Confirm Management Literacy on Budgets, Reporting, and

Assignment Detail:- BSBFIN601 Manage organisational finances Part: Confirm Management Literacy on Budgets, Reporting, and DelegationsThis task will require you to circulate the budgets you completed in Workplace Project Part 2 to atleast two managers and two supervisors in the organisation- You will also need to verbally explain -and confirm that they have understood- the budgets, reporting requirements, and financial delegations-This task is divided into two parts: Part A- Circulate budgetsTo complete this task, you must:• Prepare the information you have from Workplace Project Part 2-• Identify at least two managers and two supervisors in the organisation to whom you will circulate the budgets-• Circulate the following documents that you have from Workplace Project Part 2 to the identified managers and supervisors:o Current-year Business Plano Profit & Loss budgeto Cash Flow budget Part B- Discuss budgets, reporting, and delegations with managers and supervisorsYour assessor will observe your discussion with the managers and supervisors-You will be assessed on your practical skills to:• Explain information in the budgets you prepared in Workplace Project Part 2 to the managers and supervisors-This includes:o Explain all the initiatives planned for the current financial year from the business plan-o Explain the planned month-wise revenue and spending on each activity-o Explain your recommended budgeting decisions and outcomes, including:• The Profit & Loss budget• The Cash Flow budget• Discuss the following:o Organisational reporting requirements• Confirm with the managers and supervisors that:o They understand the budgetso They understand the organisational reporting requirementso They understand their individual financial delegationso There are no opportunities for misappropriation of funds• Select and use appropriate conventions and protocols when communicating with supervisors and managers-• Use listening and questioning techniques to exchange information and obtain agreement-Before starting this task, you must:• Review the following documents:o Current-year Business Plano Profit & Loss budgeto Cash Flow budgeto Your workplace/organisation's financial policies & procedures, which reflect the organisational compliance requirements for:• Financial reporting requirements• Financial delegations• Misappropriation of funds• Review the following forms:o Workplace Project Part 3 - Assessor's Checklisto Workplace Project Part 3 - Observation FormThese forms outline the following:• Resources you are required to access to complete the task-• All criteria your submission must address to satisfactorily complete this task-• All practical skills you need to demonstrate to satisfactorily complete the observation task-You assessor will discuss these resources with you, and the criteria outlined in these forms prior to this assessment-Submit evidence of circulation of budgets to managers and supervisors- Evidence must be at least one of the following:• Email correspondence• Business letter• MemoSubmit evidence of your discussion with the managers and supervisors-Evidence must be any of the following:• Meeting minutes• Video/audio recording of the meeting conducted with the managers and supervisors  




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