Scribd
Upload
1K views

BSBFIN601 MANAGE ORGANISATIONAL FINANCES - Question Task 2

This document provides instructions for Assessment Task Two which involves reviewing financial information for Grow Management Consultants, preparing budgets for the upcoming financial year, and meeting with management to discuss the budgets. The key activities are: 1. Preparing a financial performance report analyzing profits/losses and cash flows for 2019-2020 and reviewing financial software options. 2. Developing budget forecasts for 2020-2021 incorporating analysis of past performance and future business plans. 3. Developing a report on key financial compliance requirements and tax liabilities. 4. Conducting a role play meeting with management to communicate the budgets, financial policies, and compliance obligations.

Uploaded by

Gabriel Jay Lasam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
1K views

BSBFIN601 MANAGE ORGANISATIONAL FINANCES - Question Task 2

This document provides instructions for Assessment Task Two which involves reviewing financial information for Grow Management Consultants, preparing budgets for the upcoming financial year, and meeting with management to discuss the budgets. The key activities are: 1. Preparing a financial performance report analyzing profits/losses and cash flows for 2019-2020 and reviewing financial software options. 2. Developing budget forecasts for 2020-2021 incorporating analysis of past performance and future business plans. 3. Developing a report on key financial compliance requirements and tax liabilities. 4. Conducting a role play meeting with management to communicate the budgets, financial policies, and compliance obligations.

Uploaded by

Gabriel Jay Lasam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 4

BSBFIN601 MANAGE ORGANISATIONAL

FINANCES

ASSESSMENT TASK TWO

Portfolio and Roleplay

Instructions

ASSESSMENT TASK TWO Portfolio and Roleplay


 The purpose of this assessment task is to review existing financial information and
prepare and implement budgets for the following financial year.
 You must complete this task by the due date set by your trainer and assessor.
 You will need access to the following resources to complete this task:

o GrowManagementConsultantsCasestudyinformation

o Templates provided by your assessor


o Space/technologyformeeting
o Computer with MS Office Suite (or similar) and internet access

 You must provide your responses in your own words. You can refer to the Learner Guide,
Case Study Scenario or other sources when preparing evidence, but you are not allowed to
copy sentences and/or paragraphs directly from these sources. If your responses found to have
been copied directly from learner guide, case study scenario or other sources, your result for
this task will be Not Satisfactory.
 You will complete the research and documentation type of activities at home in your own
time and the practical type (role-plays and presentations) activities in simulated assessment
environment under the assessor’s supervision.
 After completing the activities, you must submit evidence as per the ‘Evidence Submission
Checklist’ by the due date. For observation type activities, your assessor records your
performance using a checklist, so you do not need to submit anything unless the activity asks
you specifically.

Scenario

You are the General Manager at Grow Management Consultants and are required to review
existing financial information and prepare budgets for the following financial year based on
your review. In your General Manager role, you are also required to review existing financial
software to ensure that it is meeting the company’s needs.

You are then required to meet with the management team (your assessor) to discuss the
budgets you have prepared for the upcoming financial year, as well as to confirm reporting
requirements and financial delegations as documented in the financial management policy and
procedure.

Carefully read the case study Grow Management Consultants (Appendix 1) and then complete the
following activities.

Activities

1. Prepare a financial performance report 2019-2020

Review the case study scenario above, as well as the information provided in Profit and Loss 2019/20
and Cash Flow Statement 2019/20 (Excel sheet template provided by your assessor) and
Strategic business plan (Appendix 2). Using this information, identify areas of the business that have
generated a profit and those that have generated a loss.

Conduct research to establish why those areas have made a profit or loss. Your research should
include a review of the financial data provided to you and economic conditions and business trends
that may have resulted in the profit or loss.

Prepare a Financial performance report 2019-2020 using the template (Appendix 3)

Your report should include the following:

 Overview of the purpose of the report.


 Analysis of the previous year’s (2019 – 2020) profit and loss statement for

Grow Management Consultant, including revenue generated, cost of sales, as

well as gross profit/loss margin and net profit/loss margin.

 Analysis of overall business performance, as well as performance of each of

the income streams for 2019 – 2020.

 Outline of reasons for profit or loss based on your analysis of the data and

research on economic conditions and business trends.

 Analysis of the organisation’s goals and priorities for the upcoming financial

year as documented in the Strategic Business Plan and financial resources

required to achieve these goals, as well as key dates.

 An analysis of cash flow trends as per the cash flow statements.


 Review and analysis of at least three other financial software products that

the business could use, including the advantages and disadvantages of each, as well as the
advantages and disadvantages of MYOB that is currently used.

2. Develop budget forecasts for financial year 2020-2021.


Develop budget forecasts, ensuring that the analysis of the previous year’s data and
future plans as indicated in the business plan is taken into account in determining
projected income and expenditure.
Use the Budget Forecast Template (Excel sheet template provided by your
assessor) to guide your work.

Ensure that your budget includes the estimated income and costs for the conference and
e-book to be implemented in 2021 in the document Costs and Income.
Assume a 5% increase in all general costs, as well as a 10% increase in income for
consulting and executive recruitment service. Input costs and income for the conference
and e-book as set out in the Costs and Income data.

3. Develop report on key financial compliance requirements and liabilities for tax
Develop report on key financial compliance requirements and liabilities for tax so that
financial risks are managed in relation to the misappropriation of funds and recording of
transactions, you are also required to outline reporting requirements and financial delegations
as outlined in the company’s financial policy and procedures (Appendix 4) , as well as
research and report on the company’s compliance requirements and tax liabilities.

Research and report on the business’ key financial compliance requirements and liabilities for
tax.
The report should explain:

GST reporting requirements (the company is required to report quarterly)



PAYG withholding obligations

PAYG income tax instalment

Payroll tax obligations (state government)

Superannuation entitlements and requirement to comply with legislation regarding

frequency of payment, choice of fund and reporting to staff.
4. Conduct meeting with Principal Consultant and Senior Managers

Role play Scenario

Assume that the Principal Consultant has approved your budget for the upcoming financial year, 2020 – 2021.
You are now required to meet with the Senior Managers to communicate the budgets you have developed.

Conditions

Your assessor will play the role of Senior Managers and you will play the role of General Manager. Your
assessor will prepare the environment for the meeting.
The meeting starts when your assessor (Senior Managers) welcomes you to the meeting.
Before attending the meeting, have the following copies ready:

 The budget that you have developed.


 The Financial Policy and Procedures. You will be required to explain key reporting requirements to the
Managers attending the meeting, as well as financial delegations. Review this document and highlight
the relevant passages.
 Your report on key financial compliance requirements and liabilities for tax

At the meeting, you are required to:

 Discuss the budget you have developed and the rationale for the budget figures.
 Discuss the amounts allocated to activity, including the conference and the e-book.
 Explain that there will be no more workshops conducted.
 Provide an outline of the financial policy and procedure. to ensure that roles and responsibilities are
understood and risks of misappropriation of funds/incorrect recording of financial transactions is
minimised.
 Explain the company’s key financial compliance requirements and tax liabilities.
 Explain financial decisions and outcomes clearly and uses listening and questioning

techniques to exchange information and obtain agreement Meeting should take no more than 15
minutes.

You might also like