BSBFIN501 Manage budgets and financial plans
BSBFIN501 Manage budgets and financial plans
Name of Participant: ID No:
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Assessment Requirements
Complete ALL assessment tasks, projects and questions to a Satisfactory standard, ensuring that you provide enough evidence for your Assessor to prove that you are competent in the unit.
Complete this Assessment which involves research and other activities that will make sure you have the skills and knowledge required to demonstrate that you are competent in this unit.
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Tasks in this Assessment include:
Task 71 - Plan financial management approaches
Task 72 - Implement and monitor financial management plans
Task 73 - Review and evaluate financial management plans
Task 74 - Application to you and your organisation
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This unit describes the skills and knowledge required to undertake 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.
Task 71 Plan financial management approaches
You have just been promoted to a new role with your organisation as the Chief Financial Officer due to the previous CFO leaving suddenly due to some discrepancies in their work (or a case study, as discussed with your trainer). The CEO wants a complete analysis of the department staffing and processes. The first job that the CEO has requested is that you need to meet individually with all finance staff in your department and do a job analysis.
T71.1 List the relevant people involved with the construction and clarification of financial plans and budgets.
Use a minimum of 6-8 sentences to write your answer below:
T71.2 Justify why these people are relevant to this role and give evidence of the input they have into this process.
Use a minimum of 6-8 sentences to write your answer below:
T71.3 During the meeting, take time to evaluate the budget and financial plan outcomes. What will you be looking for during this evaluation?
Use a minimum of 6-8 sentences to write your answer below:
T71.3.1 During the meeting, explain how would you negotiate with the staff to gain necessary changes? Use a minimum of 6-8 sentences to write your answer below:
After doing some investigating some of the processes of the organisation. You have concerns that there is no contingency plan in place. With a spike in sick leave due to COVID, you have reason to believe that a contingency plan is crucial so last minute changes can be implemented.
T71.4 Prepare a contingency plan for a department in your organisation.
Use a minimum of 6-8 sentences to write your answer below:
Task 72 Implement and monitor financial management plans
With the changes that have been implemented for your organisation or a case study, as discussed with your trainer,
T72.1 Explain how you would distribute the information in financial plans and budgets to your team.
Use a minimum of 6-8 sentences to write your answer below:
T72.2 Give examples of the types of support you will provide to your team to ensure they access resources and systems to perform required roles.
Use a minimum of 6-8 sentences to write your answer below:
The CEO also has concerns that he wants an improvement in the processes being used in the finance department. Due to COVID, income has seen a steady decline for the organisation and he wants to know exactly where every dollar is being spent. He has requested that you implement financial management plans to monitor the following:
T72.3 A break-down of the actual Expenditure for the organisation
Use a minimum of 6-8 sentences to write your answer below:
T72.4 A break-down of the forecasted Expenditure for the organisation
Use a minimum of 6-8 sentences to write your answer below:
T72.5 A budget report showing the income and expenditure for the organisation for the financial year to date.
Use a minimum of 6-8 sentences to write your answer below:
Task 73 Review and evaluate financial management plans
After the reviews that you have already done, you have found a variance between the actual and budgeted finances. The CEO has asked that you collect and collate for analysis, data and information to look at the effectiveness of the financial management processes for the organisation.
T73.1 Where will you find the data to do this for your organisation?
Use a minimum of 6-8 sentences to write your answer below:
T73.2 What will you do to analyse the variance between the actual and budgeted finances?
Use a minimum of 6-8 sentences to write your answer below:
The CEO wants to ensure that the financial management processes for the organisation are following the requirements for the Australian Taxation Office (ATO) and for auditing purposes.
T73.3 Determine the legislative record requirements set by the ATO.
Use a minimum of 6-8 sentences to write your answer below:
T73.4 Determine any other legislative systems and processes you need to be aware of set by the ATO.
Use a minimum of 6-8 sentences to write your answer below:
The CEO has decided that he wants a complete overhaul of the organisations financial management processes. He is willing to bring in outside help if he has to. Before this is done, he wants you to:
T73.5 Identify and recommend improvements to the existing financial management processes. Put your initial recommendation in an email for him to review.
To From Date Subject It was decided that a consultant was brought in to the organisation to assist with the improvements to the financial management plans. It is now time to implement the suggested improvements.
T73.6 Give a report on how you plan to do the implementation of these changes.
Use a minimum of 6-8 sentences to write your answer below:
T73.7 Include in the report who will be responsible for the implementation of these changes.
Use a minimum of 6-8 sentences to write your answer below:
T73.8 Include in the report how you plan to communicate these changes to the key stakeholders.
Use a minimum of 6-8 sentences to write your answer below:
T73.9 Include in the report how you plan to evaluate these changes.
Use a minimum of 6-8 sentences to write your answer below:
Task 74 ApplicationtoYouandYourOrganisation
With the following budgets, cash flows, profit and loss statements, spreadsheets and information for Clearwater Pty Ltd, answer the following questions:
T74.1What was the profit or loss for this quarter?
Use a minimum of 6-8 sentences to write your answer below:
T74.2What was the net gain or net loss in equity for this quarter?
Use a minimum of 6-8 sentences to write your answer below:
T74.3What appears to be happening to this organisation over the quarter?
Use a minimum of 6-8 sentences to write your answer below:
T74.4Are there any discrepancies in the numbers within the financial reports given? If so list them here.
Use a minimum of 6-8 sentences to write your answer below:
T74.5Looking at the profit and loss, what suggestions would you make to this organisation for improvements?
Use a minimum of 6-8 sentences to write your answer below:
Profit & Loss for Period April 2021 through June 2021 (Example)
-12701216025Clearwater Pty Ltd
25 Spring Street
Blackburn
VIC, 3130
Profit & Loss Statement
April 2021 through June 2021
April
May
June
Total
Income
Sales Income
Sales - Water Cooler
$3,413.78
$20.25
$0.00
$3,434.03
Total Income
$3,413.78
$20.25
$0.00
$3,434.03
Cost Of Sales
Purchases
Equipment
$2,607.10
$0.00
$0.00
$2,607.10
Total Cost Of Sales
$2,607.10
$0.00
$0.00
$2,607.10
Gross Profit
$806.68
$20.25
$0.00
$826.93
Expenses
General & Admin Expenses
Advertising
$0.00
$909.09
$0.00
$909.09
Depreciation
$100.00
$0.00
$0.00
$100.00
Operating Expenses
Car Expenses
$595.68
$172.73
$0.00
$768.41
Cleaning
$0.00
$59.55
$0.00
$59.55
Insurance
$81.59
$81.59
$0.00
$163.18
Office Rental
$845.46
$422.73
$0.00
$1,268.19
Other Operating Expenses
$0.00
$100.00
$0.00
$100.00
Photocopy
$77.27
$0.00
$0.00
$77.27
Telephone
$270.00
$159.09
$0.00
$429.09
Payroll Expenses
Superannuation
$1,367.30
$484.62
$398.08
$2,250.00
Wages & Salaries
$15,192.32
$5,384.62
$4,423.08
$25,000.02
Total Expenses
$18,529.62
$7,774.02
$4,821.16
$31,124.80
Operating Profit
($17,722.94)
($7,753.77)
($4,821.16)
($30,297.87)
Other Income
Other Expenses
Private Use
$0.00
$25.50
$0.00
$25.50
Total Other Expenses
$0.00
$25.50
$0.00
$25.50
Net Profit/(Loss)
($17,722.94)
($7,779.27)
($4,821.16)
($30,323.37)
00Clearwater Pty Ltd
25 Spring Street
Blackburn
VIC, 3130
Profit & Loss Statement
April 2021 through June 2021
April
May
June
Total
Income
Sales Income
Sales - Water Cooler
$3,413.78
$20.25
$0.00
$3,434.03
Total Income
$3,413.78
$20.25
$0.00
$3,434.03
Cost Of Sales
Purchases
Equipment
$2,607.10
$0.00
$0.00
$2,607.10
Total Cost Of Sales
$2,607.10
$0.00
$0.00
$2,607.10
Gross Profit
$806.68
$20.25
$0.00
$826.93
Expenses
General & Admin Expenses
Advertising
$0.00
$909.09
$0.00
$909.09
Depreciation
$100.00
$0.00
$0.00
$100.00
Operating Expenses
Car Expenses
$595.68
$172.73
$0.00
$768.41
Cleaning
$0.00
$59.55
$0.00
$59.55
Insurance
$81.59
$81.59
$0.00
$163.18
Office Rental
$845.46
$422.73
$0.00
$1,268.19
Other Operating Expenses
$0.00
$100.00
$0.00
$100.00
Photocopy
$77.27
$0.00
$0.00
$77.27
Telephone
$270.00
$159.09
$0.00
$429.09
Payroll Expenses
Superannuation
$1,367.30
$484.62
$398.08
$2,250.00
Wages & Salaries
$15,192.32
$5,384.62
$4,423.08
$25,000.02
Total Expenses
$18,529.62
$7,774.02
$4,821.16
$31,124.80
Operating Profit
($17,722.94)
($7,753.77)
($4,821.16)
($30,297.87)
Other Income
Other Expenses
Private Use
$0.00
$25.50
$0.00
$25.50
Total Other Expenses
$0.00
$25.50
$0.00
$25.50
Net Profit/(Loss)
($17,722.94)
($7,779.27)
($4,821.16)
($30,323.37)
Balance Sheets (Example)
Considering what you have learned in this unit,answer the following questions:
T74.6What is the number one thing you have learned from this unitAND why is it number one?
Use a minimum of 6-8 sentences to write your answer below:
T74.7How will this new knowledge benefitYouand/oryour organisation?
Use a minimum of 6-8 sentences to write your answer below:
T74.8To apply this knowledge, in your life or organisation, what is the next step you will need to take?
Use a minimum of 6-8 sentences to write your answer below:
T74.9When will this step be completed?
Add a date here
