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Evidence Guide: BSBESB303 - Organise finances for new business ventures

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

BSBESB303 - Organise finances for new business ventures

What evidence can you provide to prove your understanding of each of the following citeria?

Prepare to organise finances for new business venture

  1. Establish current financial situation, showing funds available and commitments already incurred
  2. Identify equity finance and assets from available sources
  3. Identify business mix and forecast expected business activity over a year
Establish current financial situation, showing funds available and commitments already incurred

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify equity finance and assets from available sources

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify business mix and forecast expected business activity over a year

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine required finances for new business venture

  1. Estimate start-up costs for business venture according to established business activities
  2. Estimate income and expenses for first year of operation
  3. Project cash flow for first year of operation
  4. Seek specialist financial advice as required according to workplace procedures
  5. Record cash flow and budget and required finances
Estimate start-up costs for business venture according to established business activities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Estimate income and expenses for first year of operation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Project cash flow for first year of operation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek specialist financial advice as required according to workplace procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record cash flow and budget and required finances

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Plan to access finances for new business venture

  1. Investigate and source suitable types of finances
  2. Establish methods of accessing finances and servicing any repayment schedule
  3. Complete required documentation
Investigate and source suitable types of finances

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish methods of accessing finances and servicing any repayment schedule

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete required documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge

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:

organise finances for at least one new business venture.

In the course of the above, the candidate must:

investigate financial position, commitments and needs

determine projected cash flow and budget for business venture

estimate finances needed to establish and operate the business venture.

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:

sources of specialist financial advice relating to new business ventures, including Australian Taxation office (ATO)

accounting software for use in the business venture described in performance evidence

key financial terminology relevant to new business ventures

relationship between finances and sales and marketing strategies

workplace procedures for:

costing or pricing and preparing financial forecasts

estimating start-up costs, including cost of expenses and assets

seeking specialist financial advice

income and costs to be considered when estimating operating budget, including:

monthly variable and fixed costs required for business activity

drawings needed for business venture to be financially viable

monthly income generated by business venture based on price per unit item or hourly charge rate for labour

goods and services tax

operating finance required for business.