For this task you are to complete the following steps to demonstrate your ability to monitor manage financial resources over a full planning-cycle.

PART A

1.Search and take account of the current financial systems and documents of the entity

2.forecast and prepare analysis on current financial data, systems requirements and a short report

3.Following the analysis prepare complete financial plan which include budget forecasts following the organisational and statutory requirements

4.Prepare brief report to the management making recommendations on budgeted expenses or any changes which need to be made to the budgeted projections.

Search and take account of the current financial systems and documents of the entity

The type or name of financial system used

The load / capacity of the system (Coverage)

What are the areas it covers, eg: reporting, payroll, sales, receivables, payables etc.

How the organisation uses the system to process information through strategic and tactical management to develop actual operating procedures.

Do forecast and prepare analysis on current financial data, systems requirements and write short report

Forecast and document the data and business system requirements

What are the reports prepared by the business need to be described, For example:

balance sheet, benchmarks or trend analysis, budget variances, budgets and forecasts

cash flow/profit reports, financial/operational statements and reports (such as expenditures and receipts, profit and loss statements)

Analyse the forecasted requirements. Provide the analysis

You will need to present a budget with forecasted figures for the selected businesses and provide an analysis of each of the items included in the budget.

Following the analysis prepare complete financial plan which include budget forecasts following the organisational and statutory requirements

The financial plan prepared by the student using the budget forecast findings will need to include and comply with:

delegated authorities

internal control procedures

reporting periods

taxation payment timings

Prepare brief report to the management making recommendations on budgeted expenses or any changes which need to be made to the budgeted projections.

You will need to provide recommendations based on the budgeted expenses and state if their good to go ahead or if any changes need to be done.

PART B

Analyse the current asset performance and capacity by performing the following steps:

Using standard accounting techniques, conduct a balance sheet analysis analyse the costs of assets and liabilities, and the returns from them, to identify and document the extent of debt and equity financing

Based on the company Balance sheet each item of Asset, Liability and owners' equity will need to be analysed.Debt and Equity amounts will have to be compared and commented on the type of financing used for the business.

Consult your organisation staff or trainer and students if done as a simulated workplace task to find out the responsibilities of the management and legal requirements for financial reporting.

You would need to discuss on organisational policies, procedures, guidelines, ethical and/or professional standards, depending on the type of the company private sector requirements such as: Australian Accounting Standards (SAC 1, 2, Framework AASB1001), Corporations Act 2001, GST and income tax reporting. Public sector requirements such as: Financial Administration and Audit Act 1977, Financial Management Standard 1997.

Carry out an analysis on the financial reports and supporting notes, then write short report on the findings.

All financial reports included in the Annual Report or available for the company will need to be analysed and comment on the main information such as profit, revenue, expenses, staff wages etc.

evaluation and present in a report on the impact that financial decisions made by the management will have on the organisation's ability to meet its planned goals and objectives.

Based on the budgeted forecasts and the current financial reports of the company you will need to comment if the company can meet or not the company goals.

PART C

Perform the following steps to set the business targets and compliance mechanisms:

Collect comparative and trend information from the industry and computer systems, then use this to confirm and document needs for future budget and associated resources

You would need to analyse the information and comment on at least few of the following:

availability of external funding sources,

benchmarks as agreed, business activity,

brand value,

expenses,

liquidity,

profitability,

sales and wages

Complete negotiations to secure resources in accordance with relevant short-term and long-term needs. Document the outcomes of these negotiations

Short term and Long-term financial needs can be obtained through:

bank loans,

mortgages,

overdrafts,

crowd funding,

issuing of debentures etc. depending on the nature of business.

Maximise the organisation's performance by allocating the required resources against the budget. Document this resource allocation, and maintain accurate and up-to-date records of the resource allocation and usage throughout the cycle according to organisational and legislative requirements

Depending on the type, size of business, you can discuss some of the following:

financial analysis assessments

financial management manuals

legal and organisational policies, guidelines and requirements

OHS policies, procedures and programs

price and exchange parameters

quality assurance and/or procedures manuals

recording and filing systems

reporting requirements

standard financial analysis technique

Develop, review, and document the management systems which enable timely collection, management and processing of information

You will need to discuss at least the main management systems in the areas of:

financial control,

payroll,

sales management,

Audit and internal controls etc.

Accurately complete the records of the budget performance and expenditure, ensuring to report these in accordance with organisational procedures and statutory requirements

Following relevant organizational procedures, you would need to analyse the budgeted and actual figure and calculate the variances and present is in a table.

As required, evaluate and improve budget audit mechanisms and compliance requirements. Document all evaluations and provide the updated and improved mechanisms and compliance requirements

You will need to present an analysis on the company's financial audit process.

PART D

Manage the financial risk over the full planning-cycle by completing the following steps:

Identify and analyse financial risk factors. Provide the findings of the analysis

The analysis could include but not limited to:

damage to property/equipment

environmental

equipment/system failures

financial/economic loss/failure

industrial disputation

market changes

natural disasters

OHS including disease

political events

product failure

professional incompetence

security failure (including criminal or terrorist activities)

Manage and document the financial risks as they arise, according to organisational policies and procedures

You would need to discuss the risk management measures implemented in the company.

Develop and implement procedures to regularly review the financial risk management activities. Provide the procedures and document the regular reviews conducted

You can discuus about an internal auditing procedures, system checks through authorization blocks to payments etc.

PART E

Perform the following steps to monitor compliance with the financial projections:

Identify and document the deviations from budgets that generate an adverse effect on the budget objectives

Some deviations could be:

increase in expenses,

decrease in sales,

scarcity of liquid cash,

low working capital etc.

Promptly develop and document action plans to remedy significant deviations from budget objectives and projections

You would need to discuss recommendations relevant to the identified adverse effects such as:

reduce operating expenses,

increase sales,

low interest loans,

raising equity capital,

redundancy of unnecessary staff members.

Monitor and review the financial documentation against organisational objectives, revising and renewing the budget priorities as required to meet the operational contingencies and risk management, and managing the costs to targets set in the budget. Document the monitoring, managing and reviewing activities, and provide all the revised/reviewed budget priorities

Based on the budgetary variances, you can decide if there is need to amend the budgets and then what steps need to be taken to review and monitor budgets. Such as look for warning signs, continuous reviewing, and monitoring, communicate the progress with relevant parties etc.

You must provide copies of all documents which will be attached and used as evidence for this task