BSBFIM501 Manage Budgets and Financial Plans

Question 1

Describe basic accounting principles

Question 2

Identify and explain the relevant legislation and current requirements of the Australian Taxation Office, including the Goods and Services Tax (GST)

Question 3

Explain the key requirements for financial record keeping and auditing

Question 4

Describe the principles and techniques involved in managing:

Ø Budgeting

Ø Cash flows

Ø Electronic spreadsheets

Ø GST

Ø Ledgers and financial statements

Ø Profit and loss statements.

Assessment 2: Case Study

Case Study

You’re the Operations Manager of National Camper Trailers Pty. Ltd. This role has the responsibility of managing a work team.

Assess the following documents and answer each question;

Ø Financial Statements and Stats

Ø Balance Sheet 2015

Ø Depreciation schedule

Ø Financial Projections

Ø Business Plan

Question 1             

Identify who you would clarify the projected outcomes with?

Question 2

Analyse and explain how you would determine the projected outcomes are achievable, accurate and comprehensible?  

Question 3

From your analysis of the financial projections document for National Camper Trailers (NCT), you discover that changes are required. How would you negotiate this change and with whom would you negotiate?

Question 4

Halfway through the budgeted year, one of the major suppliers has increased their prices by 10% without prior waring.  Develop a contingency plan for National Camper Trailers that would address this adverse change with the Financial Projections. Ensure your contingency plan includes how you would counteract or recover from this.  

Save the documents as Question 4 and attach the document with your submission

Question 5

You’re the Operations Manager at National Campers Trailers (NCT).

Describe how you would disseminate relevant details of the Financial Projections Documents to your team members

Question 6

As the Operations Manager, identify and describe three (3)  way you could provide support to your team members to competently perform their required part of staying within the perimeters of the financial management processes

Question 7

On each of the below resources, describe how you would access the resources and use manage financial management processes within your work team.

a. Financial resources

b. Human resources

c. Record keeping systems

d. Specialist advice or support

Question 8

As the Operations Manager of NCT briefly describe how you would implement processes that would help monitor the actual expenditure and control costs across the work team?

Question 9

As the Operations Manager of NCT, describe how you would monitor expenditure to identify any cost variations and expenditure overruns

Question 10

As the Operations Manager of NCT, explain how you would implement, monitor and modify a contingency plan to ensure NCT achieves or exceed the budget expectations

Question 11

As the Operational Manger of National Campers Trailers (NCT) design a report on the budget and expenditure in accordance with organisational protocols.

The report must include the following:

Ø A statement of purpose – identifying the type of report and its intention so that readers are quite clear about what this specific report is all about

Ø Subject topic – a note explaining the exact focus of the document

Ø The nature of the contributory evidence – explanation or verification of sources, information and the period used as the basis for the report

Ø A conclusion – a plan of action formulated from the evidence provided in the report

Ø Identification as to who generated the report, together with its intended target audience (by individual names or positions/titles)

Ø Authorisation – an indication as to who has authorised the report

Ø Date of the report – reports can be regular in nature (every month) or they can be ad hoc to respond to a particular issue

Save the report as Activity 11 and attach the report with your submission

Question 12

Describe how you would collect and collate data and information on the effectiveness of financial management processes within the work team.

Question 13

From information provided on National Camper Trailers (NCT), analyse the effectiveness of financial management processes within the organisation and recommend any improvements to the existing processes

The NCT documents must be analysed to see if productivity/profitability is going up or down.

The things that you want to see include:

Ø Earnings growth – over the previous year, quarter or month. You also want to strive for growth to be above the market average.

Ø Earnings stability – you want steady, predictable growth as opposed to spikes of revenue and periods of inactivity. This makes it easier to predict the financial position of the company in the future.

Ø Return on equity – you want to turn a profit on the money invested

The findings of your analysis should be documented and reported to the appropriate personnel in your organisation. The specific nature and methods of this, as well who you report your findings to, will depend on your organisational policies and procedures.

Question 14

Describe how you would monitor agreed improvements in line with financial objectives of the work team and National Camper Trailers Pty. Ltd.