attached file is the assesssment task pls finish all the tasks required and supply all the requisite documents.
PROJECT PORTFOLIO BSBWRT301 Write simple documents Trainer Guide STUDENT VERSION MANAGE ORGANISATIONAL FINANCES BSBFIN601 First published 2021 RTO Works www.rtoworks.com.au
[email protected] 0452 157 557 © 2021 RTO Works This resource is copyright. Apart from any fair dealing for the purposes of private study, research, criticism or review as permitted under the Copyright Act 1968, no part may be reproduced by any process without written permission as expressed in the RTO Works License Agreement. The information contained in this resource is, to the best of the project team’s and publisher’s knowledge true and correct. Every effort has been made to ensure its accuracy, but the project team and publisher do not accept responsibility for any loss, injury or damage arising from such information. While every effort has been made to achieve strict accuracy in this resource, the publisher would welcome notification of any errors and any suggestions for improvement. Readers are invited to write to us at
[email protected]. Business Works is a series of training and assessment resources developed for qualifications within the Business Services Training Package. Contents Section 1: Financial management review6 Section 2: Establish budgets and allocate funds9 Section 3: Financial management monitoring and evaluation11 BSBFIN601 Manage organisational finances | 3 Student name: Assessor: Date: Business this assessment is based on: Section 1: Financial management review Business plan review Describe the overall objectives for the business, including financial objectives. List the key initiatives in the business plan that will need to be factored into budget development. Outline the timelines associated with these initiatives. Highlight the relevant information in your business plan. Attach your business plan as proof to this section of your Project portfolio. Legislative requirements Discuss each of the following as relevant to the business: · statutory requirements for financial compliance · tax liabilities · legislative financial reporting requirements. Policy and procedure summary Summarise your organisation’s financial management and reporting policies and procedures including: a description of the processes that must be followed to ensure that funds are not misappropriated. the reporting requirements and financial delegations that apply to financial management. Highlight any applicable sections of the policies and procedures and attach them to this section of your portfolio. Policy and procedure review Analyse the effectiveness of: the systems to record all transactions how audit trails are maintained due diligence compliance. Use the information you’ve summarised on the legislative requirements and existing policies and procedures to help you answer. Financial review Access financial reports for the business for at least one reporting period – ideally over one year. Identify the profit or loss made by the business for that reporting period. Discuss the reasons for the profit or loss. Assess and report on the cash flow trends. Identify at least one risk in the existing financial information. Attach proof of your financial information to this section of your portfolio. Financial research Summarise research on the key initiatives in the business plan that will need to be factored into budget development. Research and report on at least one other financial management software (other than the software currently being used) that you believe could also be suitable. Attach proof of at least two digital sources of information to this section of your portfolio (e.g. screen shot of internet searches or a voice recording of a Siri interaction etc.). Financial software comparison Indicate the name of the software that is currently utilised for financial management in your organisation. Provide an assessment of the extent to which you believe this financial software is suitable for the business. Compare the current software to the software you researched indicating which you believe would be better. Attach: Business plan ☐ Policies and procedures ☐ Financial information ☐ Proof of information sources ☐ Section 2: Establish budgets and allocate funds Complete this section prior to the meeting. Budget preparation You are to prepare a budget for the upcoming reporting period (one year). Explain here how your Budget aligns with the business plan. Also explain how you addressed at least one risk (as identified in Section 1) in the budget. Confirm that there is no misappropriation of funds. Attach your budget to your Portfolio. Meeting preparation Prepare a presentation in order to communicate the financial management plans to your team. Your presentation can be in a form of your choice such as a PowerPoint presentation. Your presentation is to include: Details of the budget. Information on the processes that will be used to ensure funds are not misappropriated. Information on reporting requirements and financial delegations. Attach the presentation to your Portfolio. Circulate budget Prepare a draft email using appropriate conventions and protocols (e.g. professional greeting and sign-off) to circulate the budget to at least one manager or superior who is associated with the budget prior to meeting with them to present the budget information. Attach your draft email to the portfolio. Attach: Forecasted budget ☐ Presentation ☐ Draft email to circulate the budget ☐ Section 3: Financial management monitoring and evaluation Presentation If not already viewed in person by your assessor, attach your recorded presentation to your Portfolio. Budget and financial performance reporting You are required to report on overall financial performance for the business, as well as any variances between the actual and budgeted amount for the budget. Include: review of overall performance and total income, expenses and profit margins. calculation of variation in actual versus budgeted amounts for each income source. calculation of variation in actual versus budgeted costs. the discrepancies between agreed budget allocations and the actual data (for the conference if you are using the case study). Attach proof of your audit trail to this section of the portfolio (e.g. you may make assumptions and record details of possible invoices that were paid). Show your calculations. Revise financial reports to manage inconstancies If relevant, revise the current financial year financial records (e.g. profit/loss statement, ageing summary and/or budget) to rectify any issues. Attach your rectified financial report to this section of the portfolio. Financial management processes Reflect on the financial management processes you have followed. What do you believe could be improved? Recommend revisions to the budget you prepared in order to deal with contingencies (consider revisions to the conference if you are using the case study). Propose at least one future cost for the next reporting period (if you are using the case study, estimate the conference fee for 2021/2022 conference assuming attendance of 70 people and to make a profit of at least 20%). Communicate recommendations Draft an email to communicate the recommendations you have identified in this Section of the Portfolio to relevant superior and/or manager(s). Attach your email to this section of your portfolio. Attach: Recorded presentation (if relevant) ☐ Proof of audit trail ☐ Rectified financial report ☐ Draft email with recommendations ☐ Wall Street College Pty Ltd ABN No: 42 606 344 905 RTO No: 41294 CRICOS Provider No.: 03601F Melbourne: Level 4, 20 Queen St, Melbourne, VIC 3000 Phone: +61 3 9629 4770 Email:
[email protected] Hobart: Level 2, 27 Elizabeth St, Hobart, TAS 7000 Phone: +61 3 6169 2217 Email:
[email protected] Wall Street College Pty Ltd ABN No: 42 606 344 905 RTO No: 41294 CRICOS Provider No.: 03601F Melbourne: Level 4, 20 Queen St, Melbourne, VIC 3000 Phone: +61 3 9629 4770 Email:
[email protected] Hobart: Level 2, 27 Elizabeth St, Hobart, TAS 7000 Phone: +61 3 6169 2217 Email:
[email protected] BSBWRT301 Write simple documents Trainer Guide WSC V2.1 06-22 (Review 06-2023) RTOWORKS Quality Solutions BSBFIN601 Manage organisational finances Student Assessment Tasks 2 of 52 WSC V2.1 06-22 (Review 06-2023) RTOWORKS Quality Solutions BSBLDR522 Manage people performance Student Assessment Tasks 2 of 52 STUDENT ASSESSMENT TASKS Manage organisational finances BSBFIN601 First published 2021 RTO Works www.rtoworks.com.au
[email protected] 0452 157 557 © 2021 RTO Works This resource is copyright. Apart from any fair dealing for the purposes of private study, research, criticism or review as permitted under the Copyright Act 1968, no part may be reproduced by any process without written permission as expressed in the RTO Works License Agreement. The information contained in this resource is, to the best of the project team’s and publisher’s knowledge true and correct. Every effort has been made to ensure its accuracy, but the project team and publisher do not accept responsibility for any loss, injury or damage arising from such information. While every effort has been made to achieve strict accuracy in this resource, the publisher would welcome notification of any errors and any suggestions for improvement. Readers are invited to write to us at
[email protected]. Business Works is a series of training and assessment resources developed for qualifications within the Business Services Training Package. Wall Street College Pty Ltd ABN No: 42 606 344 905 RTO No: 41294 CRICOS Provider No.: 03601F Melbourne: Level 4, 20 Queen St, Melbourne, VIC 3000 Phone: +61 3 9629 4770 Email:
[email protected] Hobart: Level 2, 27 Elizabeth St, Hobart, TAS 7000 Phone: +61 3 6169 2217 Email:
[email protected] Contents Introduction4 Assessment Task 1: Knowledge questions7 Assessment Task 1: Checklist9 Assessment Task 2: Project Portfolio10 Assessment Task 2: Checklist17 Final results record21 Introduction The assessment tasks for BSBFIN601 Manage organisational finances are outlined in the assessment plan below. These tasks have been designed to help you demonstrate the skills and knowledge that you have learnt during your course. Please ensure that you read the instructions provided with these tasks carefully. You should also follow the advice provided in the Business Works Student User Guide. The Student User Guide provides important information for you relating to completing assessment successfully. Assessment for this unit BSBFIN601 Manage organisational finances describes the performance outcomes, skills and knowledge required to undertake budgeting, financial forecasting and reporting. This unit also describes the skills and knowledge required to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to reviewing financial information, analysing financial risks, preparing a budget and reporting on financial activity. For you to be assessed as competent, you must successfully complete two assessment tasks: · Assessment Task 1: Knowledge questions – You must answer all questions correctly. · Assessment Task 2: Project – You must work through a range of activities and complete a project portfolio. Student assessment agreement Make sure you read through the assessments in your student assessment booklet before you fill out and sign the agreement below. If there is anything that you are unsure of, consult your assessor prior to signing this agreement. Have you read the assessment requirements for this unit? Yes No Do you understand the requirements of the assessments for this unit? Yes