Financial Services Training

Transcription

1 Financial Services Training Unit of Competency Unit Descriptor FNSBKPG401A Develop and implement policies and practices relevant to bookkeeping activities This unit describes the performance outcomes, skills and knowledge required to develop, implement and maintain policies and practices to ensure that a quality service is provided in relation to bookkeeping activities. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement. Employability Skills Pre-requisite Units The required outcomes described in this unit of competency contain applicable facets of Employability Skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying Employability Skills requirements. Nil Application of the Unit Unit Sector This unit applies equally to individuals seeking to establish policies and practices in relation to their own work within the bookkeeping industry and individuals providing contract bookkeeping services. This unit requires the application of skills and knowledge to research and identify relevant information and materials, and set up systems to provide a quality level of service to business owners or employers. This would be achieved both through direct contact with business owners and through establishing and maintaining relevant systems of work. The unit relates specifically to the set up of systems and standards designed to provide a sound framework for carrying out work on a continual basis, including maintaining the individual's own professional development. The development of policies and practices covered in this unit apply equally to providing guidelines for individual bookkeeping contractors, subcontractors or their clients. Some of the work covered in this unit is undertaken with supervision from. This unit may be applied to a range of industries. Financial Services- Bookkeeping

2 Develop and implement policies and practices relevant to bookkeeping activities This book supports FNSBKPG401A, Develop and implement policies and practices relevant to bookkeeping activities in the Financial Services Training Package. Copyright Haylee D Walmsley and Brian L Walmsley, February 08 Authors: Haylee D Walmsley and Brian L Walmsley ISBN Disclaimer All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, scanning, recording, or any information storage and retrieval system, without permission in writing from the publisher, Software Publications Pty Ltd. No patent liability is assumed with respect to the use of the information contained herein. While every precaution has been taken in the preparation of this book, the publisher and the authors assume no responsibility for errors or omissions. Neither is any liability assumed for damages resulting from the use of the information contained herein. These learning materials have been prepared for use as part of a structured vocational education and training course and should only be used within that context. The information contained herein was correct at the time of preparation. Legislation and case law is subject to change and readers need to inform themselves of the current law at the time of reading. Publishers Software Publications Pty Ltd (ABN ) Head office Sydney Unit 10, 171 Gibbes Street Chatswood NSW 2067 Phone: (02) Fax (02) i Australia Toll Free Numbers Phone: Fax: Web address Published and printed in Australia

3 Element 1 1 Develop a professional working relationship with Performance Criteria When you have finished this section you should be able to demonstrate your ability to: Business needs and expectations are clarified through clear communication with Roles and responsibilities of the bookkeeper are defined with the business owner Activities that fall outside the role and responsibilities of the bookkeeper are identified and networks of individuals able to carry out activities are identified Where applicable, business owner is referred to relevant networks for advice and/or services Feedback is sought on service provided and, where applicable, is acted upon True and fair ethics are identified and used in all dealings A strategy for continuing professional development is set in place and implemented to ensure ongoing professional practices

4 Clarify business needs and expectations Develop a professional working relationship with 1.1 Clarify business needs and expectations Business needs and expectations are clarified through clear communication with. What are business needs? The nature and extent of business needs will vary from business to business depending on, but not limited to the following: Type of business Size of business Goals of the business Ownership of the business Business needs are likely to change as the business passes through the different stages in its life cycle. For example, a business that has had a period of stable sales suddenly is experiencing significant growth. Group Activity 1 Changing business needs In a group of four or five, discuss what business needs are likely to change for a business that has had a period of stable sales suddenly is experiencing significant growth. Have one group member write down the group s suggestions for sharing with the class. A business owner(s) will have at least a board picture of their business needs and expectations. The business owner s expertise and personality will determine how detailed these needs and expectations are documented prior to discussion with. The process of documentation will assist the business owner in clarifying the needs and expectations of the business and communicating that to. The business owner is likely to rely on the expertise of other parties to determine how these needs and expectations can be achieved. It will give a good starting point for developing and establishing policies and practices for the business. In general, business needs will focus on the following: Defined purpose and values Compliance with all legal requirements Protection of assets Maintain and manage a workforce Build and maintain relationships with suppliers and customers Page 8 FNSBKPG401A Develop and implement policies and practices relevant to bookkeeping activities

5 Develop a professional working relationship with Clarify business needs and expectations Managing costs Maintaining liquidity Wealth creation for owners Group Activity 2 Business needs In a group of four or five, select two of the general business needs above and determine 5 ways of fulfilling that need. Have one group member write down the group s suggestions for sharing with the class. For example: Protection of assets maintain an asset register Why is clarifying business needs and expectations important? It is important to understand the business you are working for and have a clear picture of the business needs and expectations. This will make it easier for you to understand and fulfil your role efficiently and effectively within the business. This will enable you to: Get a feel for where you fit into the picture Identify the important stuff Prioritise your tasks Establish bookkeeping systems Develop routines and minimise disruption in your workflow Equally important if you understand the business needs and what management are trying to achieve, your working relationships will be more productive and communication more effective. Identifying and why they are important It is important to recognise that one person may be responsible for multiple roles within the business. Relevant parties may include, but not limited to: Business owner(s) Generally business owners will seek to protect and maximise the return on their investment. They rely on the integrity and reliability of the bookkeeper. Accountant (Internal and/or External) Generally Accountant s are responsible for the financial reporting function of the business. They rely on the bookkeeper to maintain complete and accurate records in a timely manner. Registered Tax agent Are responsible for preparing and lodging tax returns and giving advice on taxation matters (it is common practice for the external accountant to be the registered tax agent for the business). FNSBKPG401A Develop and implement policies and practices relevant to bookkeeping activities Page 9

6 Clarify business needs and expectations Develop a professional working relationship with Auditor (Internal and/or External) Their role is to verify the accuracy of the financial reports. They need good record keeping from the bookkeeper to enable them to trace transactions from beginning to end and verify those transactions with original documentation. Supervisor - Their role is to oversee and ensure tasks are being completed correctly and on time. The Supervisor is there to provide support when required. Management Are responsible for the overall success of the business and require up to date and accurate information to make informed decisions. Communicating with Clear communication with is very important when clarifying business needs and expectations. It is essential that each party are on the same wavelength i.e. ensure the message received is the same as the message the other party intended to send. Both the sender and the receiver need confirmation. Some techniques for this include: Mirroring back what the sender has said to demonstrate you have understood them Asking for confirmation from the receiver that they have understood Asking if the receiver has any questions Asking the sender to repeat the message if not understood or heard properly Ask the sender questions if you require more information Being aware of body language and tone for signs of not understanding or confusion Following up with written documentation Remember that each relevant party will have their own skill set(s) and are relying on the combination of these skill sets to fulfil the business needs. Think of it as each relevant party being part of a team. It is likely that the other parties will not understand the processes involved in bookkeeping. It is up to you to factor that into your communication. Role Play 1 Communicating with Get into pairs. Determine who will play the role of business owner and bookkeeper. Aim for the role-play to take at least 10 minutes. Scenario: Clarifying a business need with business owner Choose a business need relating to bookkeeping that the business owner needs to clarify with the bookkeeper and the expectations they have. During the role play focus on clear communication and developing a professional working relationship with the business owner. Page 10 FNSBKPG401A Develop and implement policies and practices relevant to bookkeeping activities

7 Develop a professional working relationship with Clarify business needs and expectations Formalisation of business needs and expectations It is good practice, after exchange of information, to date and document the outcomes, especially decisions made and actions required. This will: Minimise misunderstandings Provide an official record for future reference Allow to refresh their understanding Assist in developing a professional working relationship with Form a basis for a review process Skills Self-Assessment 1 - Communication with From your experience, identify you have had a professional working relationship with. Recall any discussions you may have had regarding business needs and expectations. Identify how you communicated with them and what documentation was completed. What changes, if any, would you now make when communicating with? Exercise 1 Guidelines professional working relationships For future reference, write yourself guidelines to be used as a tool when: Communicating with Clarifying business needs and expectations with FNSBKPG401A Develop and implement policies and practices relevant to bookkeeping activities Page 11