BSBFIM501 Manage budgets and financial plan

How many of us really understand

the ins and outs of budgeting?

I know for me it wasn't until I had to

prepare the finances for our business

that I even started to understand

debits and credits, gross profit margins

and profitability.

But I know this unit will help you work

through all the terminology and what it

means to develop accurate budgets and

finances within your organisation

which is probably one of the most

important aspects of any business.

Of course for large organisations

there will be finance or

accounts departments

where the final budgets will be prepared

in line with the objectives that are set.

But as managers you need to know

what's involved and why it's necessary.

You'll look at the processes to develop

budgets and ensure they are accurate,

how to make sure team members understand

their roles in working within budgets

as well as using resources and systems

correctly.

Then there's the understanding

the legislation behind financial plans

within an organisation.

And of course how to monitor and review

your budgets.

I hope you enjoy the process and

the challenge of this unit.