Assessor Resource

BSBESB407
Manage finances for new business ventures

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to implement and review financial management strategies, including by using new and emerging digital technologies and interpreting financial reports and other numerical data.

The unit applies to those establishing a business providing self-employment, as well as those establishing a new venture as part of a larger organisation.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

implement a financial strategy for at least one business or new business venture according to business plan and goals.

In the course of the above, the candidate must:

adhere to legal requirements

produce financial projections, including cash flow estimates

develop a plan to negotiate and manage business assets and financial capital

define strategies for debt collection and contingencies for debtors

manage cash flow

define key indicators for financial performance

communicate with required people

seek specialist services, where required

monitor the financial performance of the business and make changes to strategy as required

identify opportunities to implement new and emerging digital technologies to support the financial management of the business.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative and regulatory financial requirements that apply to new business venture described in performance evidence

key purposes of financial reports

components of financial budgets or projections, including cash flow estimates

workplace procedures for:

recording and communicating financial procedures to required personnel

distributing financial budgets and projections

using digital technologies to monitor and report on financial performance targets and analyse data

assessing and changing financial plan

forms, channels and modes of communication used in relation to managing business finances

key features of business and industry benchmarking used to evaluate financial ratios

key features of financial decision-making relevant to the business, including:

strategies that enable adequate financial provision for taxation

components of client credit policies, including contingencies for debtors in default

key features of significant financial indicators

key features of balance sheet preparation and interpretation

key features of debt collection procedures and strategies

key features of profit and loss statement preparation and interpretation

key features of stock records and stock control relevant to the business.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

business equipment and resources, including business technology

legislation, regulations, codes of practice and standards relating to business described in performance evidence

workplace documentation and resources relevant to performance evidence.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

implement a financial strategy for at least one business or new business venture according to business plan and goals.

In the course of the above, the candidate must:

adhere to legal requirements

produce financial projections, including cash flow estimates

develop a plan to negotiate and manage business assets and financial capital

define strategies for debt collection and contingencies for debtors

manage cash flow

define key indicators for financial performance

communicate with required people

seek specialist services, where required

monitor the financial performance of the business and make changes to strategy as required

identify opportunities to implement new and emerging digital technologies to support the financial management of the business.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative and regulatory financial requirements that apply to new business venture described in performance evidence

key purposes of financial reports

components of financial budgets or projections, including cash flow estimates

workplace procedures for:

recording and communicating financial procedures to required personnel

distributing financial budgets and projections

using digital technologies to monitor and report on financial performance targets and analyse data

assessing and changing financial plan

forms, channels and modes of communication used in relation to managing business finances

key features of business and industry benchmarking used to evaluate financial ratios

key features of financial decision-making relevant to the business, including:

strategies that enable adequate financial provision for taxation

components of client credit policies, including contingencies for debtors in default

key features of significant financial indicators

key features of balance sheet preparation and interpretation

key features of debt collection procedures and strategies

key features of profit and loss statement preparation and interpretation

key features of stock records and stock control relevant to the business.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

business equipment and resources, including business technology

legislation, regulations, codes of practice and standards relating to business described in performance evidence

workplace documentation and resources relevant to performance evidence.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Identify financial information requirements and obtain specialist services, as required 
Produce financial budgets or projections for each forward period, and distribute to required people according to legal requirements and workplace procedures 
Develop a plan to negotiate and manage business capital to best enable implementation of the business plan 
Develop and maintain strategies and enable adequate financial provision for taxation according to legal requirements 
Develop, monitor and maintain client credit policies to maximise cash flow 
Select key performance indicators (KPIs) to enable ongoing monitoring of financial performance in line with business plan 
Record and communicate financial procedures to required personnel to facilitate implementation of business plan according to workplace procedures 
Use available systems to monitor and report on financial performance targets, and analyse data to establish extent to which financial goals have been met 
Monitor marketing and operational strategies for their effects on financial goals 
Calculate and evaluate financial ratios according to own business and/or industry benchmarks 
Assess financial strategy to determine whether variations or alternative plans are needed according to workplace procedures, and change as required 
Research and implement, with relevant personnel, new and emerging digital technologies to boost business profitability according to business plan 

Forms

Assessment Cover Sheet

BSBESB407 - Manage finances for new business ventures
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

BSBESB407 - Manage finances for new business ventures

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: