Subject Code : BSBFIM601
Assignment Task:

Performance objective
The candidate will demonstrate the ability to undertake budgeting, financial forecasting, and reporting and to allocate and manage resources to achieve the required outputs for the business unit.
Assessment description
This assessment consists of preparing a one-year budget and projected financial statement including income & expenses and liabilities & assets using the given data.  You may consult with your trainer/assessor if any additional support and guidance are required.
Procedure
This Assessment Task has two (2) parts – Part A and Part B.
PART A: (BSBFIM601)
For this assessment, students are to utilize the data in the Appendices regarding Ed’s Whitegoods.  The instructor can role-play the part of Edward Tan, the proprietor and will give any additional information required, including company policies and procedures, milestones, etc.
Students are to undertake the following:

  • List all personnel you would consult with in order to gain adequate advice prior to commencing your reports.
  • Consult with your instructor to determine management requirements
  • Prepare a 1-year budget & projected financial statement including:
  • Sales forecast, taking into account additional information in Appendix 5
  • Estimated expenses/inventory costs
  • Estimated profits
  • Ensure report layout and format comply with management information requirements, are clear and error-free

Students must ensure that estimates of future cash flow, costs and revenues are realistic in the context of the available information at the time of creating the budget. Changes in circumstances should be anticipated as best as possible with an emphasis on financial risks and creating protection strategies in accordance with organizational procedures.  Any liaison with the proprietor of the business to determine milestones, policies, goals, etc. should be carried out with your instructor, who will role-play the relevant parts.
PART B: (BSBFIM601)
Now you are to take your completed budget and arrange an appointment with your assessor, who will role-play a finance specialist.  In this meeting, you are to 

  • Manage the meeting direction and progress
  • Discuss with the finance specialist the aspects of your budgets / financial plans (the package)
  • Have your package reviewed, ensuring you validate your reasons and proposals
  • Amend/revise your package as appropriate

Specifications
You must now:
The detail in writing all delegations and budget accountabilities for implementation and management of your package 

  • Develop a written procedure that details the recording systems and documentation process you will follow for monitoring and controlling all activities against your plans.  
  • Develop a risk management and contingency plan for all your proposed financial plans; along with policy and procedure to be followed when implementing these plans
  • Develop a policy and procedure that outlines proper maintenance of records of financial performance and provides for the evaluation of the effectiveness of your financial management process
  • You are to submit the following evidence / perform the following tasks:
  • Develop and submit your annual budget as outlined above
  •  

Your assessor will be looking for 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 organizational requirements
  • communicate with other people including:
  • reporting on financial activity and making recommendations
  • identifying and prioritizing significant issues
  • ensuring managers and supervisors are clear about budgets.
  • analyze 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.

Appendix
Ed’s Whitegoods Ltd Assumptions for the 2015 financial year

Following research on market trends and consumer confidence, as well as inflation and other factors, Ed has provided you with the following set of assumptions for the 2015 business year.

  • The purchase cost of goods is set to rise by 5%
  • Decreased consumer confidence means that sales are expected to decrease by 12%
  • Ed believes he can increase his sale prices by 8% which should have minimal impact on overall sales, perhaps reducing total sales by a further 3%
  • Ed plans on reducing his expenses by laying off one of his part-time staff members who have a yearly salary of $47,000.  This is hoped to have only minimal impact on productivity, however a decrease 

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  • Posted on : March 01st, 2019

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