Manage Finances Effectively: Learner Assessment Pack Guide

Table of Contents Assessment Delivery ................................................................................................................................ 5 Candidate Information ............................................................................................................................. 6 Steps for Learners .................................................................................................................................... 8 Reasonable Adjustment ........................................................................................................................... 9 Resources Required for Assessment ...................................................................................................... 10 Accessing Intranet Pages ........................................................................................................................ 12 Assessment Agreement ......................................................................................................................... 13 Assessment Tasks ................................................................................................................................... 16 Contextualisation of Assessments by RTOs ........................................................................................... 17 Knowledge Assessment .................................................................................................................... 18 Practical Assessment ......................................................................................................................... 30 Workplace Assessment ................................................................................................................. 31 Assessment Overview ............................................................................................................... 31 Contextualisation ...................................................................................................................... 33 Simulating the Assessments ..................................................................................................... 35 Task 1: Allocate Budget Resources ............................................................................................ 36 Task 2: Inform Relevant Personnel About Budget Allocation .................................................. 40 Task 3: Promote Awareness of Importance of Budget Control ............................................... 42 Task 4: Complete Financial and Statistical Reports .................................................................. 44 Task 5: Budget Monitoring Report ............................................................................................ 47 Task 6: Budget Performance Report ......................................................................................... 52 Task 7: Communicate on Budget Performance With Relevant Personnel .............................. 56 Assessment Workbook Checklist ........................................................................................................... 58 Assessment Workbook Checklist ...................................................................................................... 59 Recording ............................................................................................................................................... 61 Record of Assessment ....................................................................................................................... 62

Learner Assessment Pack Assessment Delivery SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

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Candidate Information This Learner Assessment Pack is designed for you to complete the assessment for SITXFIN009 – Manage finances within a budget (Release 1) . It may refer to your own workplace/organisation, or to a simulated business provided by your assessor. The assessment tasks include Knowledge Assessment where you need to demonstrate your knowledge and understanding of the unit, and the Practical Assessment, where you need to demonstrate your skills required in the unit. It is recommended that you complete the Practical Assessments in your own workplace/organisation. If you don’t have access to a real workplace, you can complete the assessment in a simulated environment where resources and conditions similar to a workplace must be accessed. Ensure to discuss this with your assessor prior to commencing with the assessment. Each Learner Assessment Pack is made up of four parts: Assessment Delivery Learner Information Steps for Learner Assessment Agreement Assessment Tasks Assessment Tasks, including: ▪ Knowledge Assessment ▪ Practical Assessment Assessment Workbook Checklist Assessment Workbook Checklist Recording Record of Assessment SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

Before you commence your assessment, ensure that you have a good knowledge of the subject, have thoroughly read your Learner Resource, and clearly understand the assessment requirements and the expectations of the industry to which the assessment is related. Assessments are designed to be completed using your industry/organisation, but your Registered Training Organisation (RTO) may assist you by contextualising the unit to be completed in a simulated workplace environment. You will be required to demonstrate knowledge and skills which must be observed directly by your assessor. Where the observation task may be difficult for the assessor to directly observed, a video recording of the practical observation task must be submitted as supplementary evidence. Verification from at least one third-party signatory, and preferably two or more witnesses is required to confirm your demonstration of these practical knowledge and skills. These witnesses would usually be your current or recent supervisors, or your assessor. The practical assessment tasks may be completed using your own workplace, a simulated environment, or a mix of both, as instructed by your assessor. To contextualise this assessment to your industry/organisation, you may be asked by your assessor to provide additional information based on your industry/organisation. Instructions are given for each task. If you have questions, or unclear how to proceed, consult with your assessor. Records of all aspects of the assessment must be kept in your Learner Assessment Pack The record of assessment is a legal document and must be signed, dated, and a copy stored as required by your Registered Training Organisation (RTO). SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

Steps for Learners Your Learner Assessment Pack: 1. Upon receiving your Learner Assessment Pack, discuss with your assessor the expectations and requirements of this assessment. You may also need to supply contact details of one or two work referees who can confirm your skills in the industry. Discuss with your assessor if you intend to undertake the practical assessment tasks based on your employing organisation, in a simulated business, or in a mix of both. 2. Your Learner Assessment Pack is where you will get the task information. Complete each task as instructed using either your own workplace, or using a simulated business, as discussed with your assessor. 3. After you complete your assessment, gather and submit your evidence documents as detailed in the task(s) in the timeframe agreed with your assessor. Your assessor will advise you if there are any further steps for you to take to satisfactorily complete this assessment. SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

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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) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

Resources Required for Assessment To complete the Practical Assessment tasks, you will require access to: ▪ Computer with internet and email access, and a working web browser ▪ Installed software: Word, Adobe Acrobat Reader ▪ A workplace, or a simulated workplace environment that will allow you access to: o Organisation’s accounting software Accounting software refers to an automated control system that help in recording and reporting the financial transactions of the business. o Workplace documentation, including: • Organisational operating procedures • Organisation’s three-month budget • Staff and rostering requirements • Existing suppliers of the organisation • Documents containing information on the use of budget of the three-month period • Organisational procedures for reporting deviations in budget • Existing costs and resources • Customer service levels o Workplace templates, including or similar to the following: • Budget monitoring report • Budget performance report SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

o People, including: • At least two relevant colleagues who will be involved in the following: - To discuss fund allocation in Workplace Assessment Task 1 - To communicate with about the monitoring information in Workplace Assessment Task 5. - To discuss budget performance in Workplace Assessment Task 6. Colleagues refer to staff members of the organisation who are responsible for implementation of activities based on allocated budget. • At least two relevant personnel who will be involved in the following: - To communicate budget allocation and resource decisions from Workplace Assessment Task 1 - To communicate information on new approaches and recommendations for budget management in Workplace Assessment Task 7. Relevant personnel refer to senior members of the organisation who approve budget and are responsible for the financial performance of the organisation. o Opportunity to: • Discuss fund allocation and resource decisions in the workplace with at least two appropriate colleagues • Promote budget awareness in the workplace SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

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Accessing Intranet Pages Some assessment tasks may require you to access specific pages from the simulated business, The Continent Hotel. Links to these pages are formatted in Blue Text . To access these, hold the Ctrl key for Windows users while clicking on these links. For Mac users , directly click the link. The simulated business, The Continent Hotel, can be accessed by going to http://thecontinenthotel.precisiongroup.com.au/ Login to The Continent Hotel using the username and password provided by your Registered Training Organisation (RTO). Login to The Continent Hotel using these details: Username: trumpcollegelearner Password: trumpcollege@123 SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

Assessment Agreement Please tick at least one of the following for each section: ✓ Delivery Method Classroom ☐ Small Group ☐ One-on-One ☐ Online ☐ Other (please describe) ☐ Assessment Pathway (for Practical Assessment) Learner’s Organisation (Pre-assessment meeting conducted) ☐ Simulated Workplace Environment (Contextualised by RTO) ☐ SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

Assessment Conditions Skills must be demonstrated in an operational business environment. This can be: An industry workplace; or ☐ A simulated industry environment set up for the purposes of assessment. ☐ Assessment must ensure access to: Computers, printers and software packages ☐ Budgets for specific projects, events or operational activities ☐ Others with whom the individual can discuss budget components. These can be: Those in an industry workplace who are assisted by the individual during the assessment process; or ☐ SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

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To the assessor: Refer to the learner’s name and signature on this page to authenticate each of the learner’s submissions. End of Assessment Agreement SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

Learner Assessment Pack Assessment Tasks SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

Tasks Complete all tasks in this assessment as instructed. If you have questions, consult with your assessor. Contextualisation of Assessments by RTOs Contextualisation is the process of modifying assessment tools to make learning more meaningful for learners and their employers. Precision RTO Resources recommends that your RTO contextualise the assessment tools to suit particular industry requirements and specific organisational requirements before using them. Contextualisation must retain the integrity of the assessment and the outcome of the unit of competency. SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

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Knowledge Assessment Type of Financial Record Purpose of Type of Financial Record a. Bank deposit documentation The deposit slip informs the teller which bank account number to which the funds should be credited. If necessary, customers can request a copy of their deposit including the deposit slip to show the itemized amounts that made up the total deposit. b. Bank statements A bank issues a bank statement to an account holder that shows the detailed activity in the account. It allows the account holder to see all the transactions processed on their account. Banks usually send monthly statements to an account holder on a set date. c. Business activity statements (BAS) These statements are used to report on and pay several different types of taxes including the Goods and Services Tax (GST) you've collected, Pay as You Go (PAYG) instalments or withholding, Fuel Tax Credits (FTC) and Fringe Benefits Tax (FBT). d. Credit card transaction statements The credit card statement lists all the transactions that the borrower makes during the period, including withdrawals and payments. It also includes additional finance charges and fees, and provides instructions that explain how much the borrower must pay and where the borrower must send the payment. e. Invoices The primary purpose of an invoice is to provide a business and its client with a record of sale. An invoice serves an important purpose in small business accounting: invoices demonstrate a client's obligation to pay you for SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

your services. f. Journal entries The purpose of a journal entry is to physically or digitally record every business transaction properly and accurately. If a transaction affects multiple accounts, the journal entry will detail that information as well. g. Relevant Labour and wages reports A labor cost distribution report is an accounting statement that provides business owners and HR managers with data critical to their decision making: work hours, wages, benefits, deductions, etc. h. Merchant statements A merchant statement is a financial report that lists the total transaction volume, sales activity, processing fees charged to a merchant account within a particular month. Merchant statements help merchants closely monitor their financial activities and plan their budgets accordingly. i. Transaction reports The primary purpose of transaction reports is to detect and investigate suspected market abuse, insider trading and market manipulation. Review of a transaction report is a key part of any investigation into alleged market abuse reported to any national competent authority. Type of Budget Purpose of Type of Budget a. Cash budgets The primary objective of a cash budget is to forecast future cash balances in order to identify potential deficits and surpluses. Based on the forecasted balances, finance professionals work to create plans that manage those situations effectively. SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

b. Cash flow budgets The primary purpose of using a cash flow budget is to predict your business's ability to take in more cash than it pays out. This will give you some indication of your business's ability to create the resources necessary for expansion, or its ability to support you, the business owner. c. Departmental budgets Departmental budgeting offers more control over spending at the department level, allowing teams to analyze performance in a granular way. Benefits include risk management and the ability to see which areas are profitable and which are not. d. Project budgets A project budget is the total projected costs needed to complete a project over a defined period of time. It's used to estimate what the costs of the project will be for every phase of the project. Creating a project budget is a critical part of the project planning process. e. Purchasing budgets A purchases budget is created to keep track of the company's inventory value and the amount of goods sold. It also is used to help you keep track of your desired ending inventory value each month. The purchases budget is often just a partial budget for a business and is often found in a business master budget. f. Sales budgets The sales budget is a planning tool that allows companies to manage resources and profits based on expected sales. It takes into account previous sales patterns and budgets for similar time periods so that each department can have a big-picture idea of where they stand financially. g. Wages budgets Salaries make up the greatest portion of the expenditure budget. It is important for organizations to create salary budgets because it helps organizations understand what percentage of their overall budget should go to payroll. Knowing your salary budget helps your SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

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company to stay on track throughout the year. h. Whole of organisation budgets An organisation budget is a total planned budget for an organisation for a given time period, and these can be broken down into different programmes or areas of work. These budgets are published in organisation files. IATI recommends that organisation files contain budgets for the next three fiscal years. Financial Factors Importance of Financial Factors in Preparing Financial and Statistical Reports a. Cash flow Cash flow is defined as the amount of money entering and leaving your business over a given period of time. Cash flow is important because it enables you to meet your existing financial obligations as well as plan for the future. b. Commercial account activity A commercial account is usually a checking or other type of demand deposit account, meaning the money can be withdrawn at any time. Commercial banking account customers are also offered services, such as credit products, cash management, and investments. c. Commission earnings Employers offer a commission to motivate their employees and make them more productive and generate more sales and attract customers. Sales and marketing jobs in many industries, such as automobiles and real estate, generally offer commission-based compensation. d. Covers The cover of a book works as a salesman to its audience, and the cover needs to be recognised SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

as an important tool – not just to service its original purpose, which is to protect and bind the pages of a book (you can read more about the evolution of the book cover in our blog here). e. Financial returns Return on investment, better known as ROI, is a key performance indicator (KPI) that's often used by businesses to determine profitability of an expenditure. It's exceptionally useful for measuring success over time and taking the guesswork out of making future business decisions. f. Daily, weekly and monthly transactions To keep the inside track on everything that’s happening within your project, checking in on team members daily can help you keep your finger on the pulse of the project. The most important difference with getting a daily project status report is that they shouldn’t take up too much of an employee’s time. A week is a great short-term waypoint to check in and get more detailed information about how a team member is managing with their task strand. It allows for a more detailed picture to be painted of what has been done over the past working week and whether or not goals and direction are still aligned. Depending on project length, a monthly project status report can often be the most long-term reporting period available to a project manager. This means that they are often most effective as overall review tools, with team members giving their opinion on how tasks were handled. g. Expenditure Public expenditure is considered as an important tool of fiscal policy. Public expenditure creates and increases the scope of employment opportunities during depression. Thus, public expenditure can prevent periodic cyclical fluctuations. SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

h. Income As investors, we know that income is an essential component of total return. Income clearly demonstrates its importance in the fixed-income market, but is also critically important in equities, real estate and currency investing. i. Occupancy rates Occupancy rate in hotels is an important KPI for hotel revenue management in order to understand how many of the available rooms are actually being used. Furthemore, knowing this number can help you better understand important information about your hotel. j. Sales performance In order to secure more sales, agents have to be connecting well with customers. Tracking your sales performance also sets you up to meet or exceed your company's revenue goals. The formula is pretty simple: the more sales your reps close, the more revenue your company generates. k. Staff costs Staffing costs are usually an MSP's biggest expense, and a common beginner's mistake is to underestimate this cost. Ultimately, having a good grasp of these costs can be the difference between your company turning a healthy profit or barely breaking even. l. Stock levels The purpose of stock control is to reduce the costs of holding stock while ensuring you can meet customer demand and making sure that there's enough material for production. Businesses should always have a 'safe' amount of stock so that they're able to react and cover any unforeseen issues. m. Variance in income or expenditure The result could be greater income than originally forecast. Conversely, an unfavorable variance occurs when revenue falls short of the budgeted amount or expenses are higher than predicted. As a result of the variance, net income may be below what management SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

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originally expected. n. Wastage It is a quantity loss of material in the process of producing goods. Waste is brought into record by comparing the input quantity with the output quantity. Waste may occur due to shrinkage, smoke, weight loss and evaporation causing the material to become waste. They are material losses causing a quantity loss. o. Yield Since a higher yield value indicates that an investor is able to recover higher amounts of cash flows in their investments, a higher value is often perceived as an indicator of lower risk and higher income. SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

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Financial Documents Purpose of Each Financial Document Inclusion of Each Financial Document Specific Type for Each Financial Document Budgets A budget is a financial plan that shows where your money is coming from, how much is there and where it is all going. It is a plan to use as a basis for saving, spending and borrowing. It allows you to see your income against your expenses so you can make informed financial decisions. i. Capital budget i. Static budgets ii. Revenue budget ii. Flexible budgets Financial Reports Financial reporting aims to track, analyze and report your business income. This helps you and any investors make informed decisions i. Balance sheets i. S tatement of cash flows ii. Income statements ii. statement of stockholders' equity

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about how to manage the business. These reports examine resource usage and cash flow to assess the financial health of the business. Statistical Reports The statistical report provides basic information about the table that is processed in each step. The statistical report also indicates the number of key values used to retrieve rows in the table. i. Data sets i. D escriptive statistics ii. Statistical results ii. I nferential statistics

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Budget Terminologies Definition of Budget Terminologies a. Budgeting cycle The budget cycle consists of different phases: preparation and formulation, approbation by a vote, execution, revision, and control of the budget. The budget refers to a fiscal year, and, sometimes, the budget covers a period larger than the fiscal year (multi-year budget). b. Income The term “income” generally refers to the amount of money, property, and other transfers of value received over a set period of time in exchange for services or products. c. Expenses An expense is the cost of operations that a company incurs to generate revenue. As the popular saying goes, “it costs money to make money.” Common expenses include payments to suppliers, employee wages, factory leases, and equipment depreciation. d. Projected profit Also known as the profit and loss (P&L) statement, you just deduct your expenses from your revenue. If your expenses exceed revenue, look for ways to reduce costs or increase sales. Your projected income statement will show you how much net profit you'll have after you've deducted all of your expected expenses. e. Assets An asset is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit. Assets are reported on a company's balance sheet. They are bought or created to increase a firm's value or benefit the firm's operations.

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a. Briefly explain the importance of budget control in the organisation. The importance of budgetary control is reflected from the fact that it helps the management to efficiently track the company's performance. Such monitoring ensures that the deviation of the company's actual performance from the budgeted one is always under the scanner and can be rectified before it is too late. b. Briefly explain how budgets are used to control costs of the organisation. Budgeting helps you see flaws in in your financial plans and anticipate possible cash flow problems. At the same time, you can identify the key costs in your business and find opportunities to cut unnecessary spending and reduce your overheads. c. Briefly explain how budgets are used to enhance profitability of the organisation. It enables the business owner to concentrate on cash flow, reducing costs, improving profits and increasing returns on investment. Budgeting is the basis for all business success. It helps with both planning and control of the finances of the business. Budgeting Techniques How Budgeting Technique is Used to Maximise Budget Performance a. Incremental budgeting Incremental budgeting is the traditional budgeting method whereby the budget is prepared by taking the current period's budget or actual performance as a base, with incremental amounts then being added for the new budget period. b. Activity-based budgeting Activity-based budgeting (ABB) is a method of budgeting where activities that incur costs are SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

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recorded, analyzed and researched. It is more rigorous than traditional budgeting processes, which tend to merely adjust previous budgets to account for inflation or business development. c. Zero-based budgeting Zero-based budgeting tries to achieve an optimal allocation of resources to the parts of the business where they are most needed. It does this by forcing managers to justify every activity in their department as they know that, until they do this, the budget for their department is zero. d. Value proposition budgeting As its name implies, value proposition budgeting (VPB) is all about driving value. This means that you’ll have to justify expenses. But when you evaluate every cost item, you also know how much value every dollar spent should bring in. a. Identify Transactions b. Record Transactions in a Journal c. Posting d. Unadjusted Trial Balance

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SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources e. Worksheet f. Adjusting Journal Entries g. Financial Statements h. Closing the Books SITXFIN009 - Manage finances within a budget (Release 1)

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Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

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SITXFIN009 - Manage finances within a budget (Release 1) Learner Assessment Pack Produced 17 June 2022 © Precision RTO Resources

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Accounting Software Features of Accounting Software Function of Each Feature Identified MYOB i. Connect your bank account Allocate bank transactions directly to MYOB Essentials accounts, or match them to transactions you've already entered ii. Unlimited bank feed transactions Allow information from your financial institution to be sent straight to AccountRight so you can save time on your data entry XERO i. Send invoices If you've received a contact's Xero network key and added it to their contact details, you can send them an invoice from Xero to Xero. This creates a draft bill in their organisation ii. Claim expenses Each user in your organisation can add receipts for their own personal spending. They can't enter a receipt on behalf of someone else. Once all receipts have been added in Xero, a claim can be submitted for approval Quickbooks i. Ease of Managing Reports and Finances Management Reports allows you to create a set of beautiful reports in a . PDF format package to send to your

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client which includes a cover page, executive summary, reports and notes ii. Quick and Easy Inventory Management Quickbooks Inventory Management Software organizes your inventory and makes it easy to find products and services. You can track inventory on hand, get alerts for reorder levels, and get insights on what you buy and sell SITXFIN009 - Manage finances within a budget Learner Assessment Pack 31

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Practical Assessment The Practical Assessment is a set of tasks that must be completed in an industry workplace; or a simulated industry environment set up for the purposes of assessment. To be assessed for this unit of competency, you must demonstrate your skills and knowledge to interpret budgetary requirements, allocate resources, monitor actual income and expenditure, and report on budgetary deviations. The Practical Assessments in this workbook include: 1. Workplace Assessment A series of tasks assessing the learner’s practical knowledge and skills relevant to the unit of competency. This includes the learner completing workplace documents or similar as evidence of competent performance. 2. Workplace Practical Observation A set of assessment tasks where the learner must demonstrate practical skills relevant to the unit of competency. These skills are to be demonstrated while being observed by the assessor. IMPORTANT! ▪ All signatures/initials in your submissions, including yours, must be handwritten and dated. Submissions with signatures/initials must be scanned. ▪ The supervisor/observer who completes and signs your evidence submissions must provide their real name, contact number, and email address for your assessor’s reference. ▪ Should you encounter issue or concerns regarding your assessment, contact your assessor.

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Workplace Assessment Assessment Overview This workplace assessment requires you to manage and monitor a budget for a business over a three-month period that meets the specific business’ needs. This assessment is divided into seven tasks: ▪ Task 1: Allocate Budget Resources ▪ Task 2: Inform Relevant Personnel About Budget Allocation ▪ Task 3: Promote Awareness of Importance of Budget Control ▪ Task 4: Complete Financial and Statistical Reports ▪ Task 5: Budget Monitoring Report ▪ Task 6: Budget Performance Report ▪ Task 7: Communicate on Budget Performance With Relevant Personnel You are required to complete the assessment tasks in an industry workplace; or a simulated industry environment set up for the purposes of assessment. Each task comes with a set of instructions. You are to follow these instructions to complete the assessment. Each task will require you to either: ▪ Submit completed workplace templates and/or any required documentation; or ▪ Demonstrate task requirements while being observed by the assessor. Some tasks may include both requirements. These will serve as evidence of your task completion. Before starting this assessment, your assessor will discuss with you these instructions, resources, and guidance for satisfactorily completing the tasks.

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You are required to: ▪ Complete the tasks within the time allowed, as scheduled in-class roll. ▪ Discuss fund allocation of the organisation with at least two relevant colleagues: ▪ Consult with at least two relevant personnel and inform them about budget allocation completed in Workplace Assessment Task 1. ▪ Promote awareness of the importance of budget control in the workplace. ▪ Complete financial and statistical reports for the financial activities of the three-month budgetary cycle. ▪ Monitor the financial activities of the organisation on three instances based on the resource allocation completed in Workplace Assessment Task 1. ▪ Identify and evaluate options to improve budget performance. ▪ Communicate information on new approaches and recommendations for budget management to relevant personnel. Resources Required for Assessment Resources you need to access to complete the workplace assessment are outlined in the Resources Required for Assessment section of this workbook, and in the corresponding Assessor’s Checklist and/or Observation Form of each task. Discuss each requirement with your assessor before commencing with each task. They will organise the resources required for this assessment. IMPORTANT: Additional workplace resources may be required upon the contextualisation of this assessment. Forms and Templates Generic forms and templates to be used for the assessments are specified for each task, unless otherwise stated . These can be accessed from the following link: SITXFIN009 Forms and Templates If you are currently in a workplace, use similar workplace templates and forms used by your organisation to complete each assessment task. Discuss with your supervisor and your assessor first to ensure that the forms/templates you will use cover all criteria required by each assessment task. Review these forms and templates with your assessor before starting the task.

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Task 1: Allocate Budget Resources ASSESSMENT INSTRUCTIONS Your assessor will observe you as you discuss fund allocation of the organisation with at least two relevant colleagues: Before starting this task, you must access and review the following: ▪ Your organisation’s accounting software ▪ Organisational operating procedures ▪ Workplace documents and/or sources of information on the following: o Organisation’s three-month budget o Staff and rostering requirements o Existing suppliers of the organisation You will be assessed on your practical skills to: ▪ Discuss fund allocation of the organisation with at least two relevant colleagues. Colleagues refer to members of the organisation who are responsible for implementation of activities based on allocated budget. Discussion must include the following: o The organisation’s three-month operational budget. o The organisation’s current operating procedures o Identify at least one priority for each operational factors of the organisation: • Staff requirement • Rostering requirement • Operating needs • Existing supplier requirement • New supplier requirement o Identify at least two changes for each of the following based on priorities identified: • Organisational income • Organisational expenditure

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Task 2: Inform Relevant Personnel About Budget Allocation ASSESSMENT INSTRUCTIONS This task will require you to consult with at least two relevant personnel and inform them about budget allocation completed with colleagues in Workplace Assessment Task 1 . Relevant personnel refer to senior members of the organisation who approve budget and are responsible for the financial performance of the organisation. To complete this task, you must: ▪ Access and review evidence of fund allocation from Workplace Assessment Task 1 . This sheet can be accessed through the accounting software used in Workplace Assessment Task 1. ▪ Identify at least two relevant personnel to communicate with. ▪ Consult with the identified relevant personnel to inform them about the budget allocation and resource decisions from Workplace Assessment Task 1 . Review Workplace Assessment Task 2 – Assessor’s Checklist before starting this task. This form outlines the following: ▪ Resources you are required to access to complete the task. ▪ All criteria your submission must address to satisfactorily complete this task. Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment. Submit the evidence of informing relevant personnel about budget allocation. Evidence must be at least one of the following: ▪ Email correspondence ▪ Meeting minutes ▪ Video recording of the meeting conducted When using this as evidence, ensure to inform the relevant personnel of the purpose of the recording before doing so . Subject : Budget Allocation Notification Respected Sir I hope this email finds you well the motive is to inform voucher recent allocation of project process which have been completed task one by being the senior member of the organization. Which is responsible for the performance of finances important musician it is important for you to be aware about the budget allocation decisions and

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distribution of resources. In the document attached the summary of allocation of budget details including the allocation of funds to each department which is based on the concentration and careful analysis of organizational priorities and rules. I encourage you to review the document attached to families and thoroughly yourself without budget details allocation. Suggestion regarding the implementation or allocation of fund please let me know your expertise and input are highly valued in the management effectiveness of financial resources. Thank you for attention to this matter together we can go towards successful realization of the organization of goal. With Regards Mr. X

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Task 3: Promote Awareness of Importance of Budget Control ASSESSMENT INSTRUCTIONS This task will require you to promote awareness of the importance of budget control in the workplace. To complete this task, you must: ▪ Access and review evidence of fund allocation from Workplace Assessment Task 1. ▪ Promote awareness in the workplace about importance of budget control Promotion of awareness will be done for the entire staff in the workplace. Review Workplace Assessment Task 3 – Assessor’s Checklist before starting this task. This form outlines the following: ▪ Resources you are required to access to complete the task. ▪ All criteria your submission must address to satisfactorily complete this task. Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment. Submit the evidence of promoting awareness. Evidence must be at least one of the following: ▪ Email correspondence ▪ Meeting minutes ▪ Video recording of the promotion activity conducted. Email Subject: importance of budget control promoting awareness dear team I hope this email finds you in a good health I would like to take this I like your opportunity for the importance of control and budget in our office as you may recall through allocation of fund for migration we recently completed in assessment task manager workplace and it is important that we appreciate and understand the significance of control on budget achieving polls in financial statement. Budget control report to the process of effectively monitoring and managing financial resources to ensure that all the line are in expenses with the fund allocated. The benefits can be financial stability by effective budget control enables us to maintain an insurance financial stability and expenses or available resources do not exceed.

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Optimization of resources by active monitoring budget identifying the sources misallocation or underutilization after resources. It also helping taking decisions for providing valuable performance financial insight and help us to make decisions inform the regular budget tree distribution. If any query please let me know. Thank you for your time. With Best Wishes Mr. X

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Task 4: Complete Financial and Statistical Reports ASSESSMENT INSTRUCTIONS This task will require you to complete financial and statistical reports for the financial activities of the three-month budget based on allocated funds completed in Workplace Assessment Task 1 . To complete this task, you must: ▪ Access and review: o Evidence of fund allocation from Workplace Assessment Task 1 o Workplace documents containing information on the use of budget of the three- month period o Your organisation’s accounting software This must be the same software used in Workplace Assessment Task 1. ▪ Complete the following reports for the three-month budget, using your organisation’s accounting software: o At least three financial reports – one for each month o At least three statistical reports – one for each month Review Workplace Assessment Task 4 – Assessor’s Checklist before starting this task. This form outlines the following: ▪ Resources you are required to access to complete the task. ▪ All criteria your submission must address to satisfactorily complete this task. Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment. Submit the following printed copies generated using the organisational accounting software to your assessor: ▪ At least three financial reports – one for each month ▪ At least three statistical reports – one for each month Include any supplementary documents used to complete this task, such as workplace documents containing information on the use of budget of the three-month period. Financial and Statical Reports Financial Report Income statement: In this section the organization expenses, revenues and net losses and net income is given. Balance sheet: this section provides a detailed overview of the

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organization library affect and equity at the month end and catch the statement outlines on addition outflow and improve in cash during month indicate uses of cash and other resources (Madura, 2020). Statical Report sales performance gives the sales figure including the revenues and return number of units sold and relevant sales patent trends and customer satisfaction includes customer rating feedback or survey result related to satisfaction with organization services of products and operational efficiency highlights though operational metrics such as labour productivity production output or efficiency ratio Azure organization performance operational.

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Task 5: Budget Monitoring Report ASSESSMENT INSTRUCTIONS The task will require you to monitor the financial activities of the organisation on three instances based on the resource allocation completed in Workplace Assessment Task 1 . Use your workplace/organisation’s template to complete this task, or use the Budget Monitoring Report template provided at The Continent Hotel site. To complete this task after each month, you must: ▪ Access and review: o Evidence of fund allocation from Workplace Assessment Task 1 o Financial reports submitted in Workplace Assessment Task 4 o Statistical Reports submitted in Workplace Assessment Task 4 o Organisational procedures for reporting deviations in budget ▪ Identify the following based on the financial reports accessed and reviewed: o Records for actual income o Records for actual expenditure ▪ Review the identified records to ensure information is accurate. ▪ Check the actual income and expenditure against allocated budget to identify the following: o At least two deviations against the allocated budget o At least two options for more effective management of deviations o At least two targets of the organisation on budget usage o Budget status of the organisation based on the targets identified This is completed in three instances - one for each month monitored ▪ Communicate with two colleagues on the following: These colleagues must be the same as those identified in Workplace Assessment Task 1. o Report identified deviations according to their significance o Review of identified options to manage deviations o Report at least two targets of the organisation on budget usage o Report on the budget status against the budget usage targets.

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Review Workplace Assessment Task 5 – Assessor’s Checklist before starting this task. This form outlines the following: ▪ Resources you are required to access to complete the task. ▪ All criteria your submission must address to satisfactorily complete this task. Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment. Review the template you will use to complete this task. If you are using a template from your workplace/organisation, discuss with your assessor to ensure that the template covers all requirements that apply to this task. Otherwise, use the Budget Monitoring Report template provided at The Continent Hotel site. Submit the following to your assessor: ▪ At least three completed budget monitoring report – one for each month ▪ Evidence of communication with colleagues on the monitoring information Evidence must be at least one of the following: o Email correspondence o Meeting minutes o Video recording of the meeting conducted with the colleagues When using this as evidence, ensure to inform the colleagues of the purpose of the recording before doing so. Budget Monitoring Report Introduction This budget monitoring report provides an detailed overview of activities of financials of the conversation of the people of reporting the reporter faced on top fund allocation of task one and discussion with the other employees. Actual Income and Expenditure Based on the financial report reviewed and assessed the following records were identified for actual expenditure and income: Actual Income: $ 560000 Actual Expenditure: $ 33000 (Petty, et al., 2015).

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Deviations Against Allocated Budget

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Task 6: Budget Performance Report ASSESSMENT INSTRUCTIONS This task will require you to identify and evaluate options to improve budget performance based on monitoring completed in Workplace Assessment Task 5 . Use your workplace/organisation’s template to complete this task, or use the Budget Performance Report template provided at The Continent Hotel site. To complete this task, you must: ▪ Access and review the following: o Evidence of fund allocation from Workplace Assessment Task 1 o Budget monitoring report from Workplace Assessment Task 5 o Documents and/or sources of information on the following: • Existing costs and resources • Customer service levels ▪ Discuss the following with at least two colleagues: These colleagues must be the same as those identified in Workplace Assessment Task 1. o Assessment of existing costs and resources o At least two areas of improvement in budget performance o At least two desired budget outcomes. ▪ Conduct research to identify at least two new approaches to budget management ▪ Identify at least one advantage of each new approach. ▪ Identify at least one disadvantage of each new approach. ▪ Complete a budget performance report based on the above information.

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Budget Performance Report Improvement Areas Based on the evaluation the areas which needs to be improved are cost control measures by implementing Stricker measures of cost control switches expenses approval process and regular expense monitoring will help in reducing and improving the performance of project. The second is optimization of resources through improved scheduling and planning can lead to enhance efficiency and cost saving.

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Desired Budget Outcome The force is cost reduction which needs to be primary goal is to achieve while required level of service is maintained by the quality and by implementing cost saving measures effectiveness we aim to decrease overall income and expenses of the performance of organization. The second is by improving stability of financials and minimising the shortfall of the budget this will allow us to allocate more strategical resources and areas of organization are key invested. New Approaches to Budget Management Zero based Budgeting: it focus on reviewing all expenses and budgetary waste is eliminated and ensured funds based on necessity and on values. Activity Based Budgeting: it creates the relationship between cost and activities enabling or more allocated accuracy of better limit and resources with organizational rules (Bril, et al., 2020). Conclusion This performance budget report highlights the need of resource optimization and cost control measures and implementation of budget management to new approaches by addressing the improvement areas and new approaches are in breast achieving the desired outcome including improve financial stability and cost reduction. BUDGET PERFORMANCE REPORT Learner Name Mr. X Workplace/Organisation XYZ State/Territory Assessment of Existing Costs This budget performance report is important to assess the performance of budget currently by identifying purpose of new approach and areas for improvement to budget management. The report is based on the fund allocation evidence farm workplace assessment task one.

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Assessment of Existing Resources D uring discussion with other members analysed existing resources and cost for identified key points that is resources needs to be utilised fully and existing cost need to be certain. Areas of Improvement in Budget Performance 1. Stricker measures of cost control switches 2. R egular expense monitoring will help in reducing and improving the performance of project. Desired Budget Outcomes 1. The force is cost reduction which needs to be primary goal . 2. The second is by improving stability of financials and minimizing the shortfall of the budget . New Approaches to Budget Management

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New Approach Advantage of Approach Disadvantage of Approach 1. Zero based Budgeting it focus on reviewing all expenses and budgetary waste is eliminated and ensured funds based on necessity and on values. Communication Barrier 2. Activity Based Budgeting it creates the relationship between cost and activities enabling or more allocated accuracy of better limit and resources with organizational rules. Cost detector Recommendation for Budget Management 1. cost reduction. 2. improve financial stability (Brigham, & Houston, 2021).

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Task 7: Communicate on Budget Performance With Relevant Personnel ASSESSMENT INSTRUCTIONS This task will require you to communicate information on new approaches and recommendations for budget management to at least two relevant personnel. These relevant personnel must be the same as those identified in Workplace Assessment Task 2. To complete this task, you must: ▪ Access and review budget performance report developed in Workplace Assessment Task 6 . ▪ Communicate the following with at least two relevant personnel: o At least two new approaches to budget management identified in Workplace Assessment Task 6 o At least one benefit of each approach identified in Workplace Assessment Task 6 o At least one disadvantage of each approach identified in Workplace Assessment Task 6 o At least two recommendations for budget management based on the budget performance report. Review Workplace Assessment Task 7 – Assessor’s Checklist before starting this task. This form outlines the following: ▪ Resources you are required to access to complete the task. ▪ All criteria your submission must address to satisfactorily complete this task. Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment. Submit the evidence of communication with relevant personnel on budget management. Evidence must be at least one of the following: ▪ Email correspondence ▪ Meeting minutes ▪ Video recording of the meeting conducted When using this as evidence, ensure to inform the relevant personnel of the purpose of the recording before doing so .

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MEETING MINUTES TEMPLATE Candidate Name Mr. X Workplace/Organisation XYZ Date Prepared 30.10.2023 State/Territory MEETING MINUTES Purpose of the Meeting Budget Performance Objective of the Meeting Review and discuss the budget performance of XYZ organization by identifying improvement areas and strategies are developed for budget management effectiveness. Attendees All the employees and stakeholders Date and Time 30.10.2023 at 12 AM Place Motions and Management of Agenda Items Person Responsible 1. financial stability Mr. X 2. proper inflow of cash Mr. T 3. liquidity stability Mr. P

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Other remarks/Comments Please be sure to have ready and accessible for examination during the meeting all pertinent financial reports and papers. To guarantee a successful meeting, it would be beneficial to have a clear agenda and planned conversation topics. Invite department heads or other important stakeholders who have a direct stake in budget management to provide their opinions and insights (Armstrong, 2021). Email Subject: Budget Performance Communication Respected Sir the purpose behind writing this email is to discuss the interaction which has done previously which needs to be communicated by some point of regarding information offer the performance of the budget and new approaches which are recommended for the management of the budget. The new approaches are zero-based budgeting, and actors-based budgeting and the recommendations for budget management is regular review and monitoring of the budget, flexible budgeting and many more. I would love to appreciate your feedback and thoughts on these recommendations and approaches if you have any queries to discuss further please inform me. Thank you for concentrating to the matter. With Regards Mr. X

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Assessment Workbook Checklist The learner has completed the Knowledge Assessment in this workbook  Knowledge Assessment Questions ☐ The learner has completed the Practical Assessments in this workbook and has submitted all the required evidence:  Workplace Assessment Task 1: Allocate Budget Resources Evidence of fund allocation Specify evidence submitted: ☐ Video recording of the discussion with colleagues Only if direct observation is not possible. ☐ Task 2: Inform Relevant Personnel About Budget Allocation Evidence of informing relevant personnel about budget allocation. Specify evidence submitted: ☐

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Task 3: Promote Awareness of Importance of Budget Control Evidence of promoting awareness Specify evidence submitted: ☐ Task 4: Complete Financial and Statistical Reports At least three financial reports – one for each month ☐ At least three statistical reports – one for each month ☐ Organisational documents referenced to create the financial and statistical reports as supplementary evidence. Specify evidence submitted: ☐ Task 5: Budget Monitoring Report At least three budget monitoring reports – one for each month ☐ Evidence of communication with colleagues on the monitoring information Specify evidence submitted: ☐ Task 6: Budget Performance Report Budget performance report ☐ Evidence of communication with at least two colleagues Specify evidence submitted: ☐ Evidence of researching new approaches to budget management Specify evidence submitted: ☐ Task 7: Communicate on Budget Performance With Relevant Personnel Evidence of communication with relevant personnel on budget management Specify evidence submitted: ☐

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