SITXFIN003 Manage finances within a

budget

Release: 1
SITXFIN003 Manage finances within a budget Date this document was generated: 12 July 2024

SITXFIN003 Manage finances within a budget

Modification History
Not applicable.

Application
This 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 SITXFIN004 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.

Pre-requisite Unit
Nil

Competency Field
Finance

Unit Sector
Cross-Sector

Elements and Performance Criteria

Elements describe the essential Performance criteria describe the performance needed to
outcomes. demonstrate achievement of the element.
1. Allocate budget resources. 1.1.Allocate funds according to budget and agreed
priorities.
1.2.Discuss changes to income and expenditure priorities
with appropriate colleagues prior to implementation.
1.3.Consult with and inform relevant personnel about

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SITXFIN003 Manage finances within a budget Date this document was generated: 12 July 2024

resource decisions.
1.4.Promote awareness of the importance of budget
control.
1.5.Maintain detailed records of resource allocation
according to organisational control systems.
2. Monitor financial activities 2.1.Use financial records to regularly check actual
against budget. income and expenditure against budgets.
2.2.Include financial commitments in all documentation
to ensure accurate monitoring.
2.3.Identify and report deviations according to
significance of deviation.
2.4.Investigate appropriate options for more effective
management of deviations.
2.5.Advise appropriate colleagues of budget status in
relation to targets.
3. Identify and evaluate options 3.1.Assess existing costs and resources and proactively
for improved budget identify areas for improvement.
performance. 3.2.Discuss desired budget outcomes with relevant
colleagues.
3.3.Undertake appropriate research to investigate new
approaches to budget management.
3.4.Define and communicate the benefits and
disadvantages of new approaches.
3.5.Take account of impacts on customer service levels
and colleagues in developing new approaches.
3.6.Present clear and logical recommendations for
budget management.
4. Complete financial and 4.1.Complete financial and statistical reports within
statistical reports. designated timelines.
4.2.Prepare and present clear and concise information to
enable informed decision making.

Foundation Skills
Foundation skills essential to performance in this unit, but not explicit in the performance
criteria are listed here, along with a brief context statement.

SKILLS DESCRIPTION

Reading skills to:  interpret business and financial documents.

Writing skills to:  document clear recommendations based on budget information

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SITXFIN003 Manage finances within a budget Date this document was generated: 12 July 2024

and reports.
Oral communication  discuss budget requirements and seek and provide feedback.
skills to:

Numeracy skills to:  interpret and use budget figures in day-to-day work operations
 calculate budget estimates and scenarios for performance
improvement.
Problem-solving skills  identify budget deviations and deficiencies and develop options
to: for improved budgetary performance.

Teamwork skills to:  discuss desired budget outcomes with team members and
provide direction on resource use.
Technology skills to:  use accounting software packages.

Unit Mapping Information

Links
Companion Volume implementation guides are found in VETNet -
https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=68c40a93-e51d-4e0f-bc06-899dff092694

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