BSBFIN501 Manage budgets and financial plans

Task 1:

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 50 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, analyze 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.

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FINANCIAL PLANNING 1 You (the learner) to manage budget and nancial plans Msi Jones runs a private school She intends to open a new branch in Springvaiei The school is going to constitute 50 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 nancial plans for the new branch, negotiate any changes required to be made to budget and nancial plans, prepare contingency plans in the event that initial plans need to be varied, communicate details of agreed budget and nancial 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 nancial objectives Collect information on effectiveness of nancial management processes within work team, analyse variance between actual and budgeted nances You have been advised to submit a report incorporating the budget plan, expenditure involved, details of the nancial management processes along with the improvements in the existing nancial management processes. Submit this report for the assessment, Use this template to record details of the process, Learner Name Type of budget What other stakeholders will be involved Basic accounting principles used Variance between actual and budgeted nances Were any of the following undertaken? (Ifso provide details) What principles did you use to manage work team What research did you undertake to assess budget and nancial plan of the organisation stakeholders Compliance with legislative/ATO requirements Provide details of the technique you used for budgeting and preparation of ledgers and nancial statements Conclusion What recommendations would you make for the improvement in the current nancial management processes? Recommendations: I- Your Signature