BSBFIM501 MANAGE BUDGETS AND FINANCIAL PLANS ASSESSMENT TASK 2 FEEDBACK COVER SHEETSTUDENT NAME STUDENT ID ASSESSOR NAME EVIDENCE COLLECTEDBENCHMARK REQUIREMENTS METYESNO1. Observation checklists:Support of team member☐☐ 2. Tasks:☐☐OUTCOMESATISFACTORY ☐NOT SATISFACTORY ☐FEEDBACK TO STUDENT ASSESSOR’S SIGNATURE DATE Students please note: Your results will be made available in your Student Portal. Your Trainer will also email you with feedback on your performance, including where gaps are identified. Please ensure you regularly login to your student portal and Stanley College email to check this information. All decisions, including Assessments Outcomes can be appealed. For more information please refer to our Complaints and Appeals Policy (available from Student Services team or via our website) Implement financial management approaches Submission details The assessment task 2 is due on the ‘Assessment Cover Sheet’ specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor. Submit this document through firstname.lastname@example.org inbox or if your unit is on Moodle you will submit through your student log-in: https://sclms.moodle.school/login/index.php. All assessments to be submitted electronically with any required evidence attached. See specifications below for details. Performance objective You will demonstrate the ability to implement financial management approaches. Assessment description In response to the scenario provided, you will access and communicate details of budget to a team member (your assessor). You will then support the team member to perform their required role with respect to software resources and systems. Assessment introduction The assessment task includes two main sections: Procedure and Specifications. You are required to understand the difference between these sections: Procedure Review the scenario below: Read and analyse the Big Red Bicycle Pty Ltd Case Study information in Appendix 1 – 2. Prepare to meet with your team member (assessor) to communicate budget and then coach and train them in the new role:Access required budget information as provided below: Budget information Determine organisational needs.Identify coaching/training needs of the team member.Plan coaching/training session:outcome: team member to produce spreadsheet to meet management requirementsinclude activities/elements to instruct, practice, test and motivatekeep notesSet up a time with your team member to have a coaching/training session.Role-play 2: Meet with your team member (assessor) to coach them for the role:Explain budget and relevance regarding team member’s accountabilities.Use appropriate coaching techniques or models such as GROW.Use appropriate motivational theory.Train learner in required spreadsheet techniques, include elements of instruction, practice and testing/feedback.Include recordkeeping requirements for Australian Taxation Office (ATO) and auditing purposes, for items such as petty cash, and GST.Your assessor will observe your oral communication skills and ability to interact with others: Observation Checklist Submit all documents required in the specifications below to your assessor. Ensure you keep a copy of all work submitted for your records. Specifications You must: Participate in a role-play:Support of team memberSubmit:Completed assessment evidence documents. Assessment evidenceInserted document• Coaching / training plan Your assessor will be looking for: numeracy skills to read and understand a budget and to communicate a budgettechnology skills to use software associated with financial recordkeepingknowledge of basic accounting principles to identify and use account balances in communication and trainingknowledge of organisational requirements related to financial management, such as those contained in organisational policies and proceduresrequirements for organisational recordkeeping and auditing with respect to petty cashknowledge of principles and techniques involved in budgeting and electronic spreadsheets. Adjustment for distance-based learners No variation of the task is required.Documentation can be submitted electronically or posted in the mail. Appendix 1: Big Red Bicycle Pty Ltd Big Red Bicycle Pty Ltd is a bicycle manufacturer based in Bendigo, Victoria. The company produces bicycles which it sells to retailers in the domestic Australian market. The senior management structure of the company appears below. PersonPositionMichelle YeoChief Executive Officer (CEO)Tom CopelandManaging DirectorJohn BlackChief Financial Officer (CFO)Stuart LaRouxOperations General ManagerPat RobertsSenior AccountantSam GellarSales General ManagerCharles PierceProduction ManagerHolly BurkeHR Manager According to company strategic plans, the company aims to achieve a net profit before tax of $1,000,000. The chief risks to this goal are: poor sales due to economic downturnincreases in expenses such as wage expenses. In addition to Australian operations, the company is considering manufacturing overseas to take advantage of reduced costs. The company is also considering diversifying its product range to reduce exposure to poor sales of one product. Appendix 2: Financial policies and procedures Expense reimbursement Purpose of the policy To detail procedures to be followed in relation to expense reimbursement of expenses that have been incurred on behalf of the organisation. The policy Big Red Bicycle will reimburse staff for reasonable and authorised expenses that have been incurred by them on behalf of the organisation or in the course of conducting Big Red Bicycle business. Procedure Staff will not be reimbursed in the following circumstances:any late payment penalties, e.g. overdue interest on credit cardsexpenses that are usually recovered from a third partypenalties and fines, e.g. parking, trafficthose claims that should have been made using the purchase order systemthose expense claims made by staff as a tax deductionthose expenses that were not made for business purposes.Travel expenses claims:insurance for trip cancellation will be reimbursedmileage allowance will be given for the use of a staff member’s vehicle when used for work-related travelpersonal stopovers or indirect routes will not be reimbursedtravel reimbursement is provided for the most direct and economical mode of travel available; circumstances will be considered on a ‘case-by-case’ basis.Accommodation expenses:reimbursement will cover moderate accommodation expenses; circumstances will be considered on a ‘case-by-case’ basisitems of a personal nature that are charged to a hotel account will not be reimbursed.Employee’s own meals:employees on Big Red Bicycle business will be reimbursed for any reasonable and appropriate meal expenses.All relevant and original source documents must be attached to the Expense Reimbursement Form. A statutory declaration may be required where these original documents are not provided.Appropriate advance payments may be authorised.Employees have authority to approve expenses up to the amount detailed in their individual job description. Any expenditure claims above the level prescribed must be forwarded to supervisors for approval.Employees incurring authorised expenditure must submit their reimbursement requests on a signed Expense Reimbursement Form.Source documents (including tickets, receipts, vouchers, invoices) must be kept for all purchases and expenses claims.The CFO will use discretion to reimburse reasonable but unauthorised expenses.Those claims that have not been adequately prepared, have not been duly authorised, or are lacking in original documentation, will be returned to the employee with reasons that outline why the claim has not been processed. Petty cash Purpose of the policy To detail procedures to be followed in relation to tracking petty cash expenditure. The policy Big Red Bicycle maintains a petty cash system to allow authorised personnel to pay for small expenditures in connection with business activity. Procedure One team member is authorised to disburse petty cash with one alternate in case of sickness or emergency.Petty cash is to be kept secure, locked in safe.Receipts for cash must be issued.Receipts must be reconciled at the close of each business day.Amounts over $800 must be banked.Petty cash expense will be recorded as miscellaneous expense.
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