Elements and Performance Criteria
- Plan financial management approaches
- Budget/financial plans for the work team are accessed
- Budget/financial plans are clarified with relevant personnel within the organisation to ensure that documented outcomes are achievable, accurate and comprehensible
- Any changes required to be made to budget/financial plans are negotiated with relevant personnel within the organisation
- Contingency plans are prepared in the event that initial plans need to be varied
- Implement financial management approaches
- Relevant details of the agreed budget/financial plans are disseminated to team members
- Support is provided to ensure that team members can competently perform required roles associated with management of finances
- Resources and systems to manage financial management processes within the work team are determined and accessed
- Monitor and control finances
- Processes for reporting of expenditure, income, assets, stock, consumables, equipment and wastage are implemented across the work team to monitor actual expenditure and to control costs
- Expenditure and costs are monitored on an agreed cyclical basis to identify cost variations and expenditure overruns
- Contingency plans are implemented, monitored and modified as required to maintain financial objectives
- Review and evaluate financial management processes
- Data and information on the effectiveness of financial management processes within the work team are collected and collated for analysis
- Data and information on the effectiveness of financial management processes within the work team are analysed and any improvements to existing processes identified, documented and recommended
- Agreed improvements are implemented and monitored in line with financial objectives of the work team and the organisation