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Evidence Guide: FNSACC501 - Provide financial and business performance information

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

 

FNSACC501 - Provide financial and business performance information

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

Assess client needs

  1. Clarify and confirm expectations and objectives of client to ensure mutual understanding of client goals
  2. Identify client’s specific legal and financial requirements when establishing, structuring and financing a business
  3. Discuss financial options and processes with client to develop suitable plans for provision of information and achievement of client goals
  4. Regularly review progress of plans against agreed criteria and clearly communicate results to client
  5. Monitor client objectives to identify changes in client needs
  6. Regularly obtain, analyse and incorporate feedback on client services
  7. Investigate shortfalls in customer service and formulate and implement proposals for overcoming them
Clarify and confirm expectations and objectives of client to ensure mutual understanding of client goals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify client’s specific legal and financial requirements when establishing, structuring and financing a business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss financial options and processes with client to develop suitable plans for provision of information and achievement of client goals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Regularly review progress of plans against agreed criteria and clearly communicate results to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor client objectives to identify changes in client needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Regularly obtain, analyse and incorporate feedback on client services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Investigate shortfalls in customer service and formulate and implement proposals for overcoming them

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse data

  1. Seek advice on reliability and accuracy of data from appropriate authorities and sources in accordance with organisational procedures
  2. Compile and reconcile data to ensure statements are accurate and comply with organisational procedures, statutory requirements and standard financial reporting principles
  3. Analyse revenues and costs in accordance with standard accounting techniques and consistent with organisation’s objectives
  4. Analyse all data and reports in accordance with standard financial analysis techniques
  5. Evaluate information in relation to financial performance of a business, specifically profitability, efficiency and financial stability
  6. Ensure analysis is consistent with client’s business and personal objectives
  7. Undertake evaluation to assess financial potential of the business, its future funding requirements and statutory obligations
Seek advice on reliability and accuracy of data from appropriate authorities and sources in accordance with organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compile and reconcile data to ensure statements are accurate and comply with organisational procedures, statutory requirements and standard financial reporting principles

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse revenues and costs in accordance with standard accounting techniques and consistent with organisation’s objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse all data and reports in accordance with standard financial analysis techniques

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate information in relation to financial performance of a business, specifically profitability, efficiency and financial stability

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure analysis is consistent with client’s business and personal objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake evaluation to assess financial potential of the business, its future funding requirements and statutory obligations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare advice

  1. Ensure advice provides client with realistic view of business financial performance and compliance, including significant taxation issues and comparisons of options
  2. Use suitable methods of presentation and formats, language and forms of documentation to convey information to client
  3. Provide advice about how risks and contingencies and future cash flows may be identified and quantified, and advise client of risk management options and rights and obligations
  4. Advise client on new or alternative sources and features of short-term and long-term finance
Ensure advice provides client with realistic view of business financial performance and compliance, including significant taxation issues and comparisons of options

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Use suitable methods of presentation and formats, language and forms of documentation to convey information to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide advice about how risks and contingencies and future cash flows may be identified and quantified, and advise client of risk management options and rights and obligations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise client on new or alternative sources and features of short-term and long-term finance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Assess client needs

1.1 Clarify and confirm expectations and objectives of client to ensure mutual understanding of client goals

1.2 Identify client’s specific legal and financial requirements when establishing, structuring and financing a business

1.3 Discuss financial options and processes with client to develop suitable plans for provision of information and achievement of client goals

1.4 Regularly review progress of plans against agreed criteria and clearly communicate results to client

1.5 Monitor client objectives to identify changes in client needs

1.6 Regularly obtain, analyse and incorporate feedback on client services

1.7 Investigate shortfalls in customer service and formulate and implement proposals for overcoming them

2. Analyse data

2.1 Seek advice on reliability and accuracy of data from appropriate authorities and sources in accordance with organisational procedures

2.2 Compile and reconcile data to ensure statements are accurate and comply with organisational procedures, statutory requirements and standard financial reporting principles

2.3 Analyse revenues and costs in accordance with standard accounting techniques and consistent with organisation’s objectives

2.4 Analyse all data and reports in accordance with standard financial analysis techniques

2.5 Evaluate information in relation to financial performance of a business, specifically profitability, efficiency and financial stability

2.6 Ensure analysis is consistent with client’s business and personal objectives

2.7 Undertake evaluation to assess financial potential of the business, its future funding requirements and statutory obligations

3. Prepare advice

3.1 Ensure advice provides client with realistic view of business financial performance and compliance, including significant taxation issues and comparisons of options

3.2 Use suitable methods of presentation and formats, language and forms of documentation to convey information to client

3.3 Provide advice about how risks and contingencies and future cash flows may be identified and quantified, and advise client of risk management options and rights and obligations

3.4 Advise client on new or alternative sources and features of short-term and long-term finance

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Assess client needs

1.1 Clarify and confirm expectations and objectives of client to ensure mutual understanding of client goals

1.2 Identify client’s specific legal and financial requirements when establishing, structuring and financing a business

1.3 Discuss financial options and processes with client to develop suitable plans for provision of information and achievement of client goals

1.4 Regularly review progress of plans against agreed criteria and clearly communicate results to client

1.5 Monitor client objectives to identify changes in client needs

1.6 Regularly obtain, analyse and incorporate feedback on client services

1.7 Investigate shortfalls in customer service and formulate and implement proposals for overcoming them

2. Analyse data

2.1 Seek advice on reliability and accuracy of data from appropriate authorities and sources in accordance with organisational procedures

2.2 Compile and reconcile data to ensure statements are accurate and comply with organisational procedures, statutory requirements and standard financial reporting principles

2.3 Analyse revenues and costs in accordance with standard accounting techniques and consistent with organisation’s objectives

2.4 Analyse all data and reports in accordance with standard financial analysis techniques

2.5 Evaluate information in relation to financial performance of a business, specifically profitability, efficiency and financial stability

2.6 Ensure analysis is consistent with client’s business and personal objectives

2.7 Undertake evaluation to assess financial potential of the business, its future funding requirements and statutory obligations

3. Prepare advice

3.1 Ensure advice provides client with realistic view of business financial performance and compliance, including significant taxation issues and comparisons of options

3.2 Use suitable methods of presentation and formats, language and forms of documentation to convey information to client

3.3 Provide advice about how risks and contingencies and future cash flows may be identified and quantified, and advise client of risk management options and rights and obligations

3.4 Advise client on new or alternative sources and features of short-term and long-term finance

Evidence of the ability to:

access clients’ needs and analyse their financial data

prepare and document appropriate advice for clients that:

complies with financial legislation and accounting standards, practices and principles

assesses taxation, compliance and business viability issues faced by clients

assesses risk management options and practices.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

explain the key requirements of taxation legislation relating to deductions, allowances and charges

list the key areas that can cause significant taxation issues

compare and contrast forecasting techniques

identify and explain the key features of government financial policy and secretary’s financial management instructions

explain the key requirements of relevant corporations and consumer legislation

describe a range of methods for presenting and formatting financial data

identify and explain the key principles of cash flow and budgetary control

identify and categorise sources of information on financial products and markets

outline a range of risks and contingencies and risk management options relating to financial and business performance

outline client rights and responsibilities.