When you apply to become a registered training organisation (RTO) or applying for Commonwealth Register of Institutions and Courses for Overseas Students (CRICOS) registration, you will first need to demonstrate that your proposed business is financially viable. You will need to do this by submitting the ‘Financial viability risk assessment pack’. The pack is 14 pages and it requires you to provide a lot of financial data about the RTO. The pack requires you to answer a series of questions about your organisation’s financial viability, including financial projections and business ratios. You will need an accountant’s help to complete the pack. The process of completing the pack will also help you gain a realistic understanding of the financial requirements of becoming an RTO and a CRICOS provider. It also provides an independent assessment of the sustainability of your proposed business. If you submit an application for initial registration or CRICOS without the financial viability risk assessment pack, your application will be considered incomplete.
Why you need us for your financial viability support
The Financial Viability Risk Assessment Requirements 2011 aims to ensure that an applicant RTO is financially sound and has the resources to operate as an ongoing concern, delivering quality training and assessment services throughout the registered period.
The financial information is required when an organisation wants to lodge an initial RTO registration with ASQA or as ASQA deems necessary (for example, prior to ASQA agreeing to renew an RTO’s registration or following a formal complaint).
you will need to engage a qualified Accountant (Chartered Accountant (CA) or Certified Practising Accountant (CPA)) to ensure the financial data and the business plan meet the ASQA financial viability requirements.
You need to ensure that you are aware of the standards and regulations governing financial viability in the VET sector. You also need to ensure that you provide all the details required in the Financial Viability Risk Assessment Pack.
Our experienced consultants help in ensuring you provide the appropriate financial data and submit your financial viability form quickly and efficiently.
What we will provide/do for you
- Help you establish an accounting system
- Help you develop a current business plan
- Help you develop a comprehensive budgetary process
- Help you answer all the required questions in the Financial Viability Risk Assessment Pack
- Help you provide all the financial data required (we will work with your nominated accountant in providing all the financial information)
We will support you throughout your financial viability risk assessment application process to ensure it is completed quickly and efficiently, while maintaining compliance with ASQA’s Standards for RTOs.
Our experienced consultants will do most of the work for you, from start to finish. We will manage the application process, so you can focus on managing your RTO and delivering quality training services to your students.
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