Managing Team Budgets and Financials

A strong financial know-how is a key requirement of any manager in today’s workplace. Indeed, the frontline manager must have the skills and knowledge to deal directly with team members responsible for the financial management and budgetary processes.

Therefore, this one-day program includes planning, developing, implementing and reviewing budgets and financial plans through consultation and communication with the work team. The course will enable participants to contribute to the budget process while developing the work team’s financial and budget management skills.

Learning Outcomes

• Communicate verbally to lead a team including negotiating, training, participating in meetings, questioning and discussing

• Use written communication skills, including those involved in reporting, review and evaluation

• Track, monitor and control financial data

• Review and evaluate financial management

• Plan for delegation of tasks associated with financial management while managing their own work

• Work with team members while providing leadership to the team

• Work with others involved in financial management from outside the team

• Use calculation skills associated with the presentation of financial data

• Apply problem solving skills required to address problems arising in managing finances

• Use computer software to access reports and to provide data to management and financial staff

• Use a review process to improve financial management.

Content includes

• The work team and budgets

• Planning and budgeting

• Budgets

• Costing inputs and pricing outputs

• Production and sales budgets

• Accrual accounting

• Contingency plans

• Monitoring budget performance

• Reviewing financial performance

Designed for

• Managers

• Team leaders and supervisors

• Project managers.

Relationship to competency standards

BSB FLM 513A Manage budgets and financial plans within the work team

Duration
1 day

Qualification pathway

An elective unit of the Certificate III,Certificate IV and Diploma of Business(Frontline Management).