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BSBFIM601 Manage Finances

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  • Course Code: BSBFIM601
  • University: Hamro Institute Of Business Technology
  • Country: Australia


Task 1 – Finance Management

For a business you work in, have access to or a simulated business, in consultation with your Assessor, you are required to review the financial management of that business. In order to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for the business unit.

Your objective is to:

  • plan for financial management
  • read and review profit and loss statements, cash flows and aging summaries
  • prepare, implement and revise a budget which aligns with the business plan, is based on research and analysis of previous financial data and cash flow trends, and meets all compliance requirements
  • contribute to financial bids and estimates
  • establish a budget and allocate funds in accordance with statutory and organisational requirements
  • communicate with other people including:
  • reporting on financial activity and making recommendations
  • identifying and prioritising significant issues
  • ensuring managers and supervisors are clear about budgets.
  • analyse the effectiveness of existing financial management approaches including reviewing financial management software, managing risks of misappropriation of funds, ensuring systems are in place to record all transactions, maintaining an audit trail and complying with due diligence.

You will need to access the business' financial data, relevant legislation and Australian Tax Office requirements and the business' business plans, profit and loss statements, cash flows and aging summaries.  You must also refer to the business' organisational financial policies and procedures and the financial management software utilized by the business.

Create a management report that outlines the business' financial management practices, evaluation of financial statements and recommendations including budgeting reviews and considerations of financial viability.  In designing your management report, consideration should be given to:

• presenting the report in form and content that satisfy users’ needs

• recognising specific reporting preferences for users, for example, in the presentation of financial data, some management members may better understand the data when presented graphically, rather than in numeric table form

• ensuring report is free from bias, errors or material misstatement

• ensuring that the report is checked for accuracy prior to release

Where accounts are not available, the following may be sued as a basis for this assessment task.

Joe’s Motorbike Tyres



Profit and Loss Statement



For the Period ended Year One










( 1,000 tyres @ $ 52 each)


   Total Sales



Cost of Goods Sold




Opening Stock

$                -   



Stock Purchases




Less Closing Stock



Total Cost of Goods Sold(COGS)



( See note below)

Gross Profit













Bank Service Charges












Professional Fees (Legal, Accounting)




Utilities & Telephone




Other: Computer Software




Expenses total



Net Profit before Tax




Note; Cost of Goods Sold calculation:

Towards the end of the year, Joe manages to purchase 100 more tyres on credit from his supplier for an order in the new year.  This leaves him with $3,120 of stock on hand at the end of the year. 

Joe’s Cost of Goods Calculation

Opening Stock                                                        Nil


Add Stock Purchased during the year


(1100 tyres @ 31.20 each)

Equals Stock available to sell



Less Stock on hand at end of year


(100 tyres @ 31.20 each)

Cost of Goods Sold                                         




Where a business is a service business, that is, you are selling services not goods or products, then the profit and loss statement will generally not have a cost of goods sold calculation.  In some instances, where labour costs can be directly attributed to sales, then you may consider including these costs as a cost of goods (services) sold.


Joe’s Motorbike Tyres




Balance Sheet




As at end of Year One




Current Assets















Total Current Assets


$   26,220.00


Non-current Assets







Store Fit Out




Office Equipment




Total Non-current Assets



Total Assets




Current Liabilities



Credit Card








Total Current Liabilities



Non-current Liabilities



Total Non-current Liabilities



Total Liabilities



Net Assets



Shareholders’ Equity



Owners’ Funds




Current Year Profit




Total Shareholders' Equity




Task 2 – Finance Management – Policy and Procedure Manual

For the business reviewed in Task 1, develop a Financial Policy and Procedure Manual utilizing the template following:

Financial Policy and Procedure Manual Template

Note: Delete this and the next page once you complete the template.

Who should use this template?

All small business operators who employ one or more staff. 

Why use a policy and procedure manual?

This financial policy and procedure manual is for the small business operator and their employees.

The main benefits to having this policy and procedure manual:

  • ensures all staff are aware of obligations in relation to finance transactions within the business
  • is a proven way to help your managers and supervisors make consistent and reliable decisions
  • helps give each employee a clear understanding as to what you expect and allow.

It takes some effort to complete, but brings definite long-term benefits, reduces disputes, and adds to the professionalism of your business.

How to complete this template

Designed to be customised

This template for a finance policy and procedures manual is made up of example topics. You can customise these if you wish, for example, by adding or removing topics.

Include what you must and can comply with

Your commitments in this manual may also form part of any compliance requirements such as Australian Taxation Office compliance requirements.

To complete the template:

1. Guidance text appears throughout the document, marked by the word Guidance. Where you see a guidance note, read and then delete it. Guidance has been added to help you complete the template and should not appear in your final version.
2. Using Word's Replace function, search for {Business Name} and replace with your company name.
a. In Word's Home ribbon, open the Find and Replace tool, choose Replace to open the Find and Replace tool. The Find and Replace dialog opens with the Replace tab selected.
b. Enter {Business Name} in the Find what field.
c. Enter your company name in the Replace with field.
d. Click Replace All

3. Replace {items in curly brackets}with your own wording.

4. Where you see a reference to other policies, insert a link to another example policy that applies in your business

5. Once you have finished work on the template, delete the first three pages of the document.

6. Lastly refresh the page numbers in the table of contents.

a. Right mouse click on the table of contents

b. In the small menu that appears, choose ‘Update Field’ then ‘Update page numbers only’.




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