Unit of competency Outline
Date retreived
23/07/2026 6:51 AM AWST
23/07/2026 6:51 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Manage finances
Manage finances
Unit of competency
National Code
LGADMIN529A
LGADMIN529A
State Code
C1936
C1936
TGA Status
Deleted
Deleted
DTWD Status
Deleted
Deleted
State Implementation and Classification
Approved Date
28/05/2014
Field of Education
080101 - Accounting
Original Release Date
28/05/2014
Nominal Hours
60
Description
This unit covers understanding the financial management and reporting processes for non-financial managers. The unit looks at the day-to-day financial management of a unit within the organisation and outlines the knowledge and skills required to interpret data and reports. It is suitable for team leaders and managers within the organisation who have responsibility for financial management and monitoring.
Notes
Elements and Performance Criteria
1. Interpret financial reports
- 1.1 Statistical financial reports are identified and analysed and the best methods of interpreting the data are determined.
- 1.2 Financial reports are received and income shortfalls and expenditure runs are identified, documented and discussed.
- 1.3 Financial reports are evaluated and financial impacts and implications are considered and documented.
2. Implement systems for financial management and reporting
- 2.1 Financial management and reporting procedures are developed in accordance with organisational and legal requirements.
- 2.2 Appropriate financial reports are prepared as required by the organisation.
- 2.3 Bookkeeping and accounting systems are implemented to ensure that accurate and comprehensive records of income and expenditure are appropriately maintained for the business unit.
- 2.4 Regular reconciliation against operational budgets is undertaken and any deviations are acted upon as appropriate.
3. Manage the use of funds
- 3.1 Actual income and expenditure is checked against budgets at regular, identified intervals.
- 3.2 Expenditure is assessed as being within agreed limits, does not compromise future spending requirements and conforms to the organisation's policies and procedures.
- 3.3 Actual or potential deviations from budget are reported to appropriate personnel and proposals for corrective action are developed and implemented.
4. Monitor financial performance
- 4.1 Financial budgets and projections are produced as required for each forward period and distributed to relevant personnel in accordance with legal and organisational requirements.
- 4.2 Financial performance targets are regularly monitored and reported and data is gathered to establish the extent to which the financial plan has been met.
- 4.3 Operational strategies are monitored for their effects on the financial plan.
- 4.4 Financial ratios are calculated and evaluated according to organisational benchmarks.
- 4.5 Financial plan is assessed to determine whether variations or alternative plans are indicated and changed as required.
- 4.6 Appropriate action is taken to ensure the achievement of profit or designated target and return to the business unit in accordance with the business plan and legal requirements.
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.
Legal requirements may include those relating to:
annual and other reports
audit processes
insurance
relevant awards
taxation and superannuation
acquittal of funds
Financial reports may include:
income
expenditure
loans
assets
bank accounts
Appropriate personnel may include:
management
other staff
government
regulatory bodies
funding providers
clients
Financial ratios may include:
gross profit percentage
net profit percentage
expenses percentage
staff productivity measures
return on investment and return on total assets
current ratio
liquid ratio
days debts are outstanding
Legal requirements may include those relating to:
annual and other reports
audit processes
insurance
relevant awards
taxation and superannuation
acquittal of funds
Financial reports may include:
income
expenditure
loans
assets
bank accounts
Appropriate personnel may include:
management
other staff
government
regulatory bodies
funding providers
clients
Financial ratios may include:
gross profit percentage
net profit percentage
expenses percentage
staff productivity measures
return on investment and return on total assets
current ratio
liquid ratio
days debts are outstanding
Overview of assessment requirements
A person who demonstrates competency in this unit will be able to perform the outcomes described in the Elements to the required performance level detailed in the Performance Criteria. The knowledge and skill requirements described in the Range Statement must also be demonstrated. For example, knowledge of the legislative framework and safe work practices that underpin the performance of the unit are also required to be demonstrated.
Critical aspects of evidence to be considered
The demonstrated ability to:
interpret and evaluate financial reports to ensure financial management and budget are rigorously monitored
implement systems of financial management and reporting to ensure that accurate and comprehensive records of income and expenditure are appropriately maintained
manage the use of funds to ensure that actual income and expenditure are checked against budgets
monitor financial performance to establish the extent to which the financial plan has been met
Context of assessment
Competency is demonstrated by performance of all stated criteria, with particular attention to the critical aspects and the knowledge and skills elaborated in the Evidence Guide, and within the scope of the Range Statement.
Assessment must take account of the endorsed Assessment Guidelines in the Local Government Training Package.
Assessment of the performance requirements in this unit should be undertaken in an actual workplace or simulated environment.
Assessment should reinforce the integration of the key competencies for the particular AQF level. Refer to the key competency levels at the end of this unit.
Relationship to other units(prerequisite or co-requisite units)
To enable holistic assessment this unit may be assessed with other units that form part of the job role.
Method of assessment
The following assessment methods are suggested:
observation of the learner performing a range of workplace tasks over sufficient time to demonstrate handling of a range of contingencies
written and/or oral questioning to assess knowledge and understanding
completion of workplace documentation
third-party reports from experienced practitioners
completion of self-paced learning materials including personal reflection and feedback from trainer, coach or supervisor
Evidence required for demonstration of consistent performance
Evidence should be collected over a set period of time that is sufficient to include dealings with an appropriate range and variety of situations
Resource implications
The learner and trainer should have access to appropriate documentation and resources normally used in the workplace.
A person who demonstrates competency in this unit will be able to perform the outcomes described in the Elements to the required performance level detailed in the Performance Criteria. The knowledge and skill requirements described in the Range Statement must also be demonstrated. For example, knowledge of the legislative framework and safe work practices that underpin the performance of the unit are also required to be demonstrated.
Critical aspects of evidence to be considered
The demonstrated ability to:
interpret and evaluate financial reports to ensure financial management and budget are rigorously monitored
implement systems of financial management and reporting to ensure that accurate and comprehensive records of income and expenditure are appropriately maintained
manage the use of funds to ensure that actual income and expenditure are checked against budgets
monitor financial performance to establish the extent to which the financial plan has been met
Context of assessment
Competency is demonstrated by performance of all stated criteria, with particular attention to the critical aspects and the knowledge and skills elaborated in the Evidence Guide, and within the scope of the Range Statement.
Assessment must take account of the endorsed Assessment Guidelines in the Local Government Training Package.
Assessment of the performance requirements in this unit should be undertaken in an actual workplace or simulated environment.
Assessment should reinforce the integration of the key competencies for the particular AQF level. Refer to the key competency levels at the end of this unit.
Relationship to other units(prerequisite or co-requisite units)
To enable holistic assessment this unit may be assessed with other units that form part of the job role.
Method of assessment
The following assessment methods are suggested:
observation of the learner performing a range of workplace tasks over sufficient time to demonstrate handling of a range of contingencies
written and/or oral questioning to assess knowledge and understanding
completion of workplace documentation
third-party reports from experienced practitioners
completion of self-paced learning materials including personal reflection and feedback from trainer, coach or supervisor
Evidence required for demonstration of consistent performance
Evidence should be collected over a set period of time that is sufficient to include dealings with an appropriate range and variety of situations
Resource implications
The learner and trainer should have access to appropriate documentation and resources normally used in the workplace.
No information
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