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Evidence Guide: BSBESB407 - Manage 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

 

BSBESB407 - Manage finances for new business ventures

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

Implement financial strategy

  1. Identify financial information requirements and obtain specialist services, as required
  2. Produce financial budgets or projections for each forward period, and distribute to required people according to legal requirements and workplace procedures
  3. Develop a plan to negotiate and manage business capital to best enable implementation of the business plan
  4. Develop and maintain strategies and enable adequate financial provision for taxation according to legal requirements
  5. Develop, monitor and maintain client credit policies to maximise cash flow
  6. Select key performance indicators (KPIs) to enable ongoing monitoring of financial performance in line with business plan
  7. Record and communicate financial procedures to required personnel to facilitate implementation of business plan according to workplace procedures
Identify financial information requirements and obtain specialist services, as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Produce financial budgets or projections for each forward period, and distribute to required people according to legal requirements and workplace procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop a plan to negotiate and manage business capital to best enable implementation of the business plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop and maintain strategies and enable adequate financial provision for taxation according to legal requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop, monitor and maintain client credit policies to maximise cash flow

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Select key performance indicators (KPIs) to enable ongoing monitoring of financial performance in line with business plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record and communicate financial procedures to required personnel to facilitate implementation of business plan according to workplace procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor financial performance

  1. Use available systems to monitor and report on financial performance targets, and analyse data to establish extent to which financial goals have been met
  2. Monitor marketing and operational strategies for their effects on financial goals
  3. Calculate and evaluate financial ratios according to own business and/or industry benchmarks
Use available systems to monitor and report on financial performance targets, and analyse data to establish extent to which financial goals have been met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor marketing and operational strategies for their effects on financial goals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculate and evaluate financial ratios according to own business and/or industry benchmarks

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review financial performance

  1. Assess financial strategy to determine whether variations or alternative plans are needed according to workplace procedures, and change as required
  2. Research and implement, with relevant personnel, new and emerging digital technologies to boost business profitability according to business plan
Assess financial strategy to determine whether variations or alternative plans are needed according to workplace procedures, and change as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research and implement, with relevant personnel, new and emerging digital technologies to boost business profitability according to business plan

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:

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.