This cover sheet must be completed and attached to all written assessments before submission.
This cover sheet must be completed and attached to all written assessments before submission.
Assessments submitted without this cover sheet will not be accepted. Student Name: Student ID: Unit Code: BSBESB407 Unit Title: Manage finances for new business ventures
Trainer/Assessor Name: Trainers Assessment Checklist:
FORMCHECKBOX Advised participant of date and time of assessment
FORMCHECKBOX Explained purpose and consequence of assessment
FORMCHECKBOX Explained rights and appeals against assessment process and outcomes
FORMCHECKBOX Explained appropriate evidence to complete assessment
FORMCHECKBOX Participants special needs relating to the assessment process have been discussed and agreed to
Tasks Description Attempt No. Result
Assessment task 1 Knowledge Test (KT) 1 2 FORMCHECKBOX Satisfactory FORMCHECKBOX Not satisfactory FORMCHECKBOX Not submitted
Assessment task 2 Skills Test (ST) 1 2 FORMCHECKBOX Satisfactory FORMCHECKBOX Not satisfactory FORMCHECKBOX Not submitted
Comments/Further information:
Reassessment Required: YesNo
Overall ResultC (Competent)CNA (Competency not achieved)
Student: I declare that I have been assessed in this task, in a fair and flexible manner. I have been provided with feedback on my performance Student signature Date
Assessor: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback Assessor signature Date
Student Declaration
I declare that this assessment task is my own work and does not involve plagiarism, cheating or collusion.
I have acknowledged all material and sources used to prepare this assessment.
This assessment has not been previously submitted for assessment.
I give my consent for Skills Institute Australia to test any work submitted by me, using text comparison software (plagiarism software), for instances of plagiarism. I understand that this text comparison software may retain a copy of the item on its database for the purpose of future plagiarism checking by others.
I understand that any assessment deemed Not Yet Competent (NYC) will require me to undergo re-assessment and I may be required to complete a different assessment task.
I have made a photocopy or electronic copy of my assessment, which I can produce if the original is misplaced.
Students signature Date
Assessor Instructions: Task 1 Knowledge Test
Assessment task Instructions
There are thirteen (13) written questions in this assessment pack.
The student must attempt all questions.
Instructions/Guidelines such as word-limit, what is expected from the student, example answer etc., have been given to each question.
The student must complete this task individually.
The students answers must demonstrate understanding and application of relevant concepts and critical thinking.
Assessment Task 1 - Knowledge Test
Provide your response to each question in the box below.
Q1: Answer the following questions:
1.1. Discuss the legislative requirements that apply to a new business venture in 200- 250 words.
1.2. Explain financial regulatory requirements that apply to a new business venture in 200-250 words. Satisfactory response
Yes No
Q2: Answer the following questions:
2.1. Explain the meaning and types of financial reports in 100-150 words.
2.2. Discuss any three (3) key purposes of financial reports in 100-150 words. Satisfactory response
Yes No
Q3: Discuss the following components of financial budgets in 50-100 words each:
Estimated revenue
Fixed cost
Variable costs
One-time expenses
Cash flow estimates
Profit
Satisfactory response
Yes No Q4: Discuss the workplace procedures for the following in 150-200 words each:
recording and communicating financial procedures to required personnel.
distributing financial budgets and projections
using digital technologies to monitor and report on financial performance targets and analyse data.
assessing and changing financial plan
Satisfactory response
Yes No
Q5: Answer the following questions:
5.1. Discuss the need for managing business finances in 100-150 words.
5.2. Discuss the forms, channels, and modes of communication used in managing business finances in 150-200 words.
Satisfactory response
Yes No
Q6: Answer the following questions:
6.1. Explain the following financial ratios in 100-150 words:
profitability ratios
liquidity ratios
turnover ratios
6.2. Discuss the key features of business and industry benchmarking used to evaluate financial ratios in 100-150 words.
Satisfactory response
Yes No Q7: Answer the following questions:
7.1. Discuss the key features of financial decision-making relevant to the business in 150-200 words.
7.2. Discuss the strategies that enable adequate financial provision for taxation in 200-250 words.
Satisfactory response
Yes No Q8: Answer the following questions:
8.1 Explain the components of client credit policies in 200-250 words.
8.2 Discuss contingencies for debtors in credit policy in 100-150 words. Satisfactory response
Yes No Q9: Discuss the key features of the following four (4) financial indicators in 200-250 words.
Working capital
Current ratio
Operating cash flow
Return on Investment (ROI)
Satisfactory response
Yes No Q10: Answer the following questions:
10.1 Explain the key features of the balance sheet in 150-200 words.
10.2 Mention the steps involved in the preparation and interpretation of the balance sheet in 250-300 words. Satisfactory response
Yes No Q11: Answer the following questions:
11.1 Discuss the key features of debt collection procedures in 250-300 words.
11.2. Explain the key features of any four (4) debt collection strategies in 200-250 words. Satisfactory response
Yes No Q12: Answer the following questions:
12.1 Discuss the key features of the profit and loss statement in 150-200 words.
12.2 Explain the components needed to prepare a profit and loss statement in 200- 250 words.
12.3 Discuss the procedures for the interpretation of the profit and loss statement in 100-150 words. Satisfactory response
Yes No Q13: Answer the following questions:
13.1 Explain the key features of stock records relevant to the business in 200-250 words.
13.2 Discuss the key features of stock control relevant to warehousing business in 200-250 words.
Satisfactory response
Yes No
Assessor Instructions: Task 2 Skills Test
Resources required to complete the assessment task:
Computer
Internet
MS Word
MS Excel
Printer or e-printer
Workplace documentation and resources
Business plan
Information given in the case study.
Legislation, regulations, standards and codes relating to the business plan. Refer to the link provided below:
https://business.gov.au/planning/new-businesses/legal-essentials-for-business
Assessment task Instructions
This is an individual assessment.
The purpose of this assessment task is to assess the students knowledge and skills essential to implement a financial strategy according to business plan and goals.
The trainer/assessor will take on the role of External Finance Specialist or assign the role to a staff members of the training organisation having knowledge of finance/accounting.
The student must use the templates provided to document their responses.
The trainer/assessor must assess the student using the performance checklist provided.
Assessment Task 2: Skills Test
Skills Test
This assessment task requires the student to implement a financial strategy for the new business venture (given in the case study) according to business plan and goals. This includes:
Abiding by legal requirements
Creating financial projections, including cash flow projections
Creating a strategy for negotiating and managing business assets and financial capital
Defining debt collection strategies and debtor contingencies
Controlling cash flow
Defining key financial performance indicators
Communicating with the necessary individuals
Where necessary, seeking specialised services.
Monitoring the company's financial performance and make changes to the strategy as needed.
Identifying opportunities to implement new and emerging digital technologies to help with business financial management.
To perform the above, the student will be required to complete the following activities:
Activity 1: Implement financial strategy.
Activity 2: Monitor financial performance.
Activity 3: Review financial performance
Case study Information:
Introduction
Online Media Solutions is opening a new online marketing and web development agency in Melbourne, Australia. From idea to design, development and marketing, the company achieve results for our clients and grow their business.
We have ventured into the web service industry to offer superior and unique services to small businesses and institutions. Our experience and expertise in web sales and e-commerce give us the backing to provide solutions that are currently lacking in the market.
There is an all-time high demand for web development and marketing for small businesses with signs of rising further. Interestingly, few web developers have taken advantage of this opportunity, leaving the industry with no dominant participants.
The high costs of the projects and the focus on bigger companies and institutions could be the contributing factor as to why this market remains untapped. We have a system that will reduce the project costs dramatically, giving us the opportunity to offer quality services at reduced costs.
Business plan
Company details:
Company name: Online Media Solutions, Pty. Ltd.
Company address: 2/10 Lawn court, Craigieburn, 3064, VIC
Mission
Provide best-in-class design services
Make a positive impact on our customer businesses
Be respected and admired by peers
Products and services
We will offer the following products and services to our clients:
Services:
Interface and Web Design
Graphics design
Website development
Domain and web hosting
Video editing
Blog development
Search engine optimisation
E-commerce
Products:
Web templates
CMS templates
Graphic templates
Brochure
Flyers
Business cards
Logo templates
Organisational structure and expertise
The foundation team has 10 team members. In its initial start-up, the business will have two (2) departments:
IT department
Marketing department
Other work-related financing and human resource work will be outsourced.
Both the departments will be managed by experienced and experts in commercial web development and business-to-business sales. Further, the team members are well-experienced and have years of experience working for MNCs.
Both the managers will report to the General Manager (Owner).
Business planning
We have prepared this business plan to highlight some of the aspects of our business and systems. It details the market demands and growth and outlines the projected profit margins and cash flow over the next four years.
Market analysis
The company will focus on small businesses and institutions that are looking to develop or upgrade their web presence.
Our approach will be step-by-step; starting with a simple, basic website and improving it to meet their changing needs. Our service will bring onboard any small business that needs an internet presence, but we will concentrate more on those that need more details about their operations online.
Such companies will most likely go for all or some of the following services:
A shopping cart or e-commerce.
Dynamic features and content.
Aggressive marketing of products online.
Forecast
We are projecting sales of $1.2 million by the end of the current year and $1.5 million in the next year. We expect to attain a net profit of 32% in the current and 40% in the next year.
The majority of the expenses will be salaries, contractor payments and office expenses.
Projected revenues and expenses for the next two (2) years
2022 2023
Revenue $1,200,000 $1,500,000
Direct Costs $132,000 $132,000
Operating Expenses Salaries & Wages $395,520 $407,384
Employee Related Expenses $79,104 $81,477
Loan payments $24,000 $24,000
Inventory purchases $48,000 $60,000
Office supplies $36,000 $36,000
Others Depreciation and Amortization $10,572 $17,428
Income tax rates 25% 25%
Start-up summary
Online Media Solutions will incur the following start-up costs:
Deposits for office rents and utilities
Furniture and fixtures
Computer hardware and software
Development of the website
Stationery and brochures
Legal fees regarding business formation, creation of standard client contracts, and other general advice
Start-up Requirements summary
Start-up Requirements Summary Start-up expenses Legal $2500
Stationery $1500
Insurance $2000
Rent deposits $25000
Website development $10000
Recruitment $10000
Software and hardware $25000
Marketing and advertisements $20000
Total Start-up expenses $96000
Start-up assets
Cash required $50,000
Other current assets $25,000
Long-term assets $100,000
Total assets $175,000
Total requirements $271,000
Sources of finance for required liquidity according to business goals and objectives and workplace procedures.
The owner of the business will raise 20% of its total capital.
The rest of the 80% will be raised through loans from banks and other financial institutions.
Your role and responsibilities
You are the owner of Online Media Solutions. To manage business successfully, you need to plan, implement and review financial management strategies according to business plan and goals of the organisation.
To plan, implement and review financial management strategies, you have the following responsibilities:
Determine financial information requirements and, if necessary, seek specialised services.
Create financial budgets or projections for each future period and distribute them to the appropriate people in accordance with legal requirements and workplace procedures.
Create a strategy for negotiating and managing business capital in order to best enable the business plan's implementation.
Create and maintain strategies that allow for adequate financial provision for taxation in accordance with legal requirements.
Create, monitor, and maintain client credit policies in order to maximise cash flow.
Choose key performance indicators (KPIs) to allow for ongoing monitoring of financial performance in accordance with the business plan.
Document and communicate financial procedures to necessary personnel in order to facilitate the implementation of the business plan in accordance with workplace procedures.
Monitor and report on financial performance targets using available systems, and analyse data to determine the extent to which financial goals have been met.
Keep an eye on marketing and operational strategies to see how they affect financial targets.
Calculate and evaluate financial ratios based on your company's and/or industry benchmarks.
Evaluate financial strategy to determine whether variations or alternative plans are required based on workplace procedures, and make changes as needed.
Research and implement new and emerging digital technologies with relevant personnel to increase business profitability in accordance with the business plan.
Skills Test:
This assessment task requires the student to implement a financial strategy for the new business venture (given in the case study) according to business plan and goals. This includes:
Abiding by legal requirements
Creating financial projections, including cash flow projections
Creating a strategy for negotiating and managing business assets and financial capital
Defining debt collection strategies and debtor contingencies
Controlling cash flow
Defining key financial performance indicators
Communicating with the necessary individuals
Where necessary, seeking specialised services.
Monitoring the company's financial performance and make changes to the strategy as needed.
Identifying opportunities to implement new and emerging digital technologies to help with business financial management.
To perform the above, the student will be required to complete the following activities:
Activity 1: Implement financial strategy.
Activity 2: Monitor financial performance.
Activity 3: Review financial performance
Task requirements
You will be assessed on your technical knowledge and skills to complete the assessment activities.
You will be assessed on working in a team environment and meeting your job role and responsibilities.
You must follow the instructions provided by the Supervisor.
All individuals must complete their role and assigned responsibilities and meet the specified deadlines
The task must be completed in the specified timeframe.
Activity 1: Implement financial strategy.
This activity requires you to implement financial strategy for the new business venture (given in the case study).
To do so, you are required to:
Follow the steps given below.
Complete the template/s associated with each step.
Submit the completed templates to the trainer/assessor.
Step 1: Determine financial information requirements and, if necessary, seek specialised services.
Analyse the information given in the case study.
Analyse the financial information requirements for the preparation of the financial budgets or projections and document using Template 1.
Consult external financial advisor regarding the following and document using Template 2.
GST requirements
Taxation rates
Taxation record keeping requirements.
Step 2: Create financial budgets or projections for each future period (two years) and distribute them to the External Financial Advisor in accordance with legal requirements and workplace procedures.
Analyse the projected revenue and expenses given in the case study.
Create the financial budgets or projections, including cash flow estimates for two (2) years using MS Excel. Ensure, you meet the legal requirements for tax rates when creating financial budgets or projections.
Distribute the financial budgets or projections, including cash flow estimates prepared to the External Financial Advisor for review via e-mail. Follow the below guidelines when drafting e-mail.
E-mail must include an appropriate subject line.
E-mail must provide a summary of the attachment.
E-mail must include the financial projections prepared for two (2) years prepared using MS Excel.
(Note to the Student: This can be a simulated email but must still be typed and attached as a separate document, following the three points above, for assessment. The Excel sheet can be attached separately also.)
Step 3: Develop a plan to negotiate and manage business assets and financial capital to best enable implementation of the business plan. Follow the below guidelines when developing a plan to negotiate and manage business capital.
Plan to negotiate and manage business assets and financial capital must be developed using Template 3.
Word-limit to complete plan to negotiate and manage business assets and financial capital is 300-400 words.
Plan to negotiate and manage business assets and financial capital must be focused on the following:
Your plan should create a clear picture of your company's goals.
Your plan should be based on the organisations goals and business plan.
Your plan should determine the primary negotiation styles you train your employees to use.
Plan to negotiate and manage business capital must include the following:
Capital requirements.
Negotiation strategy to best enable implementation of the business plan.
Negotiation styles to be used during negotiation.
Step 4: Develop and maintain strategies and enable adequate financial provision for taxation according to legal requirements. Follow the below guidelines when developing and maintain strategies:
Strategies must be developed using Template 4.
Work-limit to develop strategies is 200-300 words.
Strategies must include the following information:
Basic record keeping requirements.
End of financial year records.
Best practice and record keeping.
Financial provision for taxation according to legal requirements
Step 5: Develop client credit policies to maximize cash flow. Follow the below guidelines when developing client credit policies to maximize cash flow:
Client credit policies must be developed using Template 5.
Work-limit to develop client credit policies is 300-400 words.
Client credit policies must include the following information:
Purpose.
Scope.
Responsibility.
Invoicing
Strategies for debt collection and contingencies for debtors
Terms and conditions
Step 6: Select and define five (5) key performance indicators (KPIs) to enable ongoing monitoring of financial performance in line with business plan and document using Template 6.
Step 7: Document financial procedures in order to facilitate the implementation of the business plan in accordance with workplace procedures. Follow the below guidelines when developing financial procedures:
Financial procedures must be developed using Template 7.
Work-limit to develop client credit policies is 300-400 words.
Financial procedures must include the following information:
Procedures for adhere to when performing bank reconciliations.
Procedures for petty cash management.
Procedures for financial reporting
Template 1: Financial information requirements
Financial information requirements (100-150 words)
Analyse the financial information requirements for the preparation of the financial budgets or projections.
What Financial information do you require to prepare a projection or financial budget?
Template 2: Consult external financial advisor.
Consult external financial advisor (200-250 words)
GST requirements
Taxation rates
Taxation record keeping requirements
-(Once you have completed these templates, review Step 2 and create the spreadsheet.)-
(Review Step 3)
Template 3: Plan to negotiate and manage business assets and financial capital.
Plan to negotiate and manage business assets and financial capital (300-400 words)
Capital requirements
Negotiation strategy to best enable implementation of the business plan.
Negotiation styles to be used during negotiation.
(Review Step 4)
Template 4: Strategies and enable adequate financial provision for taxation.
Strategies and enable adequate financial provision for taxation (200-300 words)
Basic record keeping requirements.
End of financial year records.
Best practice and record keeping.
Financial provision for taxation according to legal requirements
(Review Step 5)
Template 5: Client credit policies
Client credit policies (300-400 words)
Purpose.
Scope.
Responsibility.
Invoicing
Strategies for debt collection and contingencies for debtors
Terms and conditions
(Review Step 6)
Template 6: Five (5) key performance indicators (KPIs)
Five (5) key performance indicators (KPIs) (100-150 words)
(Review Step 7)
Template 7: Financial procedures
Financial procedures (300-400 words)
Procedures for adhere to when performing bank reconciliations.
Procedures for petty cash management.
Procedures for financial reporting
Performance Criteria/Performance Checklist: Activity 1
Your task must address the following performance criteria/ performance checklist.
To be assessed as satisfactory (S) in this assessment task the participant needs to demonstrate competency in the following critical aspects of evidence S N/S Trainer/Assessor to complete.
(Comment and feedback to students)
Determined financial information requirements and, if necessary, seek specialised services.
Analysed the information given in the case study.
Analysed the financial information requirements for the preparation of the financial budgets or projections and document using Template 1.
Consulted external financial advisor regarding the following and document using Template 2.
GST requirements
Taxation rates
Taxation record keeping requirements.
Created financial budgets or projections for each future period (two years) and distribute them to the External Financial Advisor in accordance with legal requirements and workplace procedures.
Analysed the projected revenue and expenses given in the case study.
Created the financial budgets or projections, including cash flow estimates for two (2) years using MS Excel. Ensure, you meet the legal requirements for tax rates when creating financial budgets or projections.
Distributed the financial budgets or projections, including cash flow estimates prepared to the External Financial Advisor for review via e-mail. Follow the below guidelines when drafting e-mail.
E-mailed must include an appropriate subject line.
E-mailed must provide a summary of the attachment.
E-mailed must include the financial projections prepared for two (2) years prepared using MS Excel.
Developed a plan to negotiate and managed business assets and financial capital to best enable implementation of the business plan. Follow the below guidelines when developing a plan to negotiate and manage business capital.
Planned to negotiate and manage business assets and financial capital must be developed using Template 3.
Planned to negotiate and manage business assets and financial capital must be focused on the following:
Your plan should create a clear picture of your company's goals.
Your plan should be based on the organisations goals and business plan.
Your plan should determine the primary negotiation styles you train your employees to use.
Planned to negotiate and manage business capital must include the following:
Capital requirements.
Negotiation strategy to best enable implementation of the business plan.
Negotiation styles to be used during negotiation. Developed and maintained strategies and enable adequate financial provision for taxation according to legal requirements. Follow the below guidelines when developing and maintain strategies:
Strategies must be developed using Template 4.
Strategies must included the following information:
Basic record keeping requirements.
End of financial year records.
Best practice and record keeping.
Financial provision for taxation according to legal requirements
Developed client credit policies to maximise cash flow. Follow the below guidelines when developing client credit policies to maximise cash flow:
Client credit policies must be developed using Template 5.
Client credit policies must include the following information:
Purpose.
Scope.
Responsibility.
Invoicing
Strategies for debt collection and contingencies for debtors
Terms and conditions Selected and defined five (5) key performance indicators (KPIs) to enable ongoing monitoring of financial performance in line with business plan and document using Template 6. Document financial procedures in order to facilitate the implementation of the business plan in accordance with workplace procedures. Followed the below guidelines when developing financial procedures:
Financial procedures must be developed using Template 7.
Financial procedures must include the following information:
Procedures for adhere to when performing bank reconciliations.
Procedures for petty cash management.
Procedures for financial reporting
Communicated the financial procedures to facilitate the implementation of the business plan to the two (2) team members assigned.
Discussed the following with the team members:
Procedures for adhere to when performing bank reconciliations.
Procedures for petty cash management.
Procedures for financial reporting
Employed listening and questioning techniques to confirm understanding.
Activity 2: Monitor financial performance.
Activity context:
The financial projections have been implemented. The following were the outcomes for the initial year of operations:
The initial advertisement and marketing strategies were not able to achieve the desired financial targets in the initial three (3) months.
To achieve the financial targets, the advertisement and marketing costs were increased by $40,000.
The actual revenue achieved by the end of financial year was 1.1 million.
Description of the activity:
This activity requires you to monitor financial performance based on the information given in the activity context.
To do so, you are required to:
Follow the steps given below.
Complete the template/s associated with each step.
Submit the completed templates to the trainer/assessor.
Step 1: Monitor and report on financial performance targets using available systems (MS Excel) and analyse data to determine the extent to which financial goals have been met.
Analyse the information given in the activity context.
Calculate the actual outcomes and determine variance between actual and forecasted budgets using MS Excel.
Use the same MS Excel sheet you used to prepare financial projections.
Add an additional column with actual expenditure.
Add another additional column and calculate variance.
Determine the extent to which financial goals have been met and document using Template 8.
Step 2: Monitor marketing and operational strategies for their effects on financial goals.
Analyse the information given in the case study.
Analyse the extent to which financial goals have been met based on outcomes of Step 1.
Monitor marketing and operational strategies for their effects on financial goals based on the analysis of Activity context and outcomes of Step 1.
Document the effects of marketing and operational strategies on financial goals using Template 8.
Step 3: Calculate and evaluate financial ratios according to industry benchmarks.
Calculate the following ratios using MS Excel to determine the health of the business:
Net profit ratio = (Total business income Total expenses) Total business income
Gross profit ratio = (Total business income Cost of sales) Total business income
Wage to turnover ratio = Salary and wages paid Total business income
Expense to turnover ratio = Total expenses Total business income
Conduct online research and determine industry benchmarks for the above ratios and document against the calculated ratios.
Compare the ratios against the industry benchmarks and determine the health of the business.
Submit the comparison Excel sheet to the trainer/assessor via e-mail.
Template 8: Effects of marketing and operational strategies on financial goals
Effects of marketing and operational strategies on financial goals (100-150 words)
Performance Criteria/Performance Checklist: Activity 2
Your task must address the following performance criteria/ performance checklist.
To be assessed as satisfactory (S) in this assessment task the participant needs to demonstrate competency in the following critical aspects of evidence S N/S Trainer/Assessor to complete.
(Comment and feedback to students)
Monitored and report on financial performance targets using available systems (MS Excel) and analyse data to determine the extent to which financial goals have been met.
Analysed the information given in the activity context.
Calculated the actual outcomes and determine variance between actual and forecasted budgets using MS Excel.
Use the same MS Excel sheet you used to prepare financial projections.
Add an additional column with actual expenditure.
Add another additional column and calculate variance.
Determine the extent to which financial goals have been met and document using Template 8.
Monitored marketing and operational strategies for their effects on financial goals.
Analysed the information given in the case study.
Analysed the extent to which financial goals have been met based on outcomes of Step 1.
Monitored marketing and operational strategies for their effects on financial goals based on the analysis of Activity context and outcomes of Step 1.
Documented the effects of marketing and operational strategies on financial goals using Template 8. Calculated and evaluated financial ratios according to industry benchmarks.
Calculated the following ratios using MS Excel to determine the health of the business:
Net profit ratio = (Total business income Total expenses) Total business income
Gross profit ratio = (Total business income Cost of sales) Total business income
Wage to turnover ratio = Salary and wages paid Total business income
Expense to turnover ratio = Total expenses Total business income
Conducted online research and determine industry benchmarks for the above ratios and document against the calculated ratios.
Compared the ratios against the industry benchmarks and determine the health of the business.
Submitted the comparison Excel sheet to the trainer/assessor via e-mail.
Activity 3: Review financial performance
Activity context:
The business health has been monitored. The management has made a decision to implement an automated financial management system to increase business profitability in accordance with the business plan.
Description of the activity:
This activity requires you to review financial performance based on the information given in the activity context.
To do so, you are required to:
Follow the steps given below.
Complete the template/s associated with each step.
Submit the completed templates to the trainer/assessor.
Step 1: Evaluate financial strategy to determine whether variations or alternative plans are required based on workplace procedures, and make changes as needed.
Monitor the financial performance of the business based on the outcomes of Activity 2.
Determine the variations or alternative plans required to the financial strategy implemented in Activity 1.
Document the variations or alternative plans using Template 9.
Step 2: Research and implement new and emerging digital technologies with External Financial Advisor assigned to increase business profitability in accordance with the business plan.
Conduct research with External Financial Advisor and determine two (2) new and emerging digital technologies to manage finances of the organisation and increase business profitability in accordance with the business plan.
Document the new and emerging digital technologies to be implemented using Template 9.
Implement new and emerging digital technologies.
Download and install a financial management software.
Create a company account in the financial management software.
Take a screenshot of each step implemented to create company account and submit to the trainer/assessor via e-mail.
Template 9: Review financial performance
Review financial performance (200-250 words)
The variations or alternative plans
The new and emerging digital technologies to be implemented
Performance Criteria/Performance Checklist: Activity 3
Your task must address the following performance criteria/ performance checklist.
To be assessed as satisfactory (S) in this assessment task the participant needs to demonstrate competency in the following critical aspects of evidence S N/S Trainer/Assessor to complete.
(Comment and feedback to students)
Evaluated financial strategy to determine whether variations or alternative plans are required based on workplace procedures, and make changes as needed.
Monitored the financial performance of the business based on the outcomes of Activity 2.
Determined the variations or alternative plans required to the financial strategy implemented in Activity 1.
Documented the variations or alternative plans using Template 9.
Research and implemented new and emerging digital technologies with External Financial Advisor assigned to increase business profitability in accordance with the business plan.
Conducted research with External Financial Advisor and determine two (2) new and emerging digital technologies to manage finances of the organisation and increase business profitability in accordance with the business plan.
Documented the new and emerging digital technologies to be implemented using Template 9.
Implemented new and emerging digital technologies.
Downloaded and installed a financial management software.
Created a company account in the financial management software.
Took a screenshot of each step implemented to create company account and submit to the trainer/assessor via e-mail.
