BSBFIM601 Manage Finances Assignment
BSBFIM601 Manage Finances
You are required to complete all tasks as instructed.
Your Assessor will advise you of the tasks that you must complete related to your industry.
To be assessed for this competency, you must demonstrate your ability to:
• Plan for financial management
• Read and review profit and loss statements, cash flows and aging summaries
• Prepare, implement and revise a budget which aligns with the business plan, is based on research and analysis of previous financial data and cash flow trends, and meets all compliance requirements
• Contribute to financial bids and estimates
• Establish a budget and allocate funds in accordance with statutory and organisational requirements
• Communicate with other people including:
• Reporting on financial activity and making recommendations
• Identifying and prioritising significant issues
• Ensuring managers and supervisors are clear about 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 an audit trail and complying with due diligence.
The following Assessment Tasks must be completed by you to enable you to demonstrate these skills. These must be conducted using the simulated business Bounce Fitness or, in your own workplace if you are able to access all the documents and conduct all of the activities.
If you are using your own business, simply replace references to Bounce Fitness with the name of your organisation. Ensure that you gain the approval of your choice with your Assessor before commencing.
The documents you will require if you are using the simulated business Bounce Fitness can be found on the Bounce Fitness website:
• Bounce Fitness / Introduction
• Infrastructure tab / Business Plan
• Infrastructure tab / Business Objectives and Key Performance Indicator and the Business Plan
• Policies tab / Financial Policy and Budget Policy
• Performance tab / Head Office Cairns / HO Financial Reports / 20XX Projected Budget Head Office and Profit and Loss – Head Office
• Performance tab / Brisbane / Brisbane Financial / 20XX Projected Budget for Brisbane Centre and Profit and Loss – Brisbane
• Performance tab / Cairns / Cairns Financial / 20XX Projected Budget for Cairns Centre and Profit and Loss – Cairns
• Performance tab / Melbourne / Melbourne Financial / 20XX Projected Budget for Melbourne Centre and Pofit and Loss – Melbourne
• Performance tab / Sydney / Sydney Financial / 20XX Projected Budget for Sydney Centre and Profit and Loss – Sydney
• Documents tab / Finance / The Centre Manager’s Budget Checklist
• Procedures tab / Administrative Procedures / Style Guide You may need to conduct further research.
Bsbfim601a manage finances assignment
Task 1 – Theory: Short Answer Questions
Task 1 requires the Learner to demonstrate their knowledge of managing finances. To enable you to do this, answer the following questions. If you require more space, use your own paper placing your name and group identifier at the top and the question number beside your answer.
If you use your own business, include copies of all documentation to which you refer to for your Assessor.
1a Identify the requirements for financial probity.
1b Describe the principles of accounting and financial systems.
1c Explain Australian, international and local legislation and conventions that are relevant to financial arrangements in Australia.
1d Outline the requirements of the Australian Tax Office including Goods and Services Tax, Company Tax and Pay As You Go Tax.
Include copies of any documents to which you refer for your Assessor.
Task 2 – Practical: Review Budgets
Task 2 requires you plan for financial management. Access the Bounce Fitness website to print and use the financial documents of the organisation. On your own paper using appropriate report formats (see Bounce Fitness Style Guide), and using the reports you have accessed:
2a Review the financial data including profit and loss statements, cash flows and ageing summaries, comment on areas that have generated a profit or loss and suggest reasons why this could have occurred.
2b Review the Financial and Budget Policy and the Business Plan, Objectives and Key Performance Indicators and discuss whether the goals of these documents are being met.
2c Review the Business Plan of Bounce Fitness and determine the critical dates and initiatives that will require or generate resources in the next financial cycle.
2d Review the statutory requirements of the Australian Taxation Office and discuss whether they are being met efficiently. Make recommendations if appropriate.
2e Based on the information gathered, evaluate and recommend improvements to the overall financial processes in Bounce Fitness.
2f Consider the software that you are using for this assessment and discuss whether it is suitable for the business needs or whether you need to change to a new software package. Explain why it is appropriate or not and how a different package would provide benefit.
Print and include any documents you use from the Bounce Fitness website and reference any other information for your Assessor.
Task 3 – Practical: Allocate Funds
Task 3 requires you to establish a budget and allocate funds. On your own paper using appropriate report formats (see Bounce Fitness Style Guide) for your budget and your report (answers to questions):
3a Review the financial data including profit and loss statements, cash flows and ageing summaries, comment on areas that have generated a profit or loss and suggest reasons why this could have occurred.
3b Review the Financial and Budget Policy and the Business Plan, Objectives and Key Performance Indicators and discuss whether the goals of these documents are being met.
3c Review the cash flows of Bounce Fitness Centres. Are they sufficient to maintain the Centres or should changes be made? If you recommend changes, discuss what you would recommend to be done and what impact you would expect this to have.
Print and include any documents:
• You use from the Bounce Fitness website • Include copies of the documents you create.
These will be evidence of your document trail and reference any other information for your Assessor.
Task 4 – Practical: Implement Budgets
Task 4 requires you to implement budgets. Your Assessor and training group will act as the manager and supervisors who need to be clear about the budgets, reporting requirements and financial delegations.
To complete the following tasks, use the information found at:
• Policies tab / Financial Policy and Budget Policy • Performance tab / Head Office Cairns / HO Financial Reports / 20XX Projected Budget Head Office and Profit and Loss – Head Office • Performance tab / Brisbane / Brisbane Financial / 20XX Projected Budget for Brisbane Centre and Profit and Loss – Brisbane • Performance tab / Cairns / Cairns Financial / 20XX Projected Budget for Cairns Centre and Profit and Loss – Cairns • Performance tab / Melbourne / Melbourne Financial / 20XX Projected Budget for Melbourne Centre and Profit and Loss – Melbourne • Performance tab / Sydney / Sydney Financial / 20XX Projected Budget for Sydney Centre and Profit and Loss – Sydney • Documents tab / Finance / The Centre Manager’s Budget Checklist.
Once you have this information, explain to the Assessors and others nominated by the Assessor as supervisors and discuss with them:
• Circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations
• Check there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions
• Review profit and loss statements, cash flows and ageing summaries
• Revise budgets, as required, to deal with contingencies
• Maintain audit trails to ensure accurate tracking and to identify discrepancies between agreed and actual allocations
• Ensure compliance with due diligence.
You will need to find viable solutions to their questions and demonstrate your ability to ensure they understand and can apply the information.
Task 5 – Practical: Report on Finances
Task 5 requires you to report on finances. Using the Bounce Fitness documents, create a report in an appropriate format for your Assessor. Your report must be clear and conform to organisational and statutory requirements.
You must identify and prioritise any significant issues in statements, including comparative financial performances for review and decision making and prepare recommendations to ensure financial viability of the organisation and demonstrate how the budget aligns with the Business Plan. If it does not, you must make recommendations to correct this. Also, evaluate the effectiveness of financial management processes.
Task 6 – Evidence Record
To be used if the Learner has used their own organisation for the Assessment Tasks.
This form provides verification and evidence that Learner has demonstrated the skills and applies the knowledge required to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to financial bids and estimates, allocating funds, managing budgets and reporting on financial activity.
It applies to individuals who have managerial responsibilities which include overseeing the management of financial and other resources across a business unit, a series of business units or teams, or an organisation. It covers all areas of broad financial management. In a larger organisation this work would be supported by specialists in financial management. The Assessor will observe aspects of this by the Learner as much as possible but will also require information from a Supervisor of the Learner to corroborate and verify their assessment. The Assessor will arrange a time to meet and complete this Evidence Record with Supervisor.
Check latest posts from our website
- HC1010 T1 2020 Accounting for Business Group Assignment
- FINA600 Assessment 2 Financial Management
- HI5013 T1 2020 Managing Across Borders
- MGT610 Organisational Best Practice Part B
- MGT610 Organisational Best Practice Part A
- COIT20245 Assignment 1 CQU
- MIS602 Data Modelling & Database Design
- MNG03048 Assignment 1 Quantitative Research Methods
- HI5004 T1 2020 Marketing Management
- HI6006 T1 2020 Competitive Strategy
- HI5020 T1 2020 Corporate Accounting
- HI5019 T1 2020 Strategic Information Systems for Business and Enterprise
- HI5002 T1 2020 Finance for Business
- HI6025 T1 2020 Accounting Theory and Current Issues
- HI6005 T1 2020 Management and Organisations in a Global Environment
- HI5014 T1 2020 International Business Across Borders
- HI5003 T1 2020 Economics for Business
- HI6008 T1 2020 Business Research Project