Manage the Finances of a Unit
Based on Unit Standard ID252040, NQF level 5
Who should attend?
- Middle management level employees
- Team leaders
- Employees who have been earmarked for succession into management
Demonstrating an Understanding of the Key Concepts of Managerial Finance.
- The accounting cycle is explained by means of a diagram.
- The role of budgeting and forecasting in the strategic planning process is explained with reference to the manager's specific organisational context.
- The accounting conventions applied in the financial management of a unit are explained with examples.
- The financial reports published by the manager's entity are explained with examples.
Interpret Financial Statements.
- Financial statements are analysed, using data sources identified and evaluated for authenticity and accuracy.
- The ratios are applied to measure the profitability and liquidity of an entity
- The ratios are applied to measure the working capital and asset utilisation of an entity.
- The ratios are applied to measure the return of an entity.
- Recommendations are made regarding the profitability of, liquidity, working capital, return, and resource utilisation by the entity using the results obtained from the application of the ratios.
Describe and Prepare Financial Forecasts.
- The types and formats of financial forecasts are identified with examples.
- Sources of financial forecasts are identified as per the entity's standard practice.
- Factors in preparing financial forecasts are outlined in line with entity's standard operating procedures.
- Relevant factors are incorporated in the preparation of financial forecasts.
- Financial forecasts are analysed to determine viability against the entity's requirements.
Draft Budgets According to the Operational Plan of the Unit.
- Budget plans are linked to operational objectives.
- Operational objectives are established in line with the unit's strategic plan.
- The budget is formulated according to standard operating procedures.
- Drafted budget is reviewed, reflected on and modified to ensure alignment to the operational plan of the unit.
Supervise Financial Management of A Unit against Given Requirements.
- Monitoring systems are agreed and adhered to, according to standard operating procedures.
- Expenditure reports are monitored for the year for each team within the unit against given criteria.
- Corrective actions are implemented where necessary in accordance with the entity's policies and procedures.
- Identify and solve problems through making recommendations to address discrepancies.
- Work effectively with others when gathering information for financial ratio analysis.
- Organise and manage oneself and one`s activities when calculating ratios and reporting findings.
- Collect, evaluate, organise and critically evaluate information when monitoring expenditure against budget.
- Communicate effectively with stakeholders in written reports.
- Use science and technology formulating a capital budget.
- Demonstrate an understanding of the world as a set of related systems showing how the results of the unit impact on the whole entity.