[SOLVED] Manage Finances Report

Project – Task One – Part A Read and analyse the case study information (including business plan summary and previous financial data) in Appendices 1–3 and complete the following tasks: ·       Develop a sales budget, profit budget, cash flow budget and debtor ageing summary by using electronic spreadsheets (as separate worksheets) making sure each budget is divided into quarterly periods and that you use previous financial data to determine allocations for resources. (You can use the templates as designed in the Project) Ensure each budget you prepare complies with the organizational policies and procedures as provided. ·       Develop budget notes that include:                            i.      identification of reasons for previous profits and losses                            ii.     your comment on the effectiveness of existing financial management approaches                           iii.     all assumptions and bases that have been made or used to form budgets                           iv.     any relevant notes regarding implementation and monitoring of budget expenditure                            v.     an explanation of the required legislative requirements of financial management (and outline statutory requirements of ATO, GST, company tax, PAYG)                           vi.     review of two types of digital technology that can be used for financial management. Make a recommendation in the budget notes as to which you would suggest using for the case study. evidence need to submit: ?    a completed annual budget in a single spread sheet (MS-Office Excel) with a separate sheet for each budget component (use the templates supplied) All budget notes and assumptions in a written format Project – Task One – Part B     Communicate information regarding the budget and answer a series of eight questions (see Appendix 3) in written form as agreed with your assessor    (answer 8 questions in a written format). Project – Task Two     You will need to review the provided current case study information and compare it to the budget you established in Part A. After evaluating these you will need to report on the following: ?    significant issues ?    variances from budget ?    comparative performances ?    recommendations for ongoing financial viability ?    evaluation of financial management processes.   Follow the Procedures below:      1.     Read the case study provided in this task.      2.     Develop an actual to budget variance report based on the format and template provided by Stott’s.      3.     Complete a cash flow analysis on the average length of time it takes Stott’s to collect funds from its debtors to determine the trend based on the financial reports in Project (Section A).      4.     Examine the sales budget, profit budget, cash flow budget and debtor ageing summary to identify the following in a report:                    a.     Issues:                                   i.      Identify, describe and prioritise significant issues that are evidenced in Stott’s College Pty Ltd information and describe reasons or causes of these issues. Include in this issue of financial probability that you have identified or considered when monitoring these budgets.                    b.     Variances: You will need to review the provided current case study information and compare it to the budget you established in Part A. After evaluating these you will need to report on the following: ?    significant issues ?    variances from budget ?    comparative performances ?    recommendations for ongoing financial viability ?    evaluation of financial management processes.   Follow the Procedures below:      1.     Read the case study provided in this task.      2.     Develop an actual to budget variance report based on the format and template provided by Stott’s.      3.     Complete a cash flow analysis on the average length of time it takes Stott’s to collect funds from its debtors to determine the trend based on the financial reports in Project (Section A).      4.     Examine the sales budget, profit budget, cash flow budget and debtor ageing summary to identify the following in a report:                    a.     Issues:                                   i.      Identify, describe and prioritise significant issues that are evidenced in Stott’s College Pty Ltd information and describe reasons or causes of these issues. Include in this issue of financial probability that you have identified or considered when monitoring these budgets.                    b.     Variances:                                   i.      Complete an actual-to-budget variance report, using the template provided in the case study.                                   ii.     Identify variances by comparing actual results with the established budget and provide reasons why these variances may have occurred.                     c.     Performance:                                   i.      Compare financial performance of the organisation (according to financial information provided) to industry benchmarks for this organisation in line with the retail trade sector.                                   ii.     Respond to the performance questions provided by the CEO, as provided by the board of Stott’s,                                  iii.    Determine a trend of the average debtor days and the impact to the cash flow of Stott’s.                    d.     Recommendations:                                   i.      Outline your recommendations for ongoing financial viability for the organisation, based on your assessment of the issues, reasons for variances and organisational performance you have identified (Steps 1–3).                                   ii.     Include in this section your plans for a revised budget, effectively managing contingencies and issues that have been identified in feedback and monitoring of the budgets.                    e.     Evaluation:                                   i.      Provide a summary review of the financial management processes in place for the organisation, considering your assessment of the issues, reasons for variances and organisational performance you have identified. Include in this section any recommendations you have for modifying management processes.                                   ii.     Analyse 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

 

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