Assignment Detail:- BSBFIN601 Manage organisational finances
Project OverviewThis workplace project assessment requires you to manage finances for at least one organisation or work area- While doing so, you must review previous financial statements; prepare, implement and revise a budget; contribute to financial bids and estimates; communicate with other people; and analyse the effectiveness of existing financial management approaches-This assessment is divided into five tasks:• Part 1: Review Financial Statements and Software• Part 2: Develop Budgets• Part 3: Confirm Management Literacy on Budgets, Reporting, and Delegations• Part 4: Review and Analyse Financial Information• Part 5: Report on FinancesThis project requires you to complete the assessment tasks in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry-Each task comes with a set of instructions- You are to follow and perform these instructions while being observed by the assessor and/or submit any required documentation-Before starting this assessment, your assessor will discuss with you these tasks, including instructions and guidance for satisfactorily completing them-
You are required to:• Complete the tasks within the time allowed, as scheduled in-class roll-• Review previous financial statements• Prepare, implement and revise a budget that aligns with the business plan; is based on research and analysis of previous financial data and cash flow trends; and meets compliance, statutory and organisational requirements• Contribute to financial bids and estimates• Communicate with other people, including reporting on financial activity and making recommendations; and ensuring that managers and supervisors understand key elements of relevant budgets• Analyse the effectiveness of existing financial management approaches, including reviewing financial management software; managing risks of misappropriation of funds; ensuring systems are in place to record all transactions; maintaining and audit trail; and complying with due diligence-
Part 1: Review Financial Statements and Software
This task will require you to determine:A- if the workplace/organisation's business plan for the current financial year is on target to be met based on an analysis of financial reports; andB- suitability of financial management software for use in the workplace/organisation-This task is divided into two parts:Part A- Review Financial StatementsTo complete this task, you must:• Access and review statutory requirements for business taxes-• Identify at least two statutory requirements for:o Business tax complianceo Business tax liabilities
• Access and review the workplace/organisation's:o Profit & Loss Statement for the previous two financial yearso Cash Flow Statement for the previous two financial yearso Cash Flow Forecast for the current financial year• Identify the Net Profit/Loss from the Profit & Loss Statement for both the financial years and assess their key reasons -drivers--
• Identify the monthly and quarterly Net Cash Flow trends for the current financial year from the Cash Flow Statements and forecast-
• Access and review the workplace/organisation's business plan for the current financial year that has yet to be implemented-• Analyse at least two initiatives and one critical date for each initiative in the business plan to assess if they will be met based on your review of the profits/losses and cash flow trends-
• Complete Table A in the following pages with the information identified- You will need this later to develop a budget in Workplace Project Part 2-
Part B- Review Financial SoftwareTo complete this task, you must:• Identify the existing financial management software used by the workplace/organisation-
• Identify if the existing financial management software is being used to record all transactions-
o Identify any transactions that are conducted by the workplace/organisation, which are not being recorded by the existing financial software-o Identify the system-s- being used for recording these transactions-• Identify at least two alternative financial management software which are not used by the workplace/organisation-
• For both, existing and alternative software:o Identify at least two strengths and two weaknesses-o Identify at least two threats that the financial management software poses to financial management-o Determine the suitability of the financial management software for financial management in the workplace/organisation, based on analysis of their respective strengths, weaknesses, and threats posed-
Complete Table B in the following pages with the information identified-
Review Workplace Project Part 1 - Assessor's Checklist before starting this task- This form outlines the following:• Resources you are required to access to complete the task-• All criteria your submission must address to satisfactorily complete this task-You assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment-Submit your workbook responses for this task to your assessor before starting with the next task-You must also submit the following as supplementary evidence:• A copy of the statutory requirements for business taxes that were reviewed-• A copy of the workplace/organisation's documents that were reviewed:o Profit & Loss Statements for the previous two financial years-o Cash Flow Statements for the previous two financial years-o Cash Flow Forecast for the current financial year-o Business plan that has yet to be implemented-o Transaction recording policies and procedures-
Most Recent Questions