Case Study A - Reporting issues

Jade works as a team leader for a marketing company; she runs a team of 10 individuals and is currently working on a business objective to reduce the cost of production in her department. The key method of achieving this goal is to reduce general expenses on materials, equipment and resources utilised.

On weekly review, Jade identifies that material costs for the past week are above budget due to over expenditure. This has occurred due to a new project which is now underway, and a supplier refusing a negotiation on material costs. The materials have been received and used, so it is too late to return

Activity 1A

To provide you with an opportunity to review and evaluate pre-existing strategic, business and

operational plan, if available.

Review the Ks Accounting & Finance by Travis Green Business Plan and evaluate these plans, summarising:

Their purpose

The essential components

The business goals and objectives.

Activity 1B

To provide you with an opportunity to analyse and interpret business vision, mission, values and objectives.

Use the Ks Accounting & Finance by Travis Green Business Plan provided in Activity 1A to answer the following questions. 1. Summarise the business vision and mission. Suggest one improvement which you think

could be made.

2. Identify three values. Do you think these are relevant to the business?

3. Identify three objectives. Do you think these are achievable for the organisation from the information you have? If not, why?

Activity 1C

To provide you with an opportunity to identify how to consult with key stakeholders and review

market requirements for the product or service, profile customer needs and research pricing options.

1. Suggest three ways in which you could consult with the key stakeholders of your organisation.

2. What is an external environmental factor? List two external factors and explain how they could impact on your business plan?

3. What research should be conducted regarding pricing options before writing your business plan?

Activity 1D

To provide you with an opportunity to develop performance objectives and measures through

consultation with key stakeholders.

Refer to the business plans provided in Activity 1A.

Discuss the changes required in employee performance to meet the needs of the business plan. Provide examples of performance objectives which could be issued to your employees.

Activity 1E

To provide you with an opportunity to identify financial, human and physical resource

requirements for the business.

1. Identify three forms of existing finance funds in your organisation or one you are familiar with.

2. Provide two examples of factors that a human resources audit should assess.

3. Provide three examples of production facilities which should be considered when implementing a business plan.

Activity 1F

To provide you with an opportunity to consider any permits or licenses that may be required for new activity.

1. If the company you work for were to alter their address because of a change of location in the business plan, what steps would you need to take when updating ASIC?

2. Provide three examples of factors you should cover in your code of practice. Briefly describe your company's approach to the area.

Activity 1G

To provide you with an opportunity to identify how to write business plan.

1. What are the components of a typical business plan? Briefly explain what should be included in each section.

2. Provide two examples of benefits that can arise from writing a business plan and researching your industry.

Activity 2A

To provide you with an opportunity to identify how to communicate business plan to all relevant parties and ensure understanding of performance requirements and timeframes.

Why should your marketing team conduct a media outlet analysis before sending out your business plan?

What steps should you work through to communicate your business plan?

3. Explain two advantages of segmenting your stakeholders and employees?

Activity 2B

To provide you with an opportunity to identify how to ensure skilled labour is available to implement plan; and test performance measurement systems and refine, if necessary.

1. Outline one way to ensure that you have the skilled labour available in your workplace to implement your business plan.

2. How can performance measurement systems be tested? Suggest one method.

Activity 2C

To provide you with an opportunity to identify how to ensure timely reports on all key aspects

of the business are available, user-friendly and balanced in terms of financial and non-financial performance.

Suggest one way to ensure that reports are:

Available

User-friendly

Balanced. Provide one example for each of the three points.

Activity 2D

To provide you with an opportunity to identify how to report system failures, product failures and variances to the business plan as they occur.

Refer to Case Study A

Suggest the steps which Jade should take to report the outlined issue to the business plan, according to organisational procedures.

Activity 3A

To provide you with an opportunity to identify how to analyse performance reports against

planned objectives; and review performance indicators and refine if necessary.

1. What actions could you take to analyse the performance of an employee whose job role has changed within the period of their set performance objectives?

2. Outline three questions you should ask yourself to review performance indicators?

Activity 3B

To provide you with an opportunity to identify how to ensure groups and individuals contributing to under-performance are coached, and provide training where appropriate.

1. Outline one method of coaching groups or individuals who are contributing to under- performance.

2. Suggest three approaches to training which can be offered to groups or individuals contributing to under-performance.

Activity 3C

To provide you with an opportunity to identify how to review system processes and work

methods regularly as part of continuous improvement.

Outline how you would review system processes and/or work methods as part of continuous improvement in the workplace.

Referring

Ks Accounting & Finance byTravis Green

Business Plan

1. Business Plan Summary

KS Accounting Finance is a company established in August 2020, with the objective of provide accounting, finance and tax services to business and individuals in Melbourne, according to the type of industry. We provide to our clients the real information, guide and financial advises at the right time. We are an accounting firm located in South Melbourne and we provide an efficient and high-quality service and advice to each of our customers in all areas of accounting and taxation.

Our main goal is to achieve the best solutions tailored to individual needs and requirements. Our strategy is to partner up with you and be relied on as a contributing factor to your success.

2. Situation analysis

Strengths: Staff certificate with over 6 years of experience. More than 2.000 contacts on social media (included international students and educational agents). Constant and personal development.	Weaknesses: New in the market Not enough human resources Weak brand reputation
Opportunities: Not demand large amount of start- up capital Not require high qualify staff	Threats: Competitors with more years of experience. Better infrastructure from competitors. Big accounting companies.

3. Market Target market

Accounting we specialise in professional consulting for international students, small businesses and immigrants who are starting their lives in Australia and need guidance in the fields of accounting and taxation.

Marketing Strategy

KS Accounting & Finance will have a website and social network and also will be focused in education and migration agencies that bring all the international students, small businesses and immigrants to Australia. Organizing workshops and seminars and guidance.

4. Vision and Mission statementVision

In 2025 KS Accounting and Finance will be a company that provides guidance, resources and support to our clients. And also, to partner up with our clients and be relied on as a contributing factor to success.

Mission

Our mission is providing to our clients an effective, efficient, responsible and quality service, seeking at all times the maximum customer satisfaction and providing information in a reliable and timely way for decision-making. we strive to achieve the best solutions tailored to individual needs and requirements

5. Objectives

The main objective is providing support in all areas covered by the accounting fields, mainly in relation to procedures and policies in order to offer a useful tool for making decisions.

General Objective: Offer each of our clients a completed and comprehensive service 100% based on deep knowledge of the business.

Short-term Objective: Make our business known on social networks, carry out constant training for our clients, optimize delivery time and punctuality constantly.

Medium-term Objective: to have a wide portfolio of clients, hire specialized accounting resources, tax and legal advice.

Long-term Objective: good company's position in the national market and implementation of new accounting programs to satisfy our client's needs.

6. Financial, operational and Marketing

Nowadays there are a large increase in people who wants to have their own business in different industries.

Strategies:

Assist our clients in accounting, financial and tax advice in order to achieve permanent and profitable growth in their businesses.

Advise at reasonable process for new clients and for those who are thinking of creating their own business.

Personalized attention and high level of efficiency that provides optimization resources.

Make free consultations for those who are new to the market and for international students that wants to find a guide in Australia.

Products and Services

Our services cover areas such as Tax Returns Preparation, BAS Preparation, Bookkeeping Services, Leaving Australia Superannuation claims, Business registrations, and financial accounts preparation.

Pricing

Attract clients with good advice with a price according to their earnings. $80 AUD for international students for tax return purposes $120AUD for those that not are international students (tax return purposes)$600 AUD general bookkeeping

Trading hours

Reception will be open Monday to Friday 9am to 5pm officially.

Communication channels

Social media

Email Mobile Phone