1. Plan for financial management
1.1 Review and analyse previous financial data to establish areas which have generated a profit or loss
1.2 Undertake research to review reasons for previous profit and loss
1.3 Review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle
1.4 Analyse cash flow trends
1.5 Review statutory requirements for compliance and liabilities for tax
1.6 Review existing software and its suitability for financial management
2. Establish budgets and allocate funds
2.1 Use previous financial data to determine allocations for resources
2.2 Make informed estimates of new items for inclusion in budget
2.3 Prepare budgets in accordance with organisational requirements and statutory requirements
3. Implement budgets
3.1 Circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations
3.2 Manage risks by checking there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions
3.3 Review profit and loss statements, cash flows and ageing summaries
3.4 Revise budgets, as required, to deal with contingencies
3.5 Maintain audit trails to ensure accurate tracking and to identify discrepancies between agreed and actual allocations
3.6 Ensure compliance with due diligence
4. Report on finances
4.1 Ensure structure and format of reports are clear and conform to organisational and statutory requirements
4.2 Identify and prioritise significant issues in statements, including comparative financial performances for review and decision making
4.3 Prepare recommendations to ensure financial viability of the organisation
4.4 Evaluate the effectiveness of financial management processes
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Interprets, analyses and evaluates complex information to determine and adhere to organisational or legislative requirements and to assist with financial decision making Develops and records information which incorporates a detailed analysis of factual and forecasted information Prepares documents using format, content and layout appropriate to audience, purpose and regulatory requirements.
Explains financial decisions and outcomes clearly and uses listening and questioning techniques to exchange information and obtain agreement.
Reviews and analyses numerical data embedded in organisational documentation and legislation
Compares and contrasts complex numerical data to analyse and evaluate financial position and processes.
Uses appropriate formulae to analyse financial data to assess and manage risk and identify discrepancies.
Navigate the world of work
Recognises, understands and adheres to legislative and organisational requirements in undertaking own work Interact with others
Selects and uses appropriate conventions and protocols when communicating with supervisors and managers to share information or seek agreement.Uses logical processes in planning, implementing and evaluating complex tasks to achieve stated goals Uses formal analytical thinking techniques to identify issues, investigate underlying causes and generate possible solutions, seeking input from others as required Uses a range of digital technology to access, filter, compile, integrate and logically present complex information from multiple sources Investigates new digital technologies and applications to manage and manipulate data.