Planning and implementing financial management approaches

Assignment Detail:- BSBFIN501 Manage budgets and financial plans Purpose: This assessment will develop your skills and knowledge required toundertake financial management in an organisation or work area- It includes planning and implementing financial management approaches and supporting and evaluating effectiveness of financial management processes- Performance EvidenceEvidence of the ability to:• manage the budget and financial plan of an organisation for one reporting periodIn the course of the above, you must:• Communicate with relevant people to clarify budget and financial plans, negotiate changes and disseminate information• Prepare, implement and modify financial contingency plans• Monitor expenditure and control costs• Support and monitor team members• Report on budget and expenditure• Review and make recommendations for improvements to financial processes• Meet record-keeping requirements for Australian Taxation Office -ATO- and for auditing purposes Knowledge EvidenceYou must demonstrate knowledge of:• Basic accounting principles• Types of budgets and financial plans• Legislation and current ATO requirements, including the Goods and Services Tax -GST-• Key requirements for financial record keeping and auditing• Principles for managing work teams• Principles and techniques involved in managing:o Budgetingo Cash flowso Electronic spreadsheetso Goods and Services Taxo Ledgers and financial statementso Profit and loss statementso Evaluation of budget and financial plans Part A - Demonstrate knowledge of financial management A1-Explain the basic principle of double entry bookkeeping-Refer to page 12 of the Learner Guide supplied on Moodle to inform your answer- Answer in 40-80 words- A2- Explain the two accounting principles on which the calculation and reporting of deprecation is based-Refer to page 14 of the Learner Guide supplied on Moodle to inform your answer- Answer in 40-80 words- A3-Complete the following table to describe the principles of cash and accrual accounting and an advantage and disadvantage of each method of accounting-Refer to pages 13-14 of the Learner Guide supplied on Moodle to inform your answer- Answer in 80-160 words- A4-List and briefly describe three types of budgets-Refer to pages 5-6 of the Learner Guide supplied on Moodle to inform your answer- Answer in 40-80 words- A5-List and briefly describe three key features of A New Tax System -GST- Act 1999- A6-Outline the four main taxation and superannuation obligations for a business- Answer in 40-80 words- A7-List and briefly describe three types of records that a company must keep for tax purposes-Answer in 40-80 words- A8-Explain why the ATO conducts audits-Answer in 40-80 words- A9-List and briefly describe three key principles that should be followed when managing a work team-Refer to pages 15-17 of the Learner Guide supplied on Moodle to inform your answer- Answer in 40-80 words- A10-Describe the difference between a static and a flexible budget-Refer to pages 4-5 of the Learner Guide supplied on Moodle to inform your answer- Answer in 40-80 words- A11-Explain the relevance of electronic spreadsheets to budgeting- Answer in 40-80 words- A12-Explain how often businesses must report GST- Answer in 40-80 words- A13-Describe a method that can be used to evaluate a budget or financial plan-Answer in 40-80 words- A14-Describe the following terms associated with financial statements-Refer to pages 11-14 of the Learner Guide supplied on Moodle to inform your answer- Answer in 100-250 words- Part B- Plan financial management approaches InstructionsYou are required to plan financial management approaches for King Edward VII College- This involves: • Accessing, reviewing and then reporting on the budget and financial plans relevant to your team or department-• Evaluating budget and financial plan outcomes-• Preparing contingency plans in case plans need to be varied-• Identifying if any changes need to be made to the budget and financial plans and negotiating these changes Read the case study provided in the "2 - Case study" folder provided on Moodle- Then answer the questions below- B1- Describe the overall financial objectives for King Edward VII College-Answer in 40-80 words- B2- Describe the budget and financial plans you will useto assist in achieving King Edward VII College's financial objectives- Your description is to includethe purpose of the budget and financial budgets and the reporting period-Also evaluate and report on the required outcomes for the budget and financial plan-Answer in 80-160 words- B3- Name of the policy and procedures that are utilised for financial management- Then, describe processes that are used to monitor expenditure and control costs, as well as adjust contingency plans as required-Answer in 40-80 words- B4- Based on your evaluation of the budget/ financial plan, what changes do you believe need to be made to the budget and financial plan???? Describe at least one change-Answer in 40-80 words- B5- Develop a contingency plan for your budget/financial plan, describing at least three possible contingencies-Answer in 80-160 words- B6- In the previous question -Part B, Question B6- you identified a change or changes that need to be made to the budget- You now need to negotiate this change with a Manager- Prepare an email here to confirm your understanding of the required budget and financial plan outcomes, as well as negotiate your recommended changes to the budget- Make sure you clearly state why you are recommending the change or changes- Answer in 100-250 words- Part C- Implement financial management plansC1- You are required to prepare a presentation in order to communicate the financial management plans to your team-The purpose of the presentation is to: • Communicate the details of the agreed budget and financial plans• Provide support to your team in order to implement the budgets and financial plans• Provide information to your team about financial management processes to monitor expenditure, controls costs and adjust contingency plans as required Your presentation is to include: • Details of the agreed budget and financial plans• Information on the processes that will be used to monitor expenditure and control costs and adjust contingency plans as required-• Details of the resources and systems that your team need to access in order to be able to perform their roles -note - this will be as per the information you completed Part B-- Your presentation must be clear and concise and use a logical structure and language that your audience can understand- Your presentation can be made using Microsoft PowerPoint, or another suitable software program of your choice- It should include at least 4 slides- Save your presentation as "Budget Presentation - Your Name", replacing "Your Name" with your first and last names- Ensure you upload your presentation when submitting your assessment- C2- THE SCENARIO:You now need to present the presentation you made in the previous question -Part C, Question C2- to your team- Set up a meeting with:• You, acting as a Financial Manager at King Edward VII College• Two members of your team, as role played by other students in your unitNOTE: Trainer & Assessor will observe this meeting and complete an observation checklist- For instructions on arranging this meeting, please refer to this unit's page on Moodle- WHAT YOU NEED TO DO BEFORE YOUR MEETING:Organise a day and time for your meeting, in line with the availability of your Trainer & Assessor- This meeting should take no more than5 minutes-NOTE: Use the instructions provided on Moodle to arrange this meeting-You are required to manage the meeting- Prior to the meeting ensure you have read the instructions below on what you'll be required to do during the meeting and prepare as necessary- WHAT YOU NEED TO DO DURING YOUR MEETING:Use the meeting to:• Present your presentation from the previous question -Part C, Question C1-, ensuring you communicate details and provide support to your teamEnsure you take note of what you discuss during the meeting- WHAT YOU NEED TO DO AFTER YOUR MEETING:Record notes of what was discussed during your meeting, including any feedback received-Answer in 40-80 words- Part D- Monitor and evaluate financial management plans D1- You are required to report on the variance between the actual and budgeted amount for King Edward VII College's budget/financial plan following financial management procedures- Report on these using the template called "Marketing Budget Report Template" provided in the case study folder on Moodle- Save your report as "Marketing Budget Report - Your Name", replacing "Your Name" with your first and last names- NOTE: Ensure you review the Budget Report information section in the Case Study Information document, as well as the provided Financial Management Policy and Procedures- D3- Review current financial management processes at King Edward VII College- To do this: • Review the Financial Policy and Procedures• Reflect on the financial planning and implementation process you have followed• Consider any budget variances What do you believe could be improved???? Describe at least three recommendations- Note:You will need to implement at least one of these recommendations in the following question- Answer in 80-160 words- D4- You now need to select one of the improvements you identified in the previous question -Part D, Question D3- and implement it- You will also need to provide evidence of this- For example, you may decide that the budget policy section of the financial management policy needs updating, and, in this case, you will provide an updated policy- You may also decide to recommend a specific amount for inclusion as a contingency- You must also develop an email to send to your team in order to implement the improvement- Document the email below- Answer in 80-160 words- D5- Provide an evaluationof the improvement you implemented in the previous question -Part D, Question D4--NOTE: Your Trainer can provide further feedback on your implementation- Answer in 40-80 words- D6- You must create logical folders for all of your work- This will ensure you follow record keeping requirements- Attachment:- Manage budgets and financial plans-rar

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