
7. Update your financial plan and your budget plan based on changes identified in your
meeting.
8. Seek approval from the participants of your meeting on the updates made to the
following:
▪ Budget Plan
▪ Financial Plan
You must secure proof of each approval. This will be submitted as supplementary
evidence at the end of the task.
Evidence includes, but is not limited to the following:
▪ Email
▪ Meeting Minutes
▪ Video recording

9. Submit the following to your assessor:
▪ Video recording of your meeting (ONLY if direct observation is not possible)
▪ Meeting Minutes
▪ Updated Financial Plan
▪ Updated Budget Plan
▪ At least one supplementary evidence of approval from each personnel present

in the meeting
Meeting Minutes
Date: Time: Location:
Meeting called
Facilitator
Attendees
Attendees must sign

beside their name
after the meeting.

Agenda Item 1: Evaluation of Current Financial Plan
Discussion

Agenda Item 2: Changes to Financial and Budget Plans
Discussion

Observation Form (For Assessor’s Use Only)
INSTRUCTIONS TO THE ASSESSOR
The assessor is to observe the learner as they complete the assessment task and skill requirements
outlined in this Observation Form.
Before observing the learner:
▪ Review and discuss with the learner the task instructions, and skill requirements which they need
to demonstrate to complete this assessment.
▪ Ensure that the learner understands the requirements of the task and the skill requirements
before proceeding.
For this assessment, the learner is required to meet with relevant personnel to evaluate the performance
of their budget and financial plans. Prior to conducting the meeting, discuss with the learner to ensure that
they have access to the following:
A safe environment to conduct the meeting (please tick at least one):
❒ the workplace: Indicate location of assessment.
❒ a simulated workplace environment: Indicate location of assessment.
Assessment requirements (please tick all requirements found in the assessment environment):
❒ At least two relevant personnel from the organisation
▪ Accountants
❒ Meeting Minutes template
❒ Video camera or a mobile phone with video recording capabilities
Only if direct observation is not possible.
Continued on the next page.

Your Role as the Observer/Assessor
You are required to observe the learner meet with relevant personnel to evaluate the performance of their
budget and financial plans. The learner will provide you a copy of the Observation Form which you must
complete during the observation task.
Select the method of observation to be conducted:
❒ Direct observation
Assessor must be physically present in the assessment environment.
❒ Observation via video recording
Learner and the assessment requirements must be present in the video recording.
Complete the Observation Form for this task:
▪ Observe the learner demonstrate each skill requirement outlined in the form as they undertake
the task.
▪ Indicate the date when the observation is conducted.
▪ Tick each item in the form as ‘YES’ if the learner satisfactorily demonstrates each skill
requirement based on the criteria provided. Write objective feedback on how the learner
demonstrated each skill requirement based on your observation.
▪ Tick each item in the form as ‘NO’ if the learner does not satisfactorily demonstrate each skill
requirement. Write objective feedback including additional information on how the learner can
satisfactorily demonstrate this requirement for this task.
▪ Provide an overall feedback on the learner’s performance to assist the learner in addressing any
areas of improvement.
▪ Sign off the Assessor Declaration at the end of the Observation Form to confirm this observation.
Discuss any further queries about the task and associated requirements with the learner before
commencing.
Observation Form begins on the next page
Observation Form
Learner Name:
Name of Workplace/

Organisation:
Task Title

Refer to task title.
Date of Observation:
The learner… Yes No Comments
1. Negotiate changes required to budget and financial plans
Did the learner
▪ Look for common ground among □ □

attendees of the meeting to understand
on changes to plans
▪ Build on ideas of others to come to a □ □

decision that would satisfy all parties
▪ Propose solutions that would drive the □ □

conversation forward
2. Presents information about financial issues using:
i. Structure to suit the audience
Did the learner:
▪ Order presentation of information in a

□ □
logical sequence (e.g. chronological, cause
and effect, most important to least
important)
▪ Use proper transitions to indicate shifts or □ □

changes in points of discussion
▪ Summarise information to ensure that all □ □

information is understood by attendees

ii. Language to suit the audience
Did the learner:
▪ Use proper English and follow grammar □ □
rules
▪ Use plain and simple English language for

□ □
easier comprehension of attendees from
CALD background
▪ Repeat messages shared using their own □ □

words to clarify understanding
▪ Use body language to confirm that they

□ □
have understood the message being
shared
3. Clarify and confirm understanding using:
i. Active listening
Did the learner:
▪ Paraphrase statements to ensure that □ □
information is remembered

ii. Active Questioning
Did the learner:
▪ Use open questions to clarify details of □ □
ideas or messages being communicated
▪ Uses hypothetical questioning to

□ □
determine the application of ideas or
message being communicated.
OVERALL FEEDBACK TO LEARNER


Project 2.3 Develop Financial Management Plan
1. Review your revised Financial Plan and Budget plan from Task 1.2 to develop strategies
for monitoring expenditure and controlling costs.
2. Locate the following found within this workbook:
▪ Financial Management Plan
This outlines the information required to complete this task.
▪ Risk Rating Guide
This can be used to complete Part D. Contingency Plan of your Financial

Management Plan
3. The Financial Management Plan is divided into multiple sections. Instructions to
complete each section are as follows:
Part A. Team Management Plan
To complete Part A. Team Management Plan, you must identify the following
▪ Develop at least one team objective based on your financial objective relevant to
monitoring actual expenditure identified in Task 1.1.
Areas covered by team objectives include, but is not limited to the following:
o Ensuring allocated budget is followed
o Setting limits to spending
o Expenditure forecasting
You must write each of your objectives following S.M.A.R.T Goals, which stands
for:
o Specific
o Measurable
o Achievable
o Realistic
o Time-bound
▪ At least one team objective to achieve organisational financial objective relevant
to controlling costs. You must write this following S.M.A.R.T. Goals.
▪ At least two members of your work team involved in financial management
Team members include, but is not limited to the following

o Bookkeeper
o Accounts manager
o Accountant
▪ At least one role of each team member relevant to financial management,

specifically:
o Monitoring expenditure
o Controlling costs
The roles of your team members may cover both areas, so long as you clearly
define these in your plan.
▪ At least one Key Performance Indicator (KPI) for each role identified. You must
write this following S.M.A.R.T. Goals.
Areas covered by KPIs include but are not limited to the following:
o Actual costs
o Earned Value
o Cost variance
▪ Date to review each KPI identified
▪ Expected outcome of each KPI identified
You are to leave the ‘Actual Date of Implementation’ and ‘Actual Outcome’ columns of
Part A. Team Management Plan blank. This will be completed in a succeeding task.
Part B. Expenditure Monitoring Plan
To complete Part B. Expenditure Monitoring Plan, you must identify the following:
▪ At least one financial objective relevant to monitoring actual expenditure for

your work team. This must be written using S.M.A.R.T. Goals.
▪ At least one strategy to monitor actual expenditure

▪ At least two processes required to implement your strategy to monitor actual
expenditure, which must include:
o Implementation date
o Expected outcome
▪ Schedule for monitoring expenditure

o Monthly
o Fortnightly
o Quarterly
▪ At least one of each of the following required to implement identified strategy to

monitor actual expenditure:
o Resource
E.g. Microsoft Excel, Cloud-based storage, Time tracking applications

o System
E.g. Mind Your Own Business (MYOB), Quickbooks, Xero

Part B. Expenditure Monitoring Plan blank. This will be completed in a succeeding task
Part C. Cost Control Plan
To complete Part C. Cost Control Plan, you must identify the following:
▪ At least one financial objective relevant to controlling costs for your work team.
This must be written using S.M.A.R.T. Goals.
▪ At least one strategy to control costs
▪ At least two processes required to implement your strategy to control costs
For each process indicated you must identify the following:

o Implementation date
o Expected outcome
▪ At least one of each of the following required to implement identified strategy to

control costs:
o Resource
o System
Part C. Cost Control Plan blank. This will be completed in a succeeding task.
Part D. Contingency Plan
Use the Risk Rating Guide
To complete Part D. Contingency Plan, you must:
Develop two contingency plans—one for your financial plan and one for your selected
budget plan. Each plan must contain the following:
▪ At least one financial risk to your plan

o Deviation of prices of stocks, currencies or commodities
o Volatility in investments
o Inability to meet proper funding
▪ At least one financial objective each risk affects
▪ At least one factor of the risk that will affect the business

o Financial deficit risk will put organisation in
o Effects on total expenditure of the organisation
o Effect on total overhead costs
▪ Risk assessment of each risk identified, which must include the rating of each:
o Likelihood (L)
o Consequences (C)
o Risk Rating (R)
o Risk Priority (P)
▪ At least one contingency strategy to achieve the relevant financial objective
▪ An action plan for each risk identified, which must include the following:
o Implementation date of your contingency strategy

o Expected outcome of your contingency strategy
Part D. Contingency Plan blank. This will be completed in a succeeding task.
Part E. Version Control
To complete Part E. Cost Control Plan, you must:
▪ Identify date when Financial Management Plan was completed
▪ Briefly explain modifications done to the finance management Plan
▪ Indicate version number as ‘1.0’
4. Have your supervisor sign the version 1.0 of Part E. Version Control of your Financial
Management Plan. This is to ensure that all information provided is accurate and
factual. Their signature must be handwritten.
5. Submit the partially completed Financial Management Plan template to your assessor.
Financial Management Plan
Learner Name
Name of
Workplace/Organisation
PART A. TEAM MANAGEMENT PLAN
Team Objective for

Monitoring Expenditure
Team Objective for

Controlling Costs
Key Expected Actual

Expected Actual
Team Member Role Performance Review Review
Outcome Outcome
Indicator (KPI) Date Date

i.
▪

ii.
PART B. EXPENDITURE MONITORING PLAN
Schedule
Strategy to
Processes to Actual
Financial Monitor Implementation Expected Actual
Implement Implementation
Objective Actual Date Outcome Outcome
Strategy Date
Expenditure
. ]

i.

ii.
Resource
Required to
Implement
Strategy
System
Required to
Implement
Strategy
PART C. COST CONTROL PLAN
Cost Processes to Actual

Financial Implementation Expected Actual
Control Implement Implementation
Objective Date Outcome Outcome
Strategy Strategy Date

i.

ii.
Resource
Required to
Implement
Strategy
System
Required to
Implement
Strategy
PART D. CONTINGENCY PLAN
Financial Contingency Plan
Financial Plan Risk Assessment
Risk Factors to Consider L C R P Contingency Strategy

Add more rows as needed
Action Plan
Implemen Actual
Expected Actual
Risk Contingency Strategy tation Implement
Outcome Outcome
Date ation Date

Modifications

Budgetary Contingency Plan
Budget Plan Risk Assessment
Risk Factors to Consider L C R P Contingency Strategy

Action Plan
Implemen Actual
Expected Actual
Risk Contingency Strategy tation Implement
Outcome Outcome
Date ation Date

Modifications
PART E. VERSION CONTROL
Date Summary of modifications Version Supervisor Signature

Risk Rating Guide
Likelihood Scale
Level Likelihood Description
The event may occur in exceptional circumstances. Less than once in 2
1 Rare
years.
2 Unlikely The event could occur at some time. At least once per year.
3 Moderate The event will probably occur at some time. At least once in 6 months.
4 Likely The event will occur in most circumstances. At least once per month
The event is expected to occur in all circumstances. At least once per
5 Certain
week.
Consequence Scale
Level Consequence Description
0 Negligible No Injuries. Low financial loss. Financial loses less than $1,000
1 Minor First-aid treatment. Financial losses between $1,000 and $10,000
Medical treatment required. Financial losses between $10,000 and
2 Serious $50,000. Moderate environmental implications. Moderate loss of
reputation. Moderate business interruption.
Excessive, multiple long-term injuries. Financial losses greater than
3 Major $50,000. High environmental implications. Major loss of reputation.
Major business interruption.
4 Fatality Single death
Multiple
5 Multiple deaths and serious long-term injuries.
Fatalities
Risk Rating Matrix
Likelihood
Rare Unlikely Moderate Likely Certain
Consequence Level 1 2 3 4 5
s
Negligible 0 0 0 0 0 0
Minor 1 1 2 3 4 5
Serious 2 2 4 6 8 10
Major 3 3 6 9 12 15
Fatality 4 4 8 12 16 20
Multiple
5 5 10 15 20 25
Fatalities
Risk Priority Scale
Risk Rating Risk Priority Description
No Risk: The costs to treat the risk are disproportionately high

0 N
compared to the negligible consequences.
Low: May require consideration in any future changes to the work

1–3 L
area or processes, or can be fixed immediately.
Moderate: May require corrective action through planning and

4–6 M
budgeting process.
8 – 12 H High: Requires immediate corrective action.
15 – 25 E Extreme: Requires immediate prohibition of the work process and
immediate corrective action.
BSBFIN501 Manage budgets and financial plans
Project 2 – Financial Management Planning Project

Checklist
Student’s Name
Assessor’s name:
Satisfactory
Yes No
response:
Task 2.1 – Review Budget and Financial Plans
Accessed one of your

1 organisation’s existing ⬜ ⬜
financial plans
Reviewed past
performance of
financial records in
2 relation to the ⬜ ⬜
financial goals and
objectives of your
financial plan
Completed the
3 Financial Review ⬜ ⬜
Template
Interpreted financial
documents in relation
4
to identified financial ⬜ ⬜
objectives
Task 2.2 – Evaluate Performance of Budget and Financial Plans
Conducted a meeting
with at least 2 relevant
personnel to evaluate
1
the performance of ⬜ ⬜
your budget and
financial plans
2 Evaluate how these
performed based on ⬜ ⬜
your interpretation in
your Financial Review:
● Budget plan
● Ageing
summary
● Petty cash
● Cash flow
statement
● Goods and
Services Tax
(GST)
● Profit and loss
statement
Identified at least 1
change to be made to
3 your Financial Plan ⬜ ⬜
based on your
evaluation
Negotiated possible
changes to your
4 Financial Plan to ⬜ ⬜
better achieve
financial objectives
Finalised at least 1
change to the budget
5
plan and 1 change to ⬜ ⬜
the Financial Plan
Attendees signed
6
meeting minutes ⬜ ⬜
Submitted proof of
approval of
participants on
7
updates to Budget ⬜ ⬜
Plan and Financial
Plan
Submitted updated
8 Budget and Financial ⬜ ⬜
Plans
Task 2.3 Develop Financial Management Plan
Completed Financial
1
Management Plan ⬜ ⬜
Team Management
Plan - Developed at
2 least one team ⬜ ⬜
objective based on
your financial objective
Objectives written
3
following SMART Goals ⬜ ⬜
Included at least 1
team objective to
achieve organisational
4
financial objective ⬜ ⬜
relevant to controlling
costs
At least 2 members of
your work team
5
involved in financial ⬜ ⬜
management
At least 1 KPI for each

role identified, date to
6
review and expected ⬜ ⬜
outcome included
Completed Part B.
7 Expenditure ⬜ ⬜
Monitoring Plan
Included at least one
financial objective
8 relevant to monitoring ⬜ ⬜
actual expenditure for
work team.

9 strategy to monitor ⬜ ⬜
actual expenditure
Included at least 2
processes to
10 implement strategy to ⬜ ⬜
monitor actual
expenditure
Included schedule for

11 monitoring ⬜ ⬜
expenditure
Included resources
and system required to
12
monitor actual ⬜ ⬜
expenditure
Completed Part C: Cost

13
Control Plan ⬜ ⬜
financial objective
14 relevant to controlling ⬜ ⬜
costs for the work
team

15 strategy to control ⬜ ⬜
costs
Identified at least 2
processes to
16
implement this ⬜ ⬜
strategy
Included resources
and system required to
17
implement identified ⬜ ⬜
strategy
Completed Part D:
18
Contingency Plan ⬜ ⬜
Developed contingency
19 plans for Financial Plan ⬜ ⬜
and Budget Plan
Plan contains at least

20
one financial risk ⬜ ⬜
21 one financial objective ⬜ ⬜
each risk affects
one factor of the risk
22
that will affect the ⬜ ⬜
business
Completed risk
23 assessment of each ⬜ ⬜
risk identified
24 Included at least one
contingency strategy ⬜ ⬜
to achieve the relevant
financial objective
Included an action plan

25
for each risk identified ⬜ ⬜
Completed Version
Control – included date
Financial Management
26 Plan completed, ⬜ ⬜
explain modifications
done and included
version number

Assessor’s Signature: Date:
Part 3. Financial Management Plan Implementation
Task Overview
This part of the project requires you to implement a new financial management plan. Specifically,
you are required to:
▪ Communicate details of agreed budget and financial plans to relevant team members
▪ Support team members to access resources and systems to perform required roles
▪ Implement processes to monitor actual expenditure and control costs as required

according to financial objectives
▪ Implement contingencies in the event that initial plans need to be varied
▪ Report on budget and expenditure according to organisational protocols
Resources Required:
To complete this project, you will need access to the following:
o At least two team members whose job roles are focused on management of
finances
These include, but are not limited to:
▪ Purchasing and procurement staff
▪ Debt collectors
▪ Bookkeepers
o At least two resources that can be used to manage financial management

processes
▪ Microsoft Excel
▪ Cloud-based storage
▪ Time tracking application
o At least two systems that can be used to manage financial management

processes
▪ Mind Your Own Business (MYOB)
▪ Quickbooks
▪ Xero
Task 3.1 Team Meeting
1. To complete this task, you must conduct a meeting with at least two of your team
members to communicate details of the budget and financial plans.
▪ Meeting Minutes Template
This outlines all topics you must discuss in your meeting with your team
members.
This outlines all the skills you must demonstrate throughout this task. Provide
your assessor a copy of this before conducting your meeting.
Review these templates and the instructions that follow before conducting your
meeting.
3. Review the instructions here and the skills outlined in the Observation Form. Arrange a
time with your assessor to observe you in conducting the meeting. Discuss all
requirements of the task with your assessor and prepare these before the meeting.
If direct observation from your assessor is not possible, record the meeting in a video.
Ensure to obtain permission first from persons involved before doing so.
4. Organise a meeting with at least three team members to communicate details of your
budget and financial plans and discuss roles in financial management.
During the meeting you must:
i. Clarify your approved budget plan. Discussion must include the following:
▪ Financial objective relevant to budget plan as indicated in Task 1.1
▪ Changes applied to initial budget plan
Contingency plan for your budget plan

Clarification includes, but is not limited to the following:
▪ Ensuring that all participants are clear on the changes made
▪ Providing additional guidance for questions
ii. Clarify your approved financial plan. Discussion must include the following:
▪ Financial goals relevant to the financial plan as indicated in Task 1.1
▪ Changes applied to initial budget plan
▪ Contingency plan for your financial plan
iii. Discuss resources and systems required for financial management. Discussion
must include the following as identified in Part I:
▪ Resource required for monitoring actual expenditure
▪ System required for monitoring actual expenditure
▪ Resource required for controlling costs
▪ System required for controlling costs
iv. Discuss the roles of your team members in line with financial management.
Discussion must include the following:
▪ Each team member’s role
▪ KPI of each team member
▪ Expected outcome of each team member
v. Identify at least one support required by each team member in accessing the
following:
▪ Resources identified to perform their required indicated in Task 1.3 ‘
▪ Systems identified to perform their required roles indicated in Task 1.3.

‘
Support may include, but is not limited to the following:
▪ Coaching
▪ Formal training
▪ Shadowing
Document all discussions in the Meeting Minutes.

5. Have all participants of the meeting sign the ‘Attendees’ section of your Meeting Minutes.
All signature must be handwritten.
6. After your meeting, complete the Support Plan based on your discussion during the
meeting. To complete this you must identify the following:
i. Each team member present in the meeting
ii. Role of each team member relevant to financial management
iii. At least one support required by each team member for accessing resources to
perform their role
iv. At least one support required by each team member for accessing systems to
perform their role
v. For each support:
o Implementation date of each support required
o Expected outcome of each support required
You are to leave the ‘Actual Implementation Date’ and ‘Actual Outcome’ columns of
your Support Plan blank. This will be completed in a succeeding task.
▪ Meeting Minutes
▪ Partially completed Support Plan
Video recording of your meeting (ONLY if direct observation is not possible)
Meeting Minutes
Date: Time: Location:
Meeting called
Facilitator
Attendees
Attendees must sign

beside their name
after the meeting.
Agenda Item 1: Clarification of Approved Budget Plan and Financial Plan
Discussion

Agenda Item 2: Discussion of Resources and Systems Required
Discussion

Agenda Item 3: Roles of Team Members
Discussion

Support Plan
Learner Name
Organisation Name
Actual
Team Implementation
# Role Support Required Expected Outcome Implementation Actual Outcome
Member Date
Date
Resource
1
System
Resource
2
System
before proceeding.
For this assessment, the learner is required to meet with their work team to communicate details of the
budget and financial plans. Prior to conducting the meeting, discuss with the learner to ensure that they
have access to the following:
❒ At least two members of their team
❒ Meeting Minutes template
You are required to observe the learner meet with their work team to communicate the details of the
budget and financial plan. The learner will provide you a copy of the Observation Form which you must
complete during the observation task.
the task.
▪ Indicate the date when the observation is conducted.
commencing.
Observation Form
Learner Name:
Name of Workplace/

Organisation:
Task Title

Date of Observation:
Did the learner… Yes No Comments
1. Communicates required details of the following during the meeting:

a. Agreed Budget Plan
☐ ☐

b. Agreed Financial Plan
☐ ☐
2. Presents information about financial issues:
i. Using structure to suit audience
During the meeting, did the learner:
▪ Order information in a logical sequence □ □

(e.g. chronological, cause and effect, most
important to least important)
▪ Use proper transitions to indicate shifts or □ □

changes in points of discussion
▪ Summarise information to ensure

□ □
attendees of the meeting understand the
main points of discussion
ii. Language to suit the audience
During the meeting, did the learner:
▪ Use standard English and rules of proper □ □
grammar
▪ Use formality as necessary □ □
▪ Avoid use of slang □ □
3. Clarify and confirm understanding using:
i. Active listening
Did the learner:
▪ Paraphrase statements to ensure □ □
information is retained

▪ Use body language to confirm that they

□ □
have understood the message being
shared
ii. Active Questioning
Did the learner:
▪ Use open questions to clarify details of □ □
ideas or messages being communicated
▪ Uses hypothetical questioning to

□ □
determine the application of ideas or
message being communicated.

Task 3.2 Provide Support
1. Review your partially completed Support Plan from Task 2.1 to assist you in providing
support to each of your team members to access resources and systems required for
their role.
2. Locate the Support Log found within this workbook. This will be used to confirm the
support provided to each team member.
3. Provide the appropriate support to each of your team members met in Task 2.1. The
support you provide must correspond to those identified in your Support Plan partially
completed in Task 2.1.
This must include the following for each member:
▪ Support for accessing resources required to perform their role
▪ Support for accessing systems required to perform their role
You must prepare proof of providing support for each team member. This will be
submitted as supplementary evidence at the end of the task
Evidence may include, but is not limited to the following:
▪ Video recording of your training session
▪ Audio recording of consultations
The amount of evidence you must submit must correspond to the support you are
required to provided as outlined in your Support Plan from Task 2.1. You must submit
at least four at the end of this task—two for each team member.
After you provide the support to each team member, you must have them sign on the
Support Log. This is to ensure that support provided is consistent with support
identified in the Support Plan and to confirm that support provided is sufficient. All
signature must be handwritten.
4. Update your Support Plan with the following for each support provided:
▪ Actual date of implementation
▪ Actual outcome
▪ Completed Support Plan
▪ Completed Support Log
▪ At least four pieces of supplementary evidence, which must include at least one
of each of the following for each team member
o Support for accessing resources required to perform their role
o Support for accessing systems required to perform their role
Support Plan
Learner must only provide response to cells coloured white. Sections coloured in grey will be completed in a succeeding task.
Mapping: BSBFIN501 PC2.2 (p), PE2.4 (p)
Learner Name
Organisation Name
Actual
Team Implementation Expected
# Role Support Required Implementation Actual Outcome
Member Date Outcome
Date
Resource
1
System
Support Log
Learner Name
Organisation Name
TO THE TEAM MEMBER,
By signing this log, you are confirming that the learner provided support consistent with the identified
support in the Support Plan. Furthermore, by signing here you confirm that the support provided is
sufficient to address your support need.
Date of
Team Member
Support Team Member Role Support Provided
Signature
Provision

*Add more rows as needed*
Task 3.3 Implement Financial Management Plan
1. To complete this task, you must implement the strategies outlined in your Financial
Management Plan partially completed in Task 1.3 throughout one reporting period.
▪ Record-Keeping Requirements template
This will be used to identify the record-keeping requirements you must follow
when implementing your Financial Management Plan.
▪ Team Performance Monitoring Sheet
This will be used for monitoring the performance of your team members
according to the KPIs identified in your Financial Management Plan.
This outlines all the skills you must demonstrate throughout this task. Provide
your assessor a copy of this before conducting your meeting.
Review these templates and the instructions that follow before conducting this task.
3. Identify the following requirements in your Record-Keeping Requirements templates:
▪ At least two ATO requirements for business record-keeping.
The type of records to be kept must be in line with industry you are currently
in.
Record-keeping requirements can include, but are not limited to the following:
o Keeping bank records for five years
o Including all record relating to fringe benefits provided, including how

you calculated the taxable value of benefits
Access the link below for further guidance regarding record-keeping for
businesses:
Australian Taxation Office: Record keeping for businesses
https://www.ato.gov.au/Business/Record-keeping-for-business/
▪ At least two business record keeping requirements relevant to audit
Record-keeping requirements include, but are not limited to the following:

Record-keeping requirements for audit include, but are not limited to the
following:
o Keeping documentation of required financial statements for reports
(e.g. statement of financial position, profit and loss statement, cash
flow for the period)
o Keeping cash flows for operating, investing, and financing that is most
appropriate the business.
Access the link below for further guidance regarding record-keeping
requirements for auditing purposes:
Accounting Standards
https://www.aasb.gov.au/Pronouncements/Current-standards.aspx/
4. Have your supervisor sign off your Record Keeping Requirements template. This is to
ensure that the identified requirements are in line with the requirements of your
organisation. Their signature must be handwritten.
IMPORTANT: You must secure confirmation from your supervisor before you undertake
this task.
5. Review the instructions here and the skills outlined in the Observation Form. Arrange a
time with your assessor to observe you in implementation. Discuss all requirements of
the task with your assessor and prepare these before the implementation.
If direct observation from your assessor is not possible, record their implementation in a
video. Ensure to obtain permission first from persons involved before doing so.
6. Implement your process to monitor actual expenditure based on the schedule identified
in your Financial Management Plan. You must monitor your actual expenditure at least
two times following your schedule.
You must ensure that entire duration of your monitoring scheduled is covered by your
organisation’s reporting period.
During the implementation, you must record the following on Part B. Expenditure
Monitoring Plan of your Financial Management Plan for each process implemented:
▪ Actual outcome
You must secure proof of each instance of monitoring your actual expenditure against
projected expenditure. This will be submitted as supplementary evidence at the end of
the task.
▪ Monthly expense reports
▪ Receipts of purchases for the month
▪ Budget reports
7. Implement your strategy to control costs identified in your Financial Management Plan.
You must monitor cost control at least two times following your organisational
requirements.
You must secure proof that you have controlled costs on at least two occasions. This will
be submitted as supplementary evidence at the end of the task.
▪ Cash flow statements
▪ Costing forecasts
During the implementation, you must record the following on Part C. Cost Control Plan
of your Financial Management Plan for each process implemented:
▪ Actual outcome
During the implementation of your Financial Management Plan you must apply the
appropriate record-keeping requirements to ensure that all your business activity is
prepared in accordance with the following
▪ Australian Taxation Office’s (ATO).
▪ Auditing requirements
You must secure proof that you have kept records of business activity based on the
requirements outlined below. This will be submitted as supplementary evidence at the
end of the task.
Records include, but are not limited to the following:
▪ Sales records (e.g. invoice books, cash register tapes, credit card
documentation)
▪ Bank accounts (e.g. cheque books, deposit books, bank statements)
▪ Proof of purchases (e.g. cheque butts, petty cash system, receipts)
8. During the implementation of your Financial Management Plan, you must observe the
performance of each team member in relation to their KPI identified in Task 1.3. You
must observe each implementation on at least two occasions.
Record each team member’s performance on the Team Performance Monitoring Sheet
—one sheet must be used for each team member. Each sheet must contain the
following:
▪ Date of observation
▪ Observation of performance against assigned KPI
You must use one Team Performance Monitoring Sheet for each team member
observed
You must secure proof of each of your team member’s performance for each instance
of monitoring. This will be submitted as supplementary evidence at the end of the task.
▪ Developed financial statements
▪ Reports on expenditures
During the implementation, you must record the following on Part A. Team
Management Plan of your Financial Management Plan for each process implemented:
▪ Actual date of review
▪ Actual outcome
9. After the implementation of your financial management processes, you must update
Part E. Version Control of your Financial Management Plan. To complete this section,
you must:
▪ Identify date of update
▪ Outline of modifications
▪ Update version number to ‘2.0’
10. Have your supervisor sign Part E. Version Control of your Financial Management Plan.
This is to ensure that all modifications provided are accurate and true. Their signature
must be handwritten.
▪ Record-Keeping Requirements template
▪ Partially completed Financial Management Plan, with the following sections

completed:
o Part A. Team Management Plan
o Part B. Expenditure Monitoring Plan
o Part C. Cost Control Plan
o Updated Part E. Version Control
▪ At least two completed Team Performance Monitoring Sheet
▪ Supplementary evidence as proof of each the following:
o At least two instances of monitoring actual expenditure
o At least two instances of controlling costs
o At least two instances of each team member’s performance
Record-Keeping Requirements
Learner Name
Organisation
ATO Record-Keeping Requirements
A.
B.
Audit Record Keeping Requirements
A.
B.
TO THE SUPERVISOR
By signing here, you are confirming that the identified record-keeping requirements identified by the
learner, whose name appears above, is followed by your organisation.
Supervisor Name
Position
Supervisor Signature
Date Signed
Team Performance Monitoring Sheet

Team Member

Team Role

KPI
Date Observation

i.

ii.
Observed by
Organisation
before proceeding.
For this assessment, the learner is required to implement their strategies to monitor expenditure and
control costs while keeping records of business activity following ATO requirements and requirements for
the purpose of audit. Prior to conducting the meeting, discuss with the learner to ensure that they have
access to the following:
❒ Financial Management Plan partially completed in Task 1.3
❒ Team Performance Monitoring Sheet
You are required to observe the learner implement their strategies to monitor expenditure and control
costs while keeping records of business activity following ATO requirements and requirements for the
purpose of audit following requirements identified in the Record-Keeping Requirements template. Before
conducting the task, the learner must provide you a copy of the Record-Keeping Requirements template
that has been signed off by their supervisor.
The learner will provide you a copy of the Observation Form which you must complete during the
observation task.
the task.
▪ Indicate the date when each observation is conducted.
commencing.
Observation Form
Learner Name:
Name of Workplace/

Organisation:
Task Title
Start Date of Observation:
End Date of Observation:
Details of Observation
Did the learner… Yes No
Comments
1. Adhere to the following ATO requirements for record-keeping:
i. ATO record keeping Observed by:

requirement A identified in
Initials:
the learner’s approved ☐ ☐
Record-Keeping Date observed:
Requirements
ii. ATO record keeping Observed by:

requirement B identified in
☐ ☐ Initials:
the learner’s approved
Record-Keeping Date observed:
Requirements
2. Adhere to the following record-keeping requirements for the purpose of audit
i. Audit record-keeping Observed by:

requirement A identified in the
Initials:
learner’s approved Record- ☐ ☐
Keeping Requirements Date observed:

ii. Audit record-keeping Observed by:

requirement B identified in the
Initials:
learner’s approved Record- ☐ ☐
Keeping Requirements Date observed:


Project 3.4 Prepare Variation Reports
1. Review the records of financial activity collected during the implementation of your
Financial Management Plan from Task 2.3.
2. Access organisational documentation relevant to financial variance.
Documentation includes, but is not limited to the following:
▪ Financial Management Policies and Procedures
▪ Financial Report Policies and Procedures
▪ Staff Handbook
Review this documentation to identify your own organisation’s acceptable variance and
cycle for monitoring expenditure.
3. Access your own organisation’s template for completing variance reports.
If your organisation does not currently have a template for variance reports, you may
access the Variance Report template found within this workbook.
4. Create at least one variance report comparing actual expenditure and projected
expenditure for the period in which you implemented your Financial Management
Plan.
This must follow the schedule for monitoring expenditure as identified in your Financial
Management Plan.
Each variance report must include the following:
▪ Identify your organisation’s acceptable variance
▪ Period covered by variance report
Indicate your response in months
▪ Projected expense of each expenditure
Response must correspond to your initial expenditure from the financial and
budget plans from Part 1.
▪ Actual expense of each expenditure
Response must correspond to the financial records provided in Task 2.3
▪ Variance in dollars of each expenditure
▪ Variance in per cent of each expenditure
▪ Projected total expenditure
Response must correspond to your initial expenditure from the financial and
budget plans from Part 1.
▪ Actual total expenditure
Response must correspond to the financial records provided in Task 2.3
▪ Variance of total expenditure in dollars
▪ Variance of total expenditure in per cent
▪ Identify if your per cent variance for each of the following is favourable or
unfavourable:
o Individual expenditure
o Total expenditure
5. Submit at least one completed Variance Report to your assessor.
Variance Report
PERIOD COVERED: ACCEPTABLE VARIANCE
Variance
Expenditure Projected Expenditure Actual Expenditure Variance ($) Favourability
(%)
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
TOTAL $ $ $
Project 3.5 Report on Implementation Results
1. Access the following from your organisation
▪ Documentations relevant to protocols on reporting each of the following:
o Budgets
o Expenditure
Documentation may include, but is not limited to the following:

o Budget Reporting Policy and Procedures
o Financial Management Policy and Procedures
Protocols on reporting include, but are not limited to the following:

o Frequency of reporting (e.g. monthly, quarterly, etc.)
o Required documents of financial activity that must be submitted

for reporting
o Acceptable variance of reported expenditure
▪ Access your organisation’s template for reporting for the following:
o Budgets
o Expenditure
If you currently do not have a template for reporting, you may use the
Financial Report template found within this workbook.
2. Access the found within this workbook:
▪ Financial Reporting Requirements template
This will be used to record organisational requirements for reporting

budget and expenditure.
▪ Report Checklist
This will be used by your assessor to confirm that you have followed the
required requirements for reporting budget and expenditure.
Review the templates and the instructions outlined below before starting your
task.
3. Record the following on your Financial Reporting Requirements template:
▪ At least one organisational protocol relevant to reporting budget
▪ At least one organisational protocol relevant to reporting expenditure
4. Have your supervisor sign off your Financial Reporting Requirements template.
This is to ensure that the identified requirements are in line with the
requirements of your organisation. Their signature must be handwritten.
IMPORTANT: You must secure confirmation from your supervisor before preparing
your reports.
5. Prepare a report on each of the following based on the implementation of your
Financial Management Plan from Task 3.1 in accordance with your organisation’s
reporting protocols:
▪ Actual expenditure
▪ Actual budget used
The content of your financial report will depend on the protocols identified in
your Financial Reporting Requirements template. Review your requirements and
discuss with your assessor how to complete your template.
You can choose to have one consolidated report so long as the report contains
individual reports on expenditure and budget.
Report may include, but is not limited to the following:
▪ Variance Report
▪ Cash flow statements
▪ Profit and Loss Statement
6. Follow your organisation’s reporting protocols and send the report to relevant
personnel.
This refers to personnel in charge of reviewing completed financial reports
relevant to your team (e.g., line manager, board of director, Chief Finance Officer)
You must secure proof of your reporting to be submitted as supplementary
evidence at the end of this task.
Evidence includes but is not limited to:
▪ Email
▪ Memo
▪ Meeting Minutes
▪ Financial Reporting Requirements template
▪ Report on actual expenditure
▪ Report on actual budget
▪ At least one evidence of reporting
Financial Reporting Requirements

Learner Name
Organisation
Organisational Protocols for Reporting Budget

Organisational Protocols for Reporting Expenditure

Financial Report
PROFIT & LOSS STATEMENT
Sales
$
$
$
Total Sales $
$
Total Cost of Sales $
Operating Expenses
$
$
$
$
$
$
$
$
$
$
Total Operating Expenses $
Profit before Interest and Taxes $
Interest
Corporate Taxes $
Net Profit $
Variance Report
PERIOD COVERED: ACCEPTABLE VARIANCE
Variance
Expenditure Projected Expenditure Actual Expenditure Variance ($) Favourability
(%)
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
$ $ $
TOTAL $ $ $
Project 3.6 Implement and Modify Contingency Plans
1. Seek an opportunity to implement each contingency plan as identified in Part D.

Contingency Plans of your Financial Management Plan.
2. Access your organisation’s policies and procedures relevant to modifying contingency
plans:
▪ Contingency Planning Policies and Procedures
▪ Continuous Improvement Policies and Procedures
3. To complete this task, you must implement the contingency plans identified in your
Financial Management Plan from Task 1.3.
4. Implement each contingency strategy identified in Part D. Contingency Plans of your
Financial Management Plan.
You must implement at least two strategies, at least one strategy for the budget plan
and at least one strategy for your financial plan.
During your implementation you must update the following for each contingency
strategy in Part D. Contingency Plans of your Financial Management:
▪ Actual implementation date
▪ Actual outcome
You must secure proof at least one evidence that you implemented each of the
contingency strategies outlined in your Financial Management Plan. This is to be
submitted as supplementary evidence at the end of this task.
▪ Revised budgets
▪ Correspondence with new supplier
▪ Interview notes with team regarding updated processes
5. Review the implementation, to identify at least two modifications to your contingency

plan to ensure that this is in line with your identified financial objectives.
6. Provide the following information on the on Part D. Contingency Plan of your Financial
Management Plan:
▪ Revised contingency plan based on implementation, which must contain the

following:
▪ Associated risk
▪ Contingency strategy
▪ Implementation Date
▪ Expected Outcome
▪ On you’re the ‘Modifications’ table:
▪ At least two modifications made to contingency plan
▪ Explanation of how each would help reach identified financial

objectives
Modifications must be based on the results of the implementation of your contingency
plans and organisational objectives outlined in your Financial Management Plan.
You must highlight ALL modification done to your Financial Management Plan.
7. Update Part E. Version Control of your Financial Management Plan to reflect ALL
modification to Part D. Contingency Plans.
This must include the following information:
▪ Date of modification
▪ Modification made to Financial Management Plan
▪ New version control number
8. Have your supervisor complete the Supervisor Declaration found at the end of this task.
This is to ensure that all information is in line with organisational objectives. All
signatures must be handwritten.
▪ Completed Financial Management Plan, with the Part D. Contingency Plan

completed
▪ At least two evidence of implementation of each contingency strategy, one for
each contingency strategy
Assessment Task 3– Financial Management

Planning
Student’s Name
Assessor’s name:
Satisfactory
Yes No
response:
Part 3: Financial Management Plan Implementation

Project 3.1 Team meeting
Conducted a meeting
1 with at least 2 team ⬜ ⬜
members
Clarified approved
2
budget plan ⬜ ⬜
Included financial
3 objective relevant to ⬜ ⬜
budget plan
Included Changes
4 applied to initial ⬜ ⬜
budget plan
Included
5 contingency plan for ⬜ ⬜
budget plan
Clarified approved
6
financial plan ⬜ ⬜
Included financial goals
7 relevant to the ⬜ ⬜
financial plan
Included changes
8 applied to initial ⬜ ⬜
budget plan
Discussed resources
and systems
9
required for financial ⬜ ⬜
management
Discussed roles of
10
team members ⬜ ⬜
Identified at least
one support
11 required by each ⬜ ⬜
team member to
perform roles
Completed Meeting
12
Minutes ⬜ ⬜
Completed Support
13
Plan ⬜ ⬜
Project 3.2: Provide Support
Submitted completed
1
Support Plan ⬜ ⬜
Included actual date of
2 implementation and ⬜ ⬜
actual outcome
Submitted completed
3
support log ⬜ ⬜
Submitted At least
two pieces of
evidence of providing
support for accessing
4 resources required to ⬜ ⬜
perform required
roles—one for each
team member
supported.
Submitted At least two
pieces of evidence of
providing support for
accessing systems
5
required to perform ⬜ ⬜
required roles—one
for each team member
supported.
Project 3.3: Implement Financial Management Plan
Submitted a completed
1 Record Keeping ⬜ ⬜
Requirements
Template
Submitted at least 2
2 completed Team ⬜ ⬜
Monitoring Sheets
Submitted version 2.0
3 of their Financial ⬜ ⬜
Management Plan:
a. Team
4 Management ⬜ ⬜
Plan
b. Expenditure
5 Monitoring ⬜ ⬜
Plan
6 c. Cost Control ⬜ ⬜
Plan
7 d. Version History ⬜ ⬜
Project 3.4: Prepare Variation Reports
Submitted completed
1 Variance report ⬜ ⬜
template, including:
2 Acceptable Variance ⬜ ⬜
Period covered by
3
Variance Report ⬜ ⬜
Projected expense of
4
each expenditure ⬜ ⬜
Actual expense of each

5
expenditure ⬜ ⬜
Variance in dollars of
6
each expenditure ⬜ ⬜
Variance in % of each
7
expenditure ⬜ ⬜
Favourability of each
8
expenditure ⬜ ⬜
Projected total
9
expenditure ⬜ ⬜
Actual total
10
expenditure ⬜ ⬜
Variance of total
11
expenditure in dollars ⬜ ⬜
Variance of total
12
expenditure as % ⬜ ⬜
Favourability of total
13
expenditure ⬜ ⬜
Project 3.5: Report on Implementation Results
Submitted completed
Financial Reporting
1
Requirements ⬜ ⬜
Template
Submitted at least
one organisational
2
protocol for reporting ⬜ ⬜
budget
Submitted at least
one organisational
3
expenditure
Submitted reports of
their organisation’s
protocols for reporting
4 as identified in their ⬜ ⬜
Financial Reporting
Requirements – actual
expenditure
Submitted reports of
their organisation’s
protocols for reporting
5 as identified in their ⬜ ⬜
Financial Reporting
Requirements – actual
budget
Submitted at least
one supplementary
6 evidence as proof that ⬜ ⬜
they have reported to
the appropriate
personnel based on
reporting protocols
identified in their
Financial Reporting
Requirements.
organisational
7
budgets
Variance Report
8 included required ⬜ ⬜
information

organisational
9
protocol relevant to ⬜ ⬜
reporting expenditure
Profit and Loss

10 Statement included ⬜ ⬜
required information
Profit and Loss
Statement prepared
using the information
11
from the records of ⬜ ⬜
financial activity from
Task 2.3
Project 3.6: Implement and Modify Contingency Plans
Submitted a completed
1 Financial Management ⬜ ⬜
Plan
Updated Part D.
2
Contingency Plan ⬜ ⬜
Updated part E.
3
Version Control ⬜ ⬜
Provided at least two
pieces of evidence
implementation of
4 their contingency ⬜ ⬜
strategy, one for each
implementation
strategy.
Assessor’s Date:
Signature:
Part 4. Review and Evaluation of Financial Management Processes
Task Overview
This part of the project requires you to evaluate current financial management processes in your
organisation. Specifically, you are required to:
▪ Identify and recommend improvement to existing financial management processes
▪ Implement and monitor agreed improvements according to financial objectives of work

team and organisation
Assessment Task Instructions
● This assessment is to be submitted individually.
● To ensure your responses are satisfactory you should consult a range of learning resources
and other information such as handouts, textbooks, learner resources etc.
● You must document your responses in the provided template.
● This assessment involves a role play, which must be completed in class. If you do not
complete this role play, you cannot complete and submit your assessment and cannot be
assessed as competent.
● You must be concise, to the point and write answers according to the given word limit to
each question and not provide irrelevant information.
● You will be required to complete all parts of this assessment task.
Project 4.1 Analyse Financial Management Processes
1. Locate the Improvement Log found within this workbook. This outlines all the
information you need to complete record in this task.
2. Review the following documents completed in Part 2 to assist you in recommending
improvements to your current financial management processes:
▪ Team Performance Monitoring Sheet from Task 2.3
▪ Financial Report from Task 2.5
▪ Financial Management Plan from Task 2.6
Analyse all the data and information you collected to identify improvements for the
processes of each of the following:
▪ Monitoring actual expenditure
▪ Controlling costs
3. To complete the Improvement Log, you must
▪ Identify at least one process of each the following that requires improvement:
o Strategy for monitoring actual expenditure
o Strategy for controlling costs
▪ For each process that requires improvement identified you must:
o Briefly explain how the process does not meet the following:
● at least one financial objective identified in Task 1.1
● at least one team objective identified in Task1.1
o Identify at least one improvement to meet each of the following, based

on your explanation:
● Financial objective identified
● Team objective identified
You are to complete one Improvement Log for each of the following:
▪ Process of strategy for monitoring actual expenditure
▪ Process of strategy for controlling costs.
4. Recommend your identified improvements to the two team members who

implemented the Financial Management Plan in Task 2.
In your correspondence with your team members, you must request for their approval
of the changes to current financial management processes.
You must secure proof of your correspondence with each of your team members, which
includes agreement to improvements to your processes. This is to be submitted as
supplementary evidence at the end of the task.
▪ Email
▪ Meeting Minutes
▪ Interview notes
Include all negotiations, discussions, or revisions to your recommended improvements, if

any, in the evidence you submit.
5. After agreeing on improvements to be implemented, update the following sections of
your Financial Management Plan to incorporate all agreed changes:
▪ Part B. Expenditure Monitoring Plan, which must include at least one updated
process related to your strategy for monitoring actual expenditure. This must
incorporates ALL approved improvements from your correspondence.
▪ Part C. Cost Control Plan, which must include at least one updated process
related to your strategy to control costs. This must incorporates ALL approved
improvements from your correspondence
▪ Part E. Version Control of your Financial Management Plan to reflect ALL

modifications.
This must include the following information:
o Date of modification
o Modification made to Financial Management Plan
o New version control number
You must highlight all modifications made to your Change Management Plan.
▪ At least two completed Improvement Logs, one for each of the following:
o Process relevant to monitoring actual expenditure
o Process relevant to controlling costs
▪ At least two pieces of evidence of correspondence of approval with team

members—one for each team member
▪ Updated Financial Management Plan
Improvement Log
Learner Name
Organisation
Date
Process for

Improvement
Financial Objective Financial Objective
Explanation
Team Objective Team Objective
Explanation
Improvements
Financial Objective
Team Objective
Project 4.2 Implement and Evaluate Recommendations
1. Access the Continuous Improvement Sheet found within this workbook. This outlines
all the information you need to complete this task.
You must complete one Continuous Improvement Sheet for each updated improved
process implemented.
2. Implement the following improved processes as indicated in your Financial
Management Plan updated in Task 3.1:
▪ Process relevant to strategy to monitor actual expenditure
▪ Process relevant strategy to controlling costs
You must secure proof of your implementation of each improvement. This will be
submitted as supplementary evidence at the end of this task.
▪ Email of changes
▪ Memo of changes to process
▪ Documentation relevant to improvement
3. After implementing your improved processes, you must evaluate outcomes of each in
relation to the relevant financial and team objectives indicated in Task 3.1.
You must record the following on each Evaluation Sheet:
▪ Updated financial management process you are evaluating
▪ For each financial management process:
o Relevant financial objective as identified in Task 3.1
o Relevant team objective as identified in Task 3.1
▪ Date of observation
Outcome of implementation of improved process
▪ Evaluation of process effectivity in line with the relevant financial objective
▪ Evaluation of process effectivity in line with the relevant team objective
Evaluation includes:
o Aspects of the updated process that assists in reaching required goals
o Improvements to current team performance in relation to objectives
You must complete one Evaluation Sheet for each updated process implemented.
▪ At least two Evaluation Sheets, one for each process implemented
▪ At least two evidence of implementation of each updated process
Evaluation Sheet
Completed by

Organisation
Updated Financial

Management Process
Organisational Financial

Objective

Team Objective
Date Outcome Evaluation
Financial Objective
Team Objective
Financial Objective
Team Objective
Financial Objective
Team Objective
Assessment Project 4 – Review and Evaluation of

Financial Management Processes
Student’s Name
Assessor’s name:
Satisfactory
Yes No
response:
Project 4.1 Analyse Financial Management Processes
Submitted at least two

completed
Improvement Logs,
one for each process of
1
each the following that ⬜ ⬜
requires improvement:
strategy for monitoring
actual expenditure
Submitted at least
two completed
Improvement Logs,
one for each process
2 of each the following ⬜ ⬜
that requires
improvement:
strategy for
controlling costs
Improvement logs
3 contained the required ⬜ ⬜
information
Submit at least two

evidence of their
correspondence
4 with at least two ⬜ ⬜
team members
showing required
evidence.
Updated the
Financial
5 Management Plan ⬜ ⬜
based on the agreed
improvements to
their processes as
outlined in their
Improvement Logs
and submitted
Supplementary
Evidence:
process of their
strategy for monitoring
6
actual expenditure ⬜ ⬜
that needs
improvement
process of their
7 strategy for controlling ⬜ ⬜
costs that needs
improvement.
Identified at least
one financial
objective that the
current process is
not meeting. The
identified financial
objective must
correspond to the
objective that their
8
Strategy for to ⬜ ⬜
Monitor Actual
Expenditure is
addressing as
indicated in Part B.
Expenditure
Monitoring Plan of
their Financial
Management Plan.
9 Identified at least
one financial ⬜ ⬜
objective that the
current process is
not meeting -
corresponding to the
objective that their
Strategy for to
Control Costs is
addressing as
indicated in Part C.
Controlling Costs
Plan of their
Financial
Management Plan.
Identified at least
one team objective
that the current
process is not
10 meeting (Part A: ⬜ ⬜
Team Management
Plan of their
Financial
Management Plan.
Identified at least
two improvements
11
to the current ⬜ ⬜
process
Project 4.2: Implement and Evaluate Recommendations
Submitted two
Evaluation Sheets, one
1
for each update ⬜ ⬜
process implemented
Evaluation Sheets
2 contained required ⬜ ⬜
information
Submitted at least one

supplementary
evidence for each
improved process
implemented. The
3
evidence must ⬜ ⬜
correspond to the
information provided
in the Evaluation
Sheets.
Assessor’s Date:
Signature:

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BSBFIN501 - Manage budgets and financial plans (Release 1)

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Version Control & Document History

Date Summary of modifications Version

Version 1 final produced following assessment

Manage budgets and financial plans

BSBFIN501 - Manage budgets and financial plans (Release 1)

RESOURCES REQUIRED FOR ASSESSMENT 4

ACCESSING INTRANET PAGES AND EXTERNAL LINKS 5

▪ Installed software: MS Word, Adobe Acrobat Reader

▪ A workplace that will allow you access to:

o Workplace documentation, including:

o Cash flow projections

o Petty Cash Statements

o Goods and Service Tax (GST)

o Profit and Loss Statements

o One budget plan

Budget plans may include, but is not limited to the following:

▪ Short-term budget plan

▪ Two relevant personnel

This includes, but is not limited to the following:

BSBFIN501 - Manage budgets and financial plans (Release 1)

o At least two resources that can be used to manage financial management

▪ Time tracking application

These include, but are not limited to the following:

▪ Mind Your Own Business (MYOB)

Accessing Intranet Pages and External Links

BSBFIN501 - Manage budgets and financial plans (Release 1)

Assessors Name: Date:

Has the assessment process been explained? Yes No

Have you discussed any special needs to be considered during

The following documents must be completed and attached

□ Assessment Task 1 - Knowledge Test Checklist

□ Assessment Task 2 – Project Checklist: Financial

□ Assessment Task 4 – Review and Evaluation of Financial

Overall Outcome □Competent □Not yet Competent

Assessor Signature: Date:

Result and Feedback

BSBFIN501 - Manage budgets and financial plans (Release 1)

Instructions provided to the student:

Assessment task description:

● You may handwrite/use a computer to answer the questions.

● You must complete the task independently.

Resubmissions and reattempts:

● For more information, please refer to the Training Organisation’s Student

BSBFIN501 - Manage budgets and financial plans (Release 1)

Instructions for answering the written questions:

● Complete a written assessment consisting of a series of questions.

● You will be required to answer all the questions correctly.

● Do not start answering questions without understanding what is required. Read

● Use non-discriminatory language. The language used should not devalue,

Purpose of the assessment

This assessment task is designed to evaluate student’s knowledge essential to

● Knowledge of the purposes and benefits of an organisational performance

● Knowledge of the legislation and organisational policies relevant to

● This is an individual assessment.