This learner guide covers the unit of competency, SIRXFIN005A Manage operations to budget, which is part of the SIR07 Retail Services Training Package.
It is a core unit in SIR50112 Diploma of Retail Management qualification.
This guide has been designed to help you develop the skills and knowledge required to control cost expenditure while managing the overall activities of a wholesale or retail operational area to budget. It covers the following elements of competency:
1. Control costs.
2. Control budgets.
3. Propose expenditure.
4. Maintain business accounting systems.
5. Prepare business sales budgets.
6. Set budget targets and monitoring mechanisms.
In order to achieve competency in this unit, the learner must demonstrate the ability to:
- Negotiate, develop and implement budgets according to business policy and procedures.
- Manage and maintain accounting systems according to business policy and procedures.
- Monitor, analyse and report on operational areas income and expenditure against budget.
- Take corrective actions, where appropriate, where income and expenditure performance is not being completed according to budget or business targets.
- Consistently produce financial reports to standard business requirements over a period of time.
- Consistently implement policy and procedures for the reporting and recording of budgetary and financial information within an operational area.
- Develop, advocate and gain approval for an operational area’s budget.
The learning activities in this guide are based around workplace practices. Many activities ask you to use a situation or case study from your organisation to apply the skills and knowledge you are learning to your workplace.
Your supervisor or trainer will inform you how and when learning activities are to be completed.