Unit of competency Outline

Date retreived
23/07/2026 1:14 AM AWST

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Manage financial resources

Manage financial resources

Unit of competency
National Code
SIRXFIN004A
State Code
S6128
TGA Status
Deleted
DTWD Status
Deleted
Current Release Number
2.00
Current Release Date
13/06/2012
View on TGA
State Implementation and Classification
Approved Date
05/08/2014
Field of Education
080101 - Accounting
Original Release Date
05/08/2014
Nominal Hours
35
Description
This unit describes the performance outcomes, skills and knowledge required to develop and implement financial control systems. It involves controlling cost and budget, maintaining store accounting systems and developing and negotiating budget allocations.
Notes
Elements and Performance Criteria
1. Control costs.
  • 1.1.Implement cost reduction measures according to storepolicy and procedures.
  • 1.2.Assess and interpret information on costs and resource allocation.
  • 1.3.Encourage team members actively to control costs in their areas of responsibility.
  • 1.4.Promptly implement recommendations for improving cost reduction or communicate to relevant personnel.
2. Control budget.
  • 2.1.Monitor and maintain expenditure within budget targets according to store policy.
  • 2.2.Compare actual income and expenditure to budget targets at regular intervals, according to store policy.
  • 2.3.Monitor, analyse and compare gross profit and loss figures by department or section and store, with budget targets.
  • 2.4.Monitor and analyse net profit figures, including floor space profitability, according to budget targets.
  • 2.5.Monitor and analyse stock turnover figures according to budget targets.
  • 2.6.Promptly inform relevant personnel, where potential occurs for budget under or overspend.
  • 2.7.Take prompt corrective action where significant deviations from budget occur.
  • 2.8.Negotiate necessary changes or allocations to agreed budget in advance of requirement.
  • 2.9.Ensure modifications to existing budgets are authorised according to store policy.
3. Propose expenditure.
  • 3.1.Ensure estimates of costs and benefits are supported by valid, relevant information.
  • 3.2.Ensure final recommendations are supported by realistic alternatives and contain accurate, clear proposals.
  • 3.3.Ensure recommendations clearly indicate net benefits over designated timeframe and related changes in operations.
  • 3.4.Clarify contentious issues by further explanation.
  • 3.5.Compare estimates to actual costs and benefits to improve future proposals.
4. Maintain store accounting systems.
  • 4.1.Manage and maintain store policy and procedures in regard to record-keeping systems.
  • 4.2.Monitor and maintain store systems for recording sales figures, revenue and expenditure.
  • 4.3.Monitor and maintain systems for recording and retrieving financial, personnel and payroll information as required by store policy.
5. Prepare store sales budgets.
  • 5.1.Maintain store policy and procedures in regard to preparation of budget or target figures.
  • 5.2.Compare, analyse, document and report budget and actual sales revenue and expenditure figures, according to budget targets and store policy.
  • 5.3.Maintain accurate records on past sales budgets or targets according to store policy.
  • 5.4.Present proposed budgets or targets accurately and concisely.
  • 5.5.Justify variations to proposed targets and report according to store policy.
6. Negotiate budgets.
  • 6.1.Conduct budget negotiations within a set timeframe and in a manner likely o promote good relationships.
  • 6.2.Ensure budget negotiations reflect the overall store policies and objectives relevant to the manager’s area of responsibility.
  • 6.3.Seek clarification, where areas of uncertainty or disagreement occur.
  • 6.4.Inform all relevant personnel promptly of budget decisions.
  • 6.5.Present proposals clearly, concisely, in an appropriate form, and emphasising benefits to store operation.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the performance criteria is detailed below.
Store policy and procedures in regard to:
financial management
reporting mechanisms.
Information may include:
resource utilisation
capital and overhead costs
interest rates
stock, materials and equipment
staffing levels
operational costs.
Information may be obtained by:
direct observation
written reports
numerical data.
Resources may include:
people
materials
equipment and technology
finances
time.
Team members may include:
full-time, part-time, casual or contract staff
people from a range of social, cultural and ethnic backgrounds
people with varying degrees of language and literacy levels.
Communication may be:
formal and informal
with individuals or groups
written, faxed, emailed or spoken.
Relevant personnel may include:
relevant managers
supervisor
team leader.
Proposals may include:
profitability
productivity
quality of service
environmental impact
working conditions
working relationships
team motivation
long-term goals
short-term goals.
Record keeping systems may include:
manual
computerised.
Budget or target figures may encompass:
sales
cash flow
net profit
payroll
staff expenditure
capital
maintenance
advertising and promotion.
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, the range statement and the Assessment Guidelines for this Training Package.
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the following is essential:
consistently negotiates, develops and implements store budgets according to store policy and procedures
monitors, analyses and reports on income and expenditure against budgets according to store policy and procedures
manages and maintains accurate accounting systems according to store policy and procedures
develops and maintains store policy and procedures in regard to store sales budgets or targets.
Context of and specific resources for assessment
Assessment must ensure access to:
a retail work environment
store or sample policy and procedures in regard to financial management
an accounting system
budgetary information
a team involved in budget control.
Methods of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
observation of performance in the workplace
third-party reports from a supervisor
research project
written or verbal questioning to assess knowledge and understanding
review of portfolios of evidence and third-party workplace reports of on-the-job performance.
Guidance information for assessment
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended.
Replaces
State Code National Code Title Type
N0715 WRRPL1B Manage financial resources Unit of competency