BSBFIN501 - Manage budgets and financial plans

Case Study

14:10 70% : 304 977b97ab-4... atetask1 (1) FINANCIAL PLANNING You (the learner) to manage budget and financial plans Ms. Jones runs a private school. She intends to open a new branch in Springvale. The school is going to constitute so classrooms and couple of grounds including a basketball court and an indoor badminton court. You as a financial analyst have been given a job to access and evaluate budget and financial plans for the new branch, negotiate any changes required to be made to budget and financial plans, prepare contingency plans in the event that initial plans need to be varied, communicate details of agreed budget and financial plans to relevant team members, support team members to access resources and systems to perform required roles, implement processes to monitor actual expenditure, control costs and modify contingency plans as required according to financial objectives. Collect information on effectiveness of financial management processes within work team, analyse variance between actual and budgeted finances. You have been advised to submit a report incorporating the budget plan, expenditure involved, details of the financial management processes along with the improvements in the existing financial management processes. Submit this report for the assessment. Use this template to record details of the process Learner Name Type of budget Date What other stakeholders will be involved Basic accounting principles used Variance between actual and budgeted finances Were any of the following undertaken? (lf so provide details) What principles did you use to manage work team What research did you undertake to assess budget and financial plan of the organisation Communication with stakeholders Using networks Record keeping Compliance with legislative/ATO requirements Provide details of the technique you used for budgeting and preparation of ledgers and financial statements Conclusion What recommendations would you make for the improvement in the current financial management processes? Recommendations: TIL 14:10 70% : 304 977b97ab-4... atetask1 (1) FINANCIAL PLANNING You (the learner) to manage budget and financial plans Ms. Jones runs a private school. She intends to open a new branch in Springvale. The school is going to constitute so classrooms and couple of grounds including a basketball court and an indoor badminton court. You as a financial analyst have been given a job to access and evaluate budget and financial plans for the new branch, negotiate any changes required to be made to budget and financial plans, prepare contingency plans in the event that initial plans need to be varied, communicate details of agreed budget and financial plans to relevant team members, support team members to access resources and systems to perform required roles, implement processes to monitor actual expenditure, control costs and modify contingency plans as required according to financial objectives. Collect information on effectiveness of financial management processes within work team, analyse variance between actual and budgeted finances. You have been advised to submit a report incorporating the budget plan, expenditure involved, details of the financial management processes along with the improvements in the existing financial management processes. Submit this report for the assessment. Use this template to record details of the process Learner Name Type of budget Date What other stakeholders will be involved Basic accounting principles used Variance between actual and budgeted finances Were any of the following undertaken? (lf so provide details) What principles did you use to manage work team What research did you undertake to assess budget and financial plan of the organisation Communication with stakeholders Using networks Record keeping Compliance with legislative/ATO requirements Provide details of the technique you used for budgeting and preparation of ledgers and financial statements Conclusion What recommendations would you make for the improvement in the current financial management processes? Recommendations: TIL