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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Prepare/receive invoices
   • Obtain, interpret and confirm work requirements
   • Access, interpret and apply documentation required to manage financial records
   • Estimate all job components accurately
   • Present financial data and record quotations
   • Levy charges according to services, and render accounts to clients
   • Promptly and accurately prepare invoices to help ensure desired cash flow
   • Verify accounts received for accuracy and pay promptly
   • Maintain financial controls and accountability according to workplace procedures
   • Record all costs in writing promptly, legibly and accurately
2. Prepare reports on variances from cost estimates
   • Analyse cost records to detect variances/reasons for variances according to workplace procedures
   • Compare final costing with original job tender
   • Prepare reports in accordance with workplace procedures
3. Monitor financial performance
   • Determine and maintain strategies for managing budget against actual performance
   • Determine and calculate cost to enterprise requirements according to workplace procedures
   • Complete reporting and pricing records according to workplace procedures
   • Produce financial reports in a clear and timely manner for distribution to relevant stakeholders

Performance Evidence

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:

manage financial records on at least two occasions, including:

identifying and accessing financial data

organising financial data to highlight relevant features

presenting financial data and record quotations in comprehensive format

liaising with suppliers and end users of purchases

preparing and processing invoices

analysing and assessing expenditure

calculating data and to reconcile figures

interpreting and balancing a budget

maintaining financial records

estimating and calculating time/costs for repairing, replacing and servicing site equipment

preparing a written financial report.

During the above, the candidate must:

locate and apply relevant legislation, documentation, policies and procedures and confirm that the work activity is compliant

implement the requirements, procedures and techniques for managing financial records

work effectively with others to manage financial records in a way that meets all required outcomes

communicate clearly and concisely with others to receive and clarify work instructions.

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Knowledge Evidence

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:

key legislation required to manage financial records

key policies, procedures and documentation required to manage financial records, including:

codes of ethics and conduct

service delivery, quotation and payment policies and procedures

standard contracting arrangements

employing purchasing and procurement principles for:

accountability

probity and transparency

risk management

value for money

principles and techniques for:

complying with federal government taxes and charges

maintaining record keeping systems

following budgeting procedures

principles and techniques for identifying relevant hazards and emergencies

techniques for coordinating and communicating job activities with others.

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