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determine organisational needs. Consider describing how a budget is used to monitor work performance, variation and team/division outputs.

Implement financial management approaches

Submission details

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.

Performance objective

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.

This assessment adds to the assessment one and introduces the use of spread sheets and excel.

Procedure

       1.      Read the scenario provided in Appendix 1 to this assessment task 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. Consider describing how a budget is used to monitor work performance, variation and team/division outputs.

                          c.       identify coaching/training needs of team member.

                          d.       plan coaching/training session:

                             i.        outcome: team member produces spreadsheet to meet management requirements. Consider why organisations need accurate and timely financial information.

                             ii.       include activities/elements to instruct, practice, test, motivation techniques to help aid the team understand the importance of change and new measurement for the budget.

                             iii.      keep notes of your conversation with your assessor and write a summary of them on one page.

                          e.       Set up a time with your team member to have a coaching/training session.

       3.      Meet with your team member (assessor) to coach them in role:

                          a.       Explain budget and relevance to team member’s accountabilities

                          b.       Use appropriate coaching techniques or models such as GROW

                          c.       Use appropriate motivational theory

                          d.       Train learner in required spreadsheet techniques, include elements of instruction, practice and testing/feedback

                          e.       Include recordkeeping requirements for Australian Taxation Office (ATO) and auditing purposes, for items such as petty cash, and GST.

       4.      Submit all documents required in the specifications below to your assessor. Ensure you keep a copy of all work submitted for your records.

Specifications

You must:

  • meet with your assessor to role-play support of team member approx tens
  • submit coaching/training plan for the team of the organisation.

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 recordkeeping
  • 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 those contained in organisational policies and procedures
  • requirements for organisational recordkeeping and auditing with respect to petty cash
  • knowledge of principles and techniques involved in budgeting and electronic spreadsheets.

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