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Manage finances within a budget LEARNING ACTIVITY BOOKLET SITXFIN009

Learning Activity Booklet SITXFIN009 - Manage finances within a budget (Release 1) Copyright Notice No part of this resource may be reproduced in any form or by any means, electronic or mechanical, including photocopying or recording, or by an information retrieval system without written permission from Precision RTO Resources. Legal action may be taken against any person who infringes their copyright through unauthorised copying. These terms are subject to the conditions prescribed under the Australian Copyright Act 1968. Copying for Educational Purposes The Australian Copyright Act 1968 allows 10% of this resource to be copied by any educational institute for educational purposes, provided that the institute (or the body that administers it) has given a remuneration notice to the Copyright Agency Limited (CAL) under the Act. For more information, visit www.copyright.com.au . Disclaimer Precision RTO Resources has made a great effort to ensure that this material is free from error or omissions. However, you should conduct your own enquiries and seek professional advice before relying on any fact, statement or matter contained in this document. Precision RTO Resources is not responsible for any injury, loss or damage as a result of resource included or omitted from this material. Information in this course material is current at the time of publication. 2 SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022

Learning Activity Booklet Version Control & Document History Date Summary of modifications Version 17 June 2022 Version 1 final released for publishing. 1.0 SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022 3

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Learning Activity Booklet Table of Contents ABOUT THE TOURISM, TRAVEL AND HOSPITALITY TRAINING PACKAGE .............................. 5 ABOUT THIS UNIT OF COMPETENCY ................................................................................... 6 LEARNER INFORMATION .................................................................................................... 7 RESOURCES REQUIRED ....................................................................................................... 8 WORK HEALTH AND SAFETY ............................................................................................... 8 REASONABLE ADJUSTMENT ............................................................................................... 9 CONTEXTUALISATION ....................................................................................................... 10 CHAPTER 1: ALLOCATE BUDGET RESOURCES ..................................................................... 11 Activity 1: ‘True’ or ‘False’ Quiz .................................................................................................. 11 Activity 2: Steps Involved in Allocating Funds [List/Identify Activity] .......................................... 12 Activity 3: E-learning Activity [Fill in the Blanks] ......................................................................... 13 Activity 4: Scenario With Xero [Case Study Questions] ............................................................... 14 CHAPTER 2: MONITOR FINANCIAL ACTIVITIES AGAINST BUDGET ...................................... 16 Activity 1: ‘True’ or ‘False’ Quiz .................................................................................................. 16 Activity 2: Accuracy of Reference Records for Monitoring Purposes [Question and Answer] ...... 17 Activity 3: Significance of Report Deviations [Word Search] ....................................................... 18 CHAPTER 3: IDENTIFY AND EVALUATE OPTIONS FOR BUDGET AND IMPROVED BUDGET PERFORMANCE ................................................................................................................ 19 Activity 1:‘True’ or ‘False’ Quiz ................................................................................................... 19 Activity 2: Branch Out the New Budgeting Approach [Complete a Process] ................................ 20 Activity 3: Logical Recommendations to Successfully Manage Budget [Fill in the Blanks] ........... 21 CHAPTER 4: FINANCIAL AND STATISTICAL REPORTS .......................................................... 22 Activity 1: ‘True’ or ‘False’ Quiz .................................................................................................. 22 Activity 2: Factors to Consider While Preparing a Financial Report [List/Identify Activity] .......... 23 Activity 3: Role Play in Preparing and Presenting Recommendations [Role Play] ........................ 24 4 SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022

Learning Activity Booklet About the Tourism, Travel and Hospitality Training Package The SIT Tourism, Travel and Hospitality Training Package contains qualifications to provide skills for people working in the following industry sectors:  Hospitality  Cookery  Tourism  Travel; and  Events Skills covered in these qualifications relate to areas including commercial cookery and patisserie, event management, travel consultancy, caravan and holiday park management, tour guiding, attractions management, visitor centre operations, food & beverage service, hotel operations and management and tour operations. To know more about this training package, click on this link: https://www.skillsiq.com.au/FeedbackForum/TrainingPackages1/SITTourismTravelandHospitality SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022 5

Learning Activity Booklet About this Unit of Competency SITXFIN009 - Manage finances within a budget This unit SITXFIN009 Manage finances within a budget unit describes the performance outcomes, skills and knowledge required to take responsibility for budget management where others may have developed the budget. It requires the ability to interpret budgetary requirements, allocate resources, monitor actual income and expenditure, and report on budgetary deviations. The skills and knowledge for budget development are covered in SITXFIN010 Prepare and monitor budgets. This unit applies to all tourism, travel, hospitality and event sectors. The budget may be for an entire organisation, for a department or for a particular project or activity. It applies to those who operate independently or with limited guidance from others. This includes supervisors and departmental managers. No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication. A complete copy of this unit of competency is found in this link: https://training.gov.au/Training/Details/SITXFIN009 6 SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022

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Learning Activity Booklet Learner Information This Learning Activity Booklet contains formative activities that you will complete on your own, in a classroom, or a similar environment. These activities include knowledge questions and practical activities. This aims to test your understanding of the knowledge and skills required for the unit of competency where you will undertake the assessment. These activities are used by your trainers to complement both the learning and training processes, and to evaluate how you are progressing throughout these processes. IMPORTANT: The completion of the formative assessments and learning activities included in this workbook DOES NOT lead to a Qualification or a Statement of Attainment (SOA). Learner Details Learner Name Phone Email Trainer Details Trainer Name Relevant Qualifications Held Training Organisation Phone Email SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022 7

Learning Activity Booklet Resources Required To complete the learning activities in this booklet, you need access to:  Computer with Internet, email access, and a working web browser  Installed software: MS Word, Adobe Acrobat Reader  Your Learner Resource Work Health and Safety Both the trainers and learners have duty of care in ensuring the learning environment is free from hazards that may pose risks to their health and safety. According to WHS legislation, trainers and learners must take reasonable care while undertaking the activities included in this workbook in the learning environment. 8 SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022

Learning Activity Booklet Reasonable Adjustment Adapted Reasonable Adjustment in teaching, learning and assessment for learners with a disability - November 2010 - Prepared by - Queensland VET Development Centre Reasonable adjustment in VET is the term applied to modifying the learning environment or making changes to the training delivered to assist a learner with a disability. A reasonable adjustment can be as simple as changing classrooms to be closer to amenities or installing a particular type of software on a computer for a person with vision impairment. Why make a reasonable adjustment? We make reasonable adjustments in VET to make sure that learners with a disability have:  The same learning opportunities as learners without a disability, and  The same opportunity to perform and complete assessments as those without a disability. Reasonable adjustment applied to participation in teaching, learning and assessment activities can include:  Customising resources and assessment activities within the training package or accredited course  Modifying the presentation medium  Learner support  Use of assistive/adaptive technologies  Making information accessible both before enrolment and during the course  Monitoring the adjustments to ensure learners needs continue to be met Assistive/Adaptive Technologies Assistive/Adaptive technology means ‘software or hardware that has been specifically designed to assist people with disabilities in carrying out daily activities’ (World Wide Web Consortium - W3C). It includes screen readers, magnifiers, voice recognition software, alternative keyboards, devices for grasping, visual alert systems, digital note-takers. IMPORTANT: Reasonable adjustment made for collecting learner assessment evidence must not impact on the standard expected by the workplace, as expressed by the relevant unit(s) of competency. For example, if the assessment were gathering evidence of the learner’s competency in writing, allowing the learner to complete the assessment verbally would not be a valid assessment method. The method of assessment used by any reasonable adjustment must still meet the competency requirements. SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022 9

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Learning Activity Booklet Contextualisation Contextualisation is the process of modifying learning resources to make learning more meaningful for your learners and their employers. Contextualisation must retain the integrity of the assessment and the outcome of the unit of competency. 10 SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022

Learning Activity Booklet Chapter 1: Allocate Budget Resources Activity 1: ‘True’ or ‘False’ Quiz Let’s review what you’ve learnt from this Chapter. Read each statement below. Tick ‘True’ if the statement is correct, and ‘False’ if not. Statement Tru e Fals e Seeding is a fund used in the initial stage of a business to give it a kickstart.  ☐ A cash budget and a cash flow budget are the same types of budget. ☐  Incremental budgeting is the most effective approach to budgeting. ☐  The formula to determine the change in the income and expenditure level of income is when aggregate supply (AS) is equal to aggregate demand (AD), i.e., where AS = AD. ☐  In a hotel, the total amount of available space can be calculated as: Occupancyrate = Totalunits rented Total gross potentialrent ☐  There are five steps involved in the consultation process. ☐  The best way to discuss the changes to income and expenditure priorities before implementation is by holding group meetings. ☐  Lowering the debt-to-equity ratio increases your organisation’s credit rating and improves its financial leverage. ☐  SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022 11

Learning Activity Booklet Activity 2: Steps Involved in Allocating Funds [List/Identify Activity] List all the five steps involved in allocating funds within your budget and priorities. a. Assessing Financial Resources: The first step is to evaluate the available financial resources. This includes reviewing income, existing savings, investments, grants, or any other sources of funds that can be allocated within the budget. b. Identifying Financial Goals and Priorities: Determine the financial goals and priorities of the organization or individual. This involves setting specific objectives, such as debt reduction, savings for future investments, operational expenses, or funding specific projects or initiatives. c. Categorizing Expenses: Categorize expenses into different groups or categories. Common categories may include personnel costs, operating expenses, marketing and advertising, research and development, capital expenditures, and contingency reserves. This step helps in organizing and tracking expenses effectively. d. Allocating Funds: Allocate funds to each expense category based on their priority and importance. This involves determining the percentage or amount of the available funds that will be allocated to each category. It is important to ensure that the allocated amounts align with the financial goals and priorities identified in the previous steps. e. Monitoring and Adjusting: Continuously monitor the budget and track actual expenses against the allocated amounts. Regularly review the financial performance and make adjustments as necessary. This step allows for identifying any deviations or overspending and taking corrective actions to stay within the budget. It also provides an opportunity to reassess priorities and reallocate funds if needed. 12 SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022

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Learning Activity Booklet Activity 3: E-learning Activity [Fill in the Blanks] Complete the statement below by filling in the blanks with the appropriate responses from the selected options. FILL IN THE BLANKS Overhead’s budget sets a limit to expenditure on various items. Any expenditure over the specified limit can be incurred without approval by the competent authority. So, there is an opportunity to analyze the expenditure before it is set in motion. Thus, overspending of overheads can be checked beforehand, and financial resources can be put to proper use. SELECTION Financial Approval Over-spending Expenditure Technical Authority SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022 13

Learning Activity Booklet Activity 4: Scenario With Xero [Case Study Questions] USING XERO FOR SMALL BUSINESSES Lattetude is a small, emerging café in the city of Cairns. Young adults and teenagers frequent the café for their cheap, light snacks or a quick chat with their peers or with the friendly baristas. You are a Bookkeeper at Lattetude. Some of your daily tasks include monthly financial reporting, general ledger entries, record payments, maintaining accurate books on accounts payable and receivable, payroll, and daily financial entries and reconciliations. Your supervisor came to you this morning announcing a ban on using paper. He wants you to digitalise the financial system of Lattetude completely. Starting today, you have to create an estimated budget and send it out to respective departmental heads: Food & Beverages, Front Office, Human Resources, Finance Team and Housekeeping. You have heard about the Xero app for accounting, but you doubt it would work for a small business like Lattetude. You consult your supervisor, and he gives you a thumbs up. Now you have to figure out which feature or function of Xero will fulfil your organisation’s requirement. 14 SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022

Learning Activity Booklet 1. Which Xero features will you use to create an estimated budget as a bookkeeper? a. Budget Manager: Xero's Budget Manager enables you to create and manage budgets for different departments or cost centers in your organization. You can establish budgeted amounts for income and expenses, track actual figures, and compare them against the budgeted amounts. This feature offers a comprehensive overview of your financial performance and aids in projecting future budgets. b. Tracking Categories: Xero allows you to define tracking categories that classify your income and expenses based on various dimensions like departments, projects, or locations. By assigning tracking categories to transactions, you can easily analyze and monitor the budgetary performance of each category. This feature empowers you to create estimated budgets for specific areas within your business. c. Reporting: Xero provides a range of financial reports that support budgeting. Reports such as Profit and Loss, Cash Flow Statement, and Balance Sheet offer insights into your financial data, assisting you in understanding revenue and expense trends. By analyzing these reports, you can make well-informed decisions when formulating your estimated budget. 2. What are the pros and cons of using the Xero app for small businesses? Pros of using the Xero app for small businesses: Easy-to-use interface: Xero has a user-friendly interface that simplifies financial management tasks, making it accessible for small business owners and bookkeepers. Cloud-based platform: Xero operates on the cloud, allowing users to access their financial data from anywhere with an internet connection. This provides flexibility and convenience, especially for small business owners who are frequently on the move. Integration with other applications: Xero integrates with various third-party applications, such as payment processors and inventory management tools, SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022 15

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Learning Activity Booklet providing a streamlined and cohesive financial ecosystem for small businesses. Automation and time-saving features: Xero automates many financial processes, such as bank reconciliations and invoice generation, reducing manual data entry and saving time for small business owners. Collaboration and accessibility: Xero enables multiple users to collaborate on financial tasks, facilitating better teamwork and real-time access to financial data for all stakeholders. Cons of using the Xero app for small businesses: Learning curve: While Xero is user-friendly, there may still be a learning curve for individuals who are not familiar with accounting software. It may take time for users to get accustomed to the platform and its features. Cost: Xero is a paid accounting software, and the cost may be a consideration for small businesses with limited budgets. However, the pricing plans offered by Xero are generally affordable for small businesses. Dependency on internet connection: As Xero operates in the cloud, a stable internet connection is necessary to access and work on financial data. Limited or unreliable internet connectivity can hinder the ability to use Xero effectively. 3. Which features of the Xero app can be helpful for your business? Several features of the Xero app can be helpful for your business, including: Invoicing and Accounts Receivable: Xero allows you to create and send professional invoices to your customers. You can track the status of invoices, send automated reminders for overdue payments, and reconcile received payments against the invoices. This feature helps streamline your accounts receivable process and improves cash flow management. Bank Reconciliation: Xero integrates with banks and financial institutions, enabling automatic bank feeds and bank statement imports. The bank reconciliation feature matches transactions in your bank statement with those in Xero, making it easier to track and reconcile your financial records accurately. Expense Tracking: Xero provides tools to track and categorize business expenses. You can 16 SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022

Learning Activity Booklet capture receipts using your mobile device, categorize expenses, and track spending against your budget. This feature helps you monitor and control your expenses, ensuring better financial management. Financial Reporting: Xero offers a wide range of financial reports that provide insights into your business's financial performance. You can generate reports such as Profit and Loss, Balance Sheet, and Cash Flow Statement to analyze your income, expenses, assets, liabilities, and cash flow. These reports help you make informed decisions and monitor the financial health of your business. Integration with Third-Party Apps: Xero integrates with various third-party applications, such as payment processors, payroll systems, and inventory management tools. This integration allows for seamless data flow between different systems, reducing manual data entry and improving overall operational efficiency. SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022 17

Learning Activity Booklet Chapter 2: Monitor Financial Activities Against Budget Activity 1: ‘True’ or ‘False’ Quiz Let’s review what you’ve learnt from this Chapter. Read each statement below. Tick ‘True’ if the statement is correct, and ‘False’ if not. Statement Tru e Fals e A strong understanding of the expectations and challenges is essential when communicating your financial plan.  ☐ Before revealing the budget status to the appropriate colleagues, you should consider asking the following three questions: 1. How would the budget support your goals? 2. Which factors will impact the budget? 3. Will your colleagues approve of the budget?  ☐ While communicating your budget status, you should focus only on the organisation’s goal. ☐  When you present your financial and strategic plans, stakeholders expect greater transparency from you.  ☐ When you work in the finance department, you’re frequently required to balance conflicting interests.  ☐ An updated short-range financial forecast should always be included in your presentation.  ☐ You should be able to look forward to the future financial position of the organisation when evaluating the current trend in the budget.  ☐ 18 SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022

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Learning Activity Booklet Activity 2: Accuracy of Reference Records for Monitoring Purposes [Question and Answer] In your own words, briefly explain how you will monitor your business’s accuracy of reference records. To monitor the accuracy of reference records in my business, I would implement several measures. Firstly, I would establish a systematic record-keeping process that ensures all relevant information is properly documented and stored. This would include maintaining detailed records of financial transactions, customer interactions, inventory levels, and other critical data. Secondly, I would regularly conduct internal audits and reviews to verify the accuracy of the reference records. This could involve cross-checking the recorded information with supporting documents, such as receipts, invoices, bank statements, and contracts. By comparing the actual data with the recorded data, any discrepancies or errors can be identified and corrected promptly. Additionally, I would encourage a culture of accountability and attention to detail among the employees responsible for maintaining the reference records. Proper training and clear guidelines should be provided to ensure that everyone understands the importance of accurate record-keeping and follows the prescribed procedures consistently. Furthermore, leveraging technology and automation can significantly improve the accuracy of reference records. Implementing robust accounting software or customer relationship management systems can help streamline data entry, reduce human errors, and provide real-time access to accurate information. Lastly, regular reconciliation of financial statements and periodic external audits by independent professionals can provide an objective assessment of the accuracy of reference records. This external validation adds an extra layer of assurance and helps identify any areas that require improvement. Overall, by implementing a combination of systematic processes, internal reviews, employee training, technological tools, and external audits, I can effectively monitor the SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022 19

Learning Activity Booklet accuracy of reference records in my business and ensure the reliability of the information used for decision-making and reporting purposes. 20 SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022

Learning Activity Booklet Activity 3: Significance of Report Deviations [Word Search] Learner must find the words hidden within the word search puzzle. The answer key is as follows: 1. The difference that you can see between an observed value and an expected value of a variable. 2. In this industry, deviations are when an organisation’s expenses, such as revenue or labour, differ from its budget. 3. This rate is a percentage you get of the space to the total amount of available space. 4. A deviation that affects quality, a crucial process parameter, an instrument essential to process or control, the consequences of which can significantly impact the organisation. 5. This process should be followed while reporting a major deviation. F S L H X D G P T I W P H S W H Z L Q K S Z C L Q Y R T D H O S P I T A L I T Y T C U R I N V E S T I G A T I O N I X O M K C E Q N L A R U R P Z J T H Y O S B E G O T T O L E I D Y K N W E S R H X D R D C W R D R P D E D Z P K A Z U B X M O S C A C E I G C V E R L A D R L F M S L Y U E L H E G V R V V H X B R A Z I V Q U P P T B G V M A I O W H R E T E I O V G A C U K O K L T A T Y I L E Q L F F W A N S M X E L W I T S I E M C S J L U Z P C D X B F W T O I V T C F U T S N G A B Y C I F F Z G N O V N G A E M L X Q F A N J U I A G G B N M K Z I L D I C E S V K P O Y N O A X O K J B T N A X H A SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022 21

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Learning Activity Booklet Chapter 3: Identify and Evaluate Options for Budget and Improved Budget Performance Activity 1:‘True’ or ‘False’ Quiz Let’s review what you’ve learnt from this Chapter. Read each statement below. Tick ‘True’ if the statement is correct, and ‘False’ if not. Statement Tru e Fals e A flowchart will help you get to the root cause of your investigation. ☐  Reviewing the process or decision will ensure that it performs as per the expectations.  ☐ Do it directly without going through a trail procedure whenever you implement a change. ☐  Redesigning eliminates the problems you have in the process or decision. ☐  When analysing resources and costs for improvement, you need to map out the current process.  ☐ Reasons for the staff or customer frustrations, which are part of the process, cause delay.  ☐ While mapping the existing costs and resources, make sure that you do the following:  Explore each phase in detail  Consult relevant people  Predict income and expenditure  ☐ It is crucial to deal with potential threats before implementing your plan.  ☐ 22 SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022

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Learning Activity Booklet Activity 2: Branch Out the New Budgeting Approach [Complete a Process] Select the right type of new budgeting approach from the options given below. SELECTION Incremental Budgeting Cash Budgeting Capital Budgeting Value Proposition Budgeting Zero-based Budgeting Activity-based Budgeting SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022 23 New Budgeting Approach Approach 1 Approach 2 Approach 3 Approach 4

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Learning Activity Booklet Activity 3: Logical Recommendations to Successfully Manage Budget [Fill in the Blanks] Complete the statement below by filling in the blanks with the appropriate responses from the selected options. FILL IN THE BLANKS Understanding how detailed this particular version needs to design a budget is essential. You should consider breaking down budgets to the subdivisions of your organisation. A manager or a specific employee may have better access to details about frequent purchases. Departmental heads and heads of departments will take some time to adjust budgets based on performance. You should understand this fact and not pressurize them. For example, depending on the social media platform, a marketing manager may need to adjust spending between them. SELECTION Report Successful Performance Subdivisions Finance Budget Managers Departmental Head 24 SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022

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Learning Activity Booklet Chapter 4: Financial and Statistical Reports Activity 1: ‘True’ or ‘False’ Quiz Let’s review what you’ve learnt from this Chapter. Read each statement below. Tick ‘True’ if the statement is correct, and ‘False’ if not. Statement Tru e Fals e Your organisation’s financial reports are vital for the investors as it summarises your business’s financial performance.  ☐ When you are done with your balance sheet, your total value of the assets should be more than the liabilities’ total value.  ☐ A banking term refers to any activity that creates a debit or credit in an account; this includes BAS, superannuation etc., that must be submitted to the ATO. ☐  Statistical reports are usually written in Arial and Calibri fonts. ☐  The total retained earnings balance should be added to the remaining net income at the end of the period after deducting the amounts you distributed to shareholders or equity partners.  ☐ A holistic approach to business might be good but not necessarily suitable for decision making.  ☐ Since poor data quality can lead to poor decisions, resulting in lower organisational productivity, data quality plays a vital role in today’s organisations.  ☐ While your budget should be ambitious, it should also be realistic.  ☐ SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022 25

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Learning Activity Booklet Activity 2: Factors to Consider While Preparing a Financial Report [List/Identify Activity] List down any five factors for consideration in the preparation of financial reports. Accuracy: Ensuring the accuracy of financial information is crucial. It involves carefully recording and summarizing transactions, verifying data, and conducting regular reconciliations. Accuracy is vital for providing reliable financial reports that stakeholders can trust. Relevance: Financial reports should provide relevant information to the intended users. Consider the needs of different stakeholders, such as investors, creditors, or management, and include information that helps them make informed decisions. Relevant information should be timely, understandable, and tailored to the specific needs of the users. Compliance: Financial reports must adhere to applicable accounting standards and regulations. Compliance ensures that the reports follow standardized principles and guidelines, promoting consistency and comparability. This factor is particularly important for ensuring legal compliance and facilitating meaningful comparisons with other organizations. Consistency: Maintaining consistency in financial reporting is essential for accurate analysis and decision-making. Consistency involves applying the same accounting policies and methods consistently across reporting periods. Changes in accounting policies should be properly disclosed and explained to maintain transparency. Transparency: Financial reports should be transparent and provide a clear view of the organization's financial position, performance, and cash flows. Transparency includes disclosing all relevant information, including significant accounting policies, assumptions, estimates, and potential risks. It helps stakeholders understand the financial health of the organization and assess its future prospects. 26 SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022

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Learning Activity Booklet Activity 3: Role Play in Preparing and Presenting Recommendations [Role Play] LATTETUDE’S APPEAL TO UPGRADE Lattetude is a small, emerging café in the city of Cairns. Young adults and teenagers frequent the café for their cheap, light snacks or a quick chat with their peers or with the friendly baristas. You are the General Manager at Lattetude. Some of your daily tasks include overseeing the day- to-day running of the café, resolving challenges faced by customers and employees, hiring and training employees, and maintaining inventory. Your assistant comes to you in the morning and informs you that appliances like espresso grinder, blender, and coffee machine, are almost all broken down. The team has to cater to every order manually. The existing funds are insufficient to upgrade the café kitchen. You informed the owner of the café, but he was not convinced. So, you decided to prepare and present a presentation that would turn his no and maybe into a definite yes! SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022 27

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Learning Activity Booklet Role Play Activity Role play the scenario with a General Manager/Café Owner to prepare and present a presentation to persuade the owner of the Café to upgrade appliances in the café kitchen. Make sure that you follow the checklist mentioned below. Perform this activity while being observed by your trainer. If your trainer is not available to directly observe you, you may video record the role play activity and submit the recording to your trainer. Your role For this activity, you will take the role of the General Manager The volunteers’ role For this activity, the volunteers will take the role of:  Assistant  Café Owner 28 SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022

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Learning Activity Booklet Attached OBSERVATION FORM (ASSESSOR’S USE ONLY) During the role play activity, learner: YES/N O 1. Introduces the communication task of the communication activity. Communication task must correspond to the task that has been identified in the learner’s Verbal Communication Plan. ☐ YES ☐ NO 2. Identifies the name of the audience or stakeholder the learner communicates with. Audience must correspond to the audience that has been identified in the learner’s Verbal Communication Plan. ☐ YES ☐ NO 3. Uses a verbal communication method appropriate to their communication task. Communication method must correspond to the method that has been identified in the learner’s Verbal Communication Plan. ☐ YES ☐ NO 4. Discusses the information to be communicated. Information to be communicated must correspond to the information that has been identified in the learner’s Verbal Communication Plan. ☐ YES ☐ NO Trainer’s Overall Feedback SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022 29

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Learning Activity Booklet Well done! Now that you have completed the activities in this workbook, you are ready to take your assessments. Use your Learner Assessment Pack for this unit. Discuss with your trainer/assessor first to know the steps to complete your assessment. Good luck! 30 SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022

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Learning Activity Booklet End of Document SITXFIN009 - Manage finances within a budget (Release 1) Learning Activity Booklet Produced 17 June 2022 31

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