"'You are to lay your hand on the head of the burnt offering, and it will be accepted on your behalf to make atonement for you.'" NIV translation
The one that was bringing the offering was required to place their hand on its head which was an act of designation. This was a public display that a transfer was taking place. The animal was being presented to take the place of the man presenting it and its purpose was for the atonement (covering) of sin.
For us, this is a reminder that our faith in Jesus Christ is a personal faith. Just as the man had to put his hand on the animal, we each must personally grab onto Jesus.
"'You are to slaughter the young bull before the Lord, and then Aaron's sons the priests shall bring the blood and splash it against the sides of the altar at the entrance to the tent of meeting.'" NIV translation
The animal had to die and its blood was put on the altar by the priests. This is a reminder that the payment for sin was death as blood represented life. The sacrifice reminds us that it is only through Jesus' death that we have access to the holiness of God.
"'You are to skin the burnt offering and cut it into pieces. The sons of Aaron the priest are to put fire on the altar and arrange wood on the fire. Then Aaron's sons the priests shall arrange the pieces, including the head and the fat, on the wood that is burning on the altar. You are to wash the internal organs and the legs with water, and the priest is to burn all of it on the altar. It is a burnt offering, a food offering, an aroma pleasing to the Lord.'" NIV translation
The animal had to be skinned and cut up to ensure that it could all be burned up on the altar. Fire is a picture of absolute consecration and all of the animal had to be set aside (consecrated to God). This is a picture of the beating that Jesus enduring with the cutting of His flesh.
The aroma pleasing to the Lord speaks to the fact that the smell of the roasting flesh would blot out the stench of sin which is so detestable to God.