BSBFIM501 Manage Budgets And Financial Plans- Budget Execution

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BSBFIM501 Manage Budgets And Financial Plans

Task

How to complete this Assessment:

  1. To complete this assessment, research and reading will be required. Research could include research of your own organisation to determine processes, procedures, policies and plans that may be required. Other research into current practices for your industry and academic theory may also be required.
  1. Please read all the information given to you including the Student Handbook and other Help Documents before you start your Qualification.
  1. For each unit, read the whole assessment before starting your responses. Ensure you check with your Trainer that you are on the right track before going too far in your assessment.
  1. Refer to your training plan for the assessment due date and correct order to complete this unit.
  1. View and download your assessment from your Online Student Area.
  1. When completing your Assessment, please ensure ALL work is your own. If a piece of evidence or work is partially created by another person, please make a note of this in your submission.
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  1. When you have been notified that your assessment is marked go to the Online Student Area for your Trainer’s responses to your work. If you need to make any changes to your assessment, please do so and resubmit.

If you need help with any of the above, view your help documents on the Online Student Area or call 1800 998 500.

Task 71 – Budgets and Financial plans

For your organisational research, determine and explain how you would undertake the following:

T71.1 Explain in 5-7 sentences how you would access budgets or the financial plan for your work team.

T71.2 Should you need to gain clarification of the budget, explain in 5-7 sentences how you would go about doing this and who you would need to talk to.

T71.3 Explain in 3-4 sentences each how you would;

T71.3.1 Ensure contingency is included in the budget, and

T71.3.2 Negotiate any changes required to be made to budget and who you would negotiate with. (consider also variations approval in your response)

T71.4 Explain in 5-7 sentences how you would distribute the information in financial plans and budgets to your team AND how would you support your team to ensure they play a competent role in the budget execution.

Task 72 – Implementing Financial Plans or Budget

For your organisational research, determine and explain how you would undertake the following:

T72.1 Explain in 5-7 sentences the organisational and any legislative requirements on how you provide your team with relevant budget or financial plan details.BSBFIM501 Assessment (R1)

T72.2 Explain in 5-7 sentences how the organisational and legislative requirements on how you help and then monitor your team to work within the budget or financial plan provided without running over.

T72.3 Explain in 5-7 sentences what resources (people and computer or manual) and systems you use to manage the financial plans for your team. (Consider discussing the software you may use and who will be involved)

Task 73 – Monitor and control finances

For your organisational research, determine and explain how you would undertake the following:

T73.1 Explain in 5-7 sentences what processes you use to monitor actual expenditure and contingency implementation to control costs for your team. (Consider discussing who does what for monitoring the costs, reason for implementation of contingency and what approvals are required).

T73.2 Explain in 4-6 sentences explain how you go about identifying cost variations and expenditure overruns (describe this process in detail). ALSO how often are you expected to monitor the costs using the process you described above?

T73.3 Explain in 4-6 sentences how you would and who you would report the progress on budget expenditure (Consider discussing the frequency of reports and style of reports required)

Task 74 – Review and evaluate financial management processes

For your organisational research, determine and explain how you would undertake the following:

T74.1 Explain in 4-6 sentences how you would collect information on the effectiveness of financial management processes within the work team. BSBFIM501 Assessment (R1)

T74.2 Explain in 4-6 sentences how you would analyse the information collected from T74.1 above then identify, document and recommend any improvements to processes.

T74.3 Explain how would you be expected to implement and monitor agreed improvements from T74.2 above.

Task 75 – Other Questions

T75.1 With the following Budgets, Cash Flows, Profit and Loss statements, spreadsheets and information for Clearwater Pty Ltd, answer the following questions:

T75.1.1 What was the profit or loss for this quarter?

T75.1.2 What appears to be happening to this organisation over the quarter? Provide a reasonable explanation for this AND make 2-3 suggestions to this organisation for improvement

T75.1.3 Are there any discrepancies in the numbers within the financial reports given? If so list them here For your organisational research, determine and explain the following:

T75.2 Explain in 4-6 how you are to meet record keeping requirements for the Organisation, the Australian Taxation Office (ATO) and for any audits.

T75.3 Explain in 4-6 describe basic accounting principlesBSBFIM501 Assessment (R1)

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