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[email protected] W: www.newton.edu.au Brisbane Campus:98 Cleveland Street, Greenslopes QLD 4120 Melbourne Campus: Level 10, 190 Queen Street, Melbourne VIC 3000 T: +61 731 280 176(Brisbane) | +61 3 9640 0057(Melbourne) E:
[email protected] W: www.newton.edu.au Brisbane Campus:98 Cleveland Street, Greenslopes QLD 4120 Melbourne Campus: Level 10, 190 Queen Street, Melbourne VIC 3000 BSBFIM601 Manage finances Student Assessment Tasks Student Assessment Tasks BSBFIM601 Manage finances Assessment Task 1: Written Questions Provide answers to all of the questions below: 1. Identify and describe financial probity requirements for businesses. 2. Identify four examples of what would be consider fraudulent behaviour in regard to company finances. 3. Identify the requirements for audited accounts and the purpose of an audit report. 4. Describe the principle of cash accounting one advantage and one disadvantage of cash accounting. 5. Describe the principle of accrual accounting and one advantage and one disadvantage of accrual accounting. 6. Explain the four main taxation and superannuation obligations for a business. Briefly discuss each obligation. 7. Identify the Act that details requirements for financial reporting and auditing and, explain the requirements for companies for preparing and lodging financial reports under this Act. 8. Explain the requirements for registered foreign companies regarding preparing and lodging financial reports. 9. Identify the current company tax rate for both smaller and larger businesses. 10. Explain the process by which a business reports GST to the Australian Tax Office. 11. Identify the penalty rate to be applied if a supplier does not provide an ABN? 12. A non-profit organisation needs to register for GST after it has a turnover of more than how much? 13. Explain the difference in Pay As You Go withholding obligations for employees and contractors. Assessment Task 2: Financial Management planning project Task summary You are required, in the role of the General Manager for Grow Management Consultants, to review existing financial information and prepare budgets for the following financial year based on your review. This task will also require you to review existing financial software to ensure that it is meeting the company’s needs. You are then required to meet with the management team (your assessor) to discuss the budgets you have prepared for the upcoming financial year, as well as to confirm reporting requirements and financial delegations as documented in the financial management policy and procedure. You are also required to research and report on as a guide for managers about the business’s financial compliance requirements, as well as tax liabilities. This assessment is to be completed in the simulated work environment in the RTO. Required · Access to textbooks/other learning materials · Computer with Microsoft Office and internet access · Profit and Loss 2016/17 · Strategic Business Plan · Cash Flow Statement 2016/17 · Estimated Costs and Income · Finance Report Template · Finance Policy and Procedures · Budget Forecast Template · Printer · Meeting space · Roleplay participant (your assessor) Timing Your assessor will advise you of the due date of these submissions. Submit · Email with the following attached: · financial report · budget forecasts · financial compliance and tax liabilities report Assessment criteria For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed,you will be asked to complete further assessment to demonstrate competence. Re-submission opportunities You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task. If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date. You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal. You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment. Assessment Task 2 Instructions Carefully read the following: Grow Management Consultants specialises in leadership consultancy. It has been operational for five years. The company offers a range of services to assist companies to assess leadership behaviour of existing managers and performance metrics. They also design and implement customized leadership programs based on the assessment. Services are offered Australia-wide. The company employs a General Manager (you), 2 Principal Consultants (who are also Directors), 1 Senior Consultant, an Administration Officer and Receptionist. Over the last two years, the company has diversified, and now offers regular professional development workshops on all aspects of leading and managing staff. These workshops are conducted approximately every 3 months in all major cities including Sydney, Brisbane and Melbourne. In 2016 – 2017, the company ran a total of 36 workshops. The company has also recently produced an E-book about leadership techniques. The intention is to replace the workshops with the annual conference in the next financial year, as the workshops were not well attended. Client feedback and continued business indicates a personalized, company focused approach in the form of consulting services is the service of choice. The E-book has had reasonable sales, but there needs to be a wider selection of books, as well as more marketing. The plan is to generate $10,000 worth of sales for the e-books during the next financial year and increasing over time. As the General Manager for the company and with responsibility for finances, you are currently completing the financial planning for the year ahead. This involves a review of the company’s business plan, previous year’s profit and loss statement, the current business plan and strategic directions and cash flow statements. Based on the review, you will be establishing budgets and allocating funds. In developing the budget, you are to assume a 5% increase in cost of sales, as well as a 10% increase in sales for consulting services and executive search. As set out in the business plan, the company plans to run an annual conference each year starting in 2018. The costs for the conference have been estimated by the Principal Consultant and are set out in the Estimated Costs and Income document. Conference attendance is aimed at 100 people paying $750 each. The Principal Consultant has also asked you to review the current accounting software used by business. The company is currently using MYOB but as it has grown, the Principal Consultant wishes to review whether this is the best accounting software available for their needs. He has also requested that the software have a cloud feature. Complete the following activities: 1. Prepare a financial performance report Review the case study scenario above, as well as the information provided in Profit and Loss 2016/17 and Cash Flow Statement 2016/17 Using this information, identify areas of the business that have generated a profit and those that have generated a loss. Conduct research to establish why those areas have made a profit or loss. Your research should include a review of the financial data provided to you and economic conditions and business trends that may have resulted in the profit or loss. Your report should include the following: · Overview of the purpose of the report. · Analysis of the previous year’s (2016 – 2017) profit and loss statement for Grow Management Consultant, including revenue generated, cost of sales, as well as gross profit/loss margin and net profit/loss margin. · Analysis of overall business performance, as well as performance of each of the income streams for 2016 – 2017. · Outline of reasons for profit or loss based on your analysis of the data and research on economic conditions and business trends. · Analysis of the organisation’s goals and priorities for the upcoming financial year as documented in the Strategic Business Plan and financial resources required to achieve these goals, as well as key dates. · An analysis of cash flow trends as per the cash flow statements. · Review and analysis of at least three other financial software products that the business could use, including the advantages and disadvantages of each, as well as the advantages and disadvantages of MYOB that is currently used. Use the Finance Report Template to guide your work. 2. Develop budget forecasts Develop budget forecasts, ensuring that the analysis of the previous year’s data and future plans as indicated in the business plan is taken into account in determining projected income and expenditure. Use the Budget Forecast Template to guide your work. Ensure that your budget includes the estimated income and costs for the conference and e-book to be implemented in 2018 in the document Costs and Income Assume a 5% increase in all general costs, as well as a 10% increase in income for consulting and executive recruitment service. Input costs and income for the conference and e-book as set out in the Costs and Income data. 3. Develop report on key financial compliance requirements and liabilities for tax. So that financial risks are managed in relation to the misappropriation of funds and recording of transactions, you are also required to outline reporting requirements and financial delegations as outlined in the company’s financial policy and procedures, as well as research and report on the company’s compliance requirements and tax liabilities. Research and report on the business’ key financial compliance requirements and liabilities for tax. The report should explain: · GST reporting requirements (the company is required to report quarterly) · PAYG withholding obligations · PAYG income tax instalment · Payroll tax obligations (state government) · Superannuation entitlements and requirement to comply with legislation regarding frequency of payment, choice of fund and reporting to staff. 4. Send an email to the Principal Consultant (your assessor). The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachments. Ask them to read the documents in preparation for discussing them at the upcoming meeting. Attach the following to the email: · Your financial report · Your budget forecasts · Your financial compliance and tax liabilities report 5. Prepare for meeting The Principal Consultant has approved your budget for the upcoming financial year, 2017 – 2018. You are now required to meet with the Senior Managers to communicate the budgets you have developed. Print off a copy of the following to take with you to the meeting: · The budget that you have developed. · The Financial Policy and Procedures. You will be required to explain key reporting requirements to the Managers