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Student Guide BSBFIM501: Manage Budgets and Financial Plans Unit of Competency This module is comprised of the following unit of competency: BSBFIM501: Manage Budgets and Financial Plans Elements of competence Plan financial management approaches Implement financial management approaches Monitor and control finances Review and evaluate financial management processes 1 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Contents Module description .......................................................................................................................... 3 Learning outcomes...................................................................................................................... 3 Teaching program ....................................................................................................................... 3 Course requirements................................................................................................................... 3 ASSESSMENT DETAILS ............................................................................................................ 4 Assessment Task 1: Analysis of financial plans .............................................................................. 5 Performance objective ................................................................................................................ 5 Assessment description .............................................................................................................. 5 Procedure ................................................................................................................................... 5 Specifications .............................................................................................................................. 5 Assessment Task 2: Contingency planning ................................................................................... 17 Performance objective .............................................................................................................. 17 Assessment description ............................................................................................................ 17 Procedure ................................................................................................................................. 17 Specifications ............................................................................................................................ 17 Submission guidelines .............................................................................................................. 17 Assessment Task 3: Support and resource ................................................................................... 23 Performance objective .............................................................................................................. 23 Assessment description ............................................................................................................ 23 Procedure ................................................................................................................................. 23 Specifications ............................................................................................................................ 23 Submission guidelines .............................................................................................................. 23 Case study ................................................................................................................................ 24 Assessment Task 4: Knowledge quiz ............................................................................................ 27 Performance objective .............................................................................................................. 27 Assessment description ............................................................................................................ 27 Procedure ................................................................................................................................. 27 Specifications ............................................................................................................................ 27 Submission guidelines .............................................................................................................. 27 References ............................................................................................................................... 28 Weekly schedule ....................................................................................................................... 28 BSBCUS501 Manage quality customer service - Student Guide - Reviewed January 2016 2 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Module description This core module describes the skills and knowledge required to undertake financial management within a work team in an organisation, including the performance outcomes. This includes the planning and implementation of financial management approaches, supporting team members, whose role involves aspects of financial operations, monitoring and controlling finances as well as the reviewing and evaluating effectiveness of financial management processes in line with the financial objectives required. Learning outcomes Upon successful completion of this module, students will: explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets, document different types of budgets, analyse and interpret budget outcomes and evaluate budgets against actual results and prepare performance reports Teaching program Seven (7) hours per week for ten (10) weeks (seventy hours). Course requirements To be assessed as competent for this unit of competency you must be able to do the following: (1) Demonstrate understanding of all learning outcomes (2) Successfully complete and submit all tasks as requested Methods of assessment Case Studies Written assignment Short answer questions Through consultation with industry, the following assessment methods have been deemed appropriate for this unit. Two case studies have been developed to allow candidates to demonstrate their knowledge and skills in the following complete an analysis of a budget and financial plan make recommendations in regards to maintaining cost variation and expenditure overruns. create a budget analyse the information provided and identify the steps that they will take to implement a sound financial management approach modify created contingency plans The candidates are required to: Create a contingency plan using the information provided analyse the contingency plan scenario and answer the short answer questions Short answer questions allow the candidate to demonstrate their knowledge and skills in the following: legislative requirements organisational policies and procedures auditing processes problem solving techniques BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 3 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management ASSESSMENT DETAILS Assessment Assessment Task 1 Analysis of Financial Plan Assessment Task 2 Contingency Planning Assessment Task 3 Support and Resource Assessment Task 4 Knowledge Quiz Due Week 2 Week 5 Week 9 Week 10 BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 4 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Assessment Task 1: Analysis of financial plans Candidate's name Phone No. Assessor's name Phone No. Assessment site Assessment date/s Time/s The assessment task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor. Submit this document with any required evidence attached. See specifications below for details. Performance objective Report and monitor expenditure and compare with financial plans so that recommendations are developed for key stakeholders. Assessment description Complete the financial reporting for each period and develop recommendations using the templates provided. Procedure 1. 2. 3. 4. Read the case study. Complete the financial reports for each period as requested. Analyse the data and complete your recommendations in the space provided. Complete a new budget based on your recommendations. Specifications financial data tabled is accurately basic accounting terminology is used in recommendations sound reasoning is used in calculating the strategies that are recommended BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 5 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Part 1 - Case Study Proactive Management Consultants Pty Ltd (PMC) is a small service organisation that provides consultative services to a wide variety of clients and has been in existence for just over five years. Typically they advise their clients on professional development opportunities, organisational structure and simple training initiatives. Although the past 12 months have been profitable for PMC, they face a very uncertain future. Reducing government support, the global financial crisis, an increasingly competitive market and a client base that believe they are already paying too much. PMC prides itself on the advice they give their clients, however, finance has never been their strength. The PMC board has approached your company to provide monthly financial reports and recommendations on how they should proceed with their financial plans. PMC has provided each month's sales and expenditure data from which they require your company to complete the reporting in the provided templates, interpret the data and provide recommendations. Accounts payable are entirely paid month-to-month whereas accounts receivable is calculated 60% current month, 30% last month, 10% second to last month: actual May sales = $42,100, actual June sales = $47,300. These figures will be required to determine actual sales receipts for July and August. PMC has also provided you with a list of initiatives they had planned to undertake over the next six months that have been budgeted for in their financial planning which they need you to consider in your recommendations. They are: anticipate large invoicing month in July due to number of leads all company motor vehicle registrations and insurance are due in July $18,000 15th of August moving to new premises whereby rent increases to $3,500 per month To increase productivity PMC will upgrade all computers under expensed equipment in September at $12,000. have sought an aggressive advertising campaign in October to invigorate lost clientele, $16,000 Due to advertising campaign, PMC are recruiting two new consultants in October. This will add 30% to November's and December's payroll and $10,000 in recruitment and training during October and result in increased business (40% November and December). purchasing a licence to deliver an innovative training program in November for $20,000 have contractual agreements in January and February that will generate $32,000 in sales three employees on annual leave will have 50% impact on sales in November conducting a professional development week for all staff in December $18,000 employee bonuses due in December, anticipate $16,000 BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 6 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Proactive Management Consultants Pty Ltd - Financial Data - July to December 200X Jul 0X Budget $ Over Budget % of Budget Aug 0X Budget $ Over Budget Ordinary Income/Expense Income Reimbursed Expenses 600 1200 61200 42000 Services 0 100 Total Income 61800 43300 Sales Expense Bank Service Charges Books and Publications Dues and Subscriptions Expensed Equipment Advertising Insurance Finance Charge Loan Interest Licenses and Permits Motor Expense Office Supplies Payroll Expenses Postage and Delivery 50 50 100 100 50 50 500 500 2000 2000 10000 1000 100 10 5000 3300 700 0 9000 2570 150 150 25000 25000 20 20 1000 350 Accounting Fees 0 1200 Legal Fees 0 0 Recruitment and Training 0 500 Printing and Reproduction Rent 1200 3500 Repairs 300 300 Software Expense 300 60 Stamp Duty 100 100 Telephone Travel and Entertainment Utilities Total Expense Net Income (EBIT) Opening Balance 51,200 100 100 1500 1000 250 250 57420 42110 4380 1190 51200 49260 Receipts 55480 49250 Payments 57420 42110 Closing Balance 49260 56400 BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 7 % of Budget BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Proactive Management Consultants Pty Ltd - Financial Data - July to December 200X Sep 0X Budget $ Over Budget % of Budget 1st Quart Budget Ordinary Income/Expense Income Reimbursed Expenses Sales 2000 3800 41000 144200 Services 400 500 Total Income 43400 148500 Expense Bank Service Charges 50 150 Books and Publications 100 300 Dues and Subscriptions 50 150 12000 13000 Expensed Equipment Advertising Insurance Finance Charge Loan Interest Licenses and Permits Motor Expense Office Supplies Payroll Expenses Postage and Delivery Printing and Reproduction Accounting Fees Legal Fees Recruitment and Training Rent Repairs 500 4500 1000 12000 10 120 3300 11600 0 700 1200 12770 150 450 25000 75000 20 60 150 1500 0 1200 1200 1200 0 500 3500 8200 0 600 60 420 Stamp Duty 100 300 Telephone 100 300 Travel and Entertainment 100 2600 Software Expense 0 500 Total Expense Utilities 48590 148120 Net Income (EBIT) -5190 380 Opening Balance 56400 Receipts 45210 Payments 48590 Closing Balance 53020 BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 8 $ Over Budget % of Budget BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Proactive Management Consultants Pty Ltd - Financial Data - July to December 200X Oct 0X Budget $ Over Budget % of Budget Nov 0X Budget $ Over Budget Ordinary Income/Expense Income Reimbursed Expenses Sales 700 49300 41000 Services 0 200 Total Income 49300 41900 Expense Bank Service Charges Books and Publications Dues and Subscriptions Expensed Equipment Advertising Insurance Finance Charge Loan Interest Licenses and Permits 50 50 100 100 50 50 500 500 16000 500 1000 1000 10 10 3300 3300 700 20000 Motor Expense 2000 2570 Office Supplies 150 150 25000 32500 Payroll Expenses Postage and Delivery 20 20 150 1000 Accounting Fees 0 1200 Legal Fees 0 0 10000 500 3500 3500 300 300 Printing and Reproduction Recruitment and Training Rent Repairs Software Expense Stamp Duty Telephone 60 60 100 100 100 100 1500 1500 250 250 64840 69260 Net Income (EBIT) -15540 -27360 Opening Balance 53020 35110 Receipts 46930 44270 Payments 64840 69260 Closing Balance 35110 10120 Travel and Entertainment Utilities Total Expense BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 9 % of Budget BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Proactive Management Consultants Pty Ltd - Actuals - July to December 200X Jul 0X Aug 0X Sep 0X Oct 0X Nov 0X Dec 0X Ordinary Income/Expense Income Reimbursed Expenses Sales Services 0 800 1200 0 900 400 59000 44100 46000 51600 47000 67000 0 300 100 300 1000 200 10 Total Income Expense Bank Service Charges 50 40 50 50 30 Books and Publications 80 200 80 30 80 80 Dues and Subscriptions 50 0 60 0 50 100 700 Expensed Equipment Advertising Insurance Finance Charge 600 450 12000 0 400 2000 2000 500 16000 500 500 10000 300 700 1000 1300 1200 0 10 10 30 10 10 Loan Interest 4970 3300 3300 3300 3300 3300 Licenses and Permits 1100 0 0 700 20050 0 Motor Expense 9900 3100 3100 3200 2200 2100 Office Supplies Payroll Expenses Postage and Delivery 30 90 150 400 140 140 25000 25000 25000 25000 32500 48500 30 70 50 70 10 80 770 500 80 300 900 100 Accounting Fees 0 1200 0 0 1200 0 Legal Fees 0 500 0 0 300 0 Recruitment and Training 0 0 0 10000 500 18000 3200 Printing and Reproduction Rent 1200 3500 3500 3500 3500 Repairs 250 0 0 500 200 0 Software Expense 300 60 60 60 60 60 Stamp Duty 70 100 100 0 0 100 Telephone 90 300 300 300 200 50 Travel and Entertainment 800 230 200 1200 1200 200 Utilities 247 250 250 250 250 250 Total Expense Net Income (EBIT) Opening Balance 51,200 Receipts Payments Closing Balance BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 10 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Proactive Management Consultants Pty Ltd - Financial Data - July to December 200X Dec 0X Budget $ Over Budget % of Budget 2nd Quart Budget $ Over Budget Ordinary Income/Expense Income Reimbursed Expenses Sales 500 1200 63000 153300 Services 0 200 Total Income 63500 154700 Bank Service Charges 10 110 Books and Publications 20 220 Dues and Subscriptions 50 150 500 1500 0 16500 1000 3000 Expense Expensed Equipment Advertising Insurance Finance Charge Loan Interest Licenses and Permits 10 30 3300 9900 0 20700 Motor Expense 2000 6570 Office Supplies 150 450 48500 106000 Payroll Expenses Postage and Delivery 20 60 150 1300 Accounting Fees 0 1200 Legal Fees 0 0 18000 28500 3500 10500 0 600 60 180 Stamp Duty 100 300 Telephone 100 300 Travel and Entertainment 100 3100 Printing and Reproduction Recruitment and Training Rent Repairs Software Expense Utilities 0 500 77570 211670 Net Income (EBIT) -14070 -56970 Opening Balance 10120 Receipts 55600 Total Expense Payments Closing Balance 77570 -11850 BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 11 % of Budget BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Notate your recommendations to PMC In light of July 0X actual sales and expenditure: Recommendation 1: ___________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Recommendation 2: ___________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ In light of August 0X actual sales and expenditure: Recommendation 1: ___________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Recommendation 2: ___________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ In light of September 0X actual sales and expenditure: Recommendation 1: ___________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Recommendation 2: ___________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 12 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management In light of October 0X actual sales and expenditure: Recommendation 1: ___________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Recommendation 2: ___________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ In light of November 0X actual sales and expenditure: Recommendation 1: ___________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ Recommendation 2: ___________________________________________________ ___________________________________________________________________ ___________________________________________________________________ ___________________________________________________________________ On the following page adjust the actual sales and expenditure based on your recommendations. Please note that this budget will be used as a basis for one of the tasks in Assessment 2'Contingency and Review'. BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 13 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Opening Balance 51200 49260 Receipts 51,200 55480 49250 Payments 57420 42110 Closing Balance 49260 56400 Proactive Management Consultants Pty Ltd - Actuals - July to December 200X Jul 0X Aug 0X Sep 0X Ordinary Income/Expense Income Reimbursed Expenses Sales Services Total Income Expense Bank Service Charges Books and Publications Dues and Subscriptions Expensed Equipment Advertising Insurance Finance Charge Loan Interest Licenses and Permits Motor Expense Office Supplies Payroll Expenses Postage and Delivery Printing and Reproduction Accounting Fees Legal Fees Recruitment and Selection Rent Repairs Software Expense Stamp Duty Telephone Travel and Entertainment Utilities Total Expense BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 14 Oct 0X Nov 0X Dec 0X BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Part 2 PMC met with David Grey and informed him of the proposed budget changes. In the table below, circle the key stakeholders of PMC that David would need to inform about the new budgetary changes and which part of the budget would specifically affect their department or sector. Name Position David Grey Financial controller Kelly Walsh Team leader HR department Brianna White Operations manager Belinda Toohey OHS representative Amanda Maccarone Union representative Angie Brown Senior accountant Shankar Singh Marketing manager Marta Fernandes Administration assistant Jordyn Gee Sales manager Karyn Ingilo Sales rep Kylie Bentley Office temp How would Eden Black negotiate with the relevant stakeholders to achieve maximum outcome in relation to the new budget measures while not taking too much away from the various departments? BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 15 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Now list below where the financial controller can find the relevant information from business documents, accounts and processes, to create reports to ensure that the relevant departments are sticking to the new budget measures. BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 16 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Assessment Task 2: Contingency planning Candidate's name Phone No. Assessor's name Phone No. Assessment site Assessment date/s Time/s Performance objective To assess candidates' ability to create contingency plans and to analyse contingency plans to ensure that they meet organisational requirements and mitigate risks to the business. Assessment description Identify risks associated to the business and develop a contingency plan that provides appropriate strategies to deal with the risks. Procedure 1. Identify potential risks to the business. 2. Develop strategies to minimise those risks. 3. Identify who might need to be consulted as part of the plan. 4. Identify a dollar value for an activity that might incur a cost. 5. Use the template provided. Specifications identified risks that are relevant to the business context developed strategies are appropriate to address the risks costs of contingency plan included and realistic appropriate people or roles in the business context are identified Submission guidelines The assessment task is due on the date specified by your facilitator. Any variations to this arrangement must be approved by your facilitator in writing. The method of submitting the assessment (electronic or hardcopy) will be specified by your facilitator prior to the due date. BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 17 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Part 1: Contingency plan Create contingency plans for the following scenarios: One of your highly qualified consultants has given three months' notice and is planning to move to a competitor after this time. There has been a 34% increase in production; however a decrease of 22% in sales has been recorded. The rental for the offices your company currently occupies is being increased by $1750 per month. There is no available space for additional employees. Contingency plan Company name: Name of person developing the plan: Who was consulted as part of this plan? Name Position Risk identified: Strategies/activities to minimise the risk BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 By when By whom 18 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Contingency plan Company name: Name of person developing the plan: Who was consulted as part of this plan? Name Position Risk identified: Strategies/activities to minimise the risk BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 By when By whom 19 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Contingency plan Company name: Name of person developing the plan: Who was consulted as part of this plan? Name Position Risk identified: Strategies/activities to minimise the risk BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 By when By whom 20 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Part 2: Plan analysis Read the following Contingency plan developed by Eden Black for Proactive Management Consultants Pty Ltd. Your task is to analyse the strategies that have been developed to mitigate the risk and answer the questions below. Contingency plan Company name: Proactive Management Consultants Pty Ltd. Name of person developing the plan: Eden Black Who was consulted as part of this plan? Name Position David Grey Financial controller Brianna White Operations manager Angie Brown Senior accountant Shankar Singh Marketing manager Jordyn Gee Sales manager Risk identified: Strong possibility of a new competitor moving within close proximity to our company within six months. The current date is the 1st of July 20____. Strategies/activities to minimise the risk By when Work out a possible lower fee schedule to entice new customers and remain competitive. Increase the advertising budget and work on a new marketing strategy. Work with sales to extend current contract periods and offer discounts as incentives for customers. Enter into an agreement with existing firms for referral to each other complimenting for services. Looks at ways of outsourcing to extend client base. Make six people redundant to compensate for future losses. 1/08/201X By whom AB/DG 15/08/201X SS/DG 1/09/201X JG/AB 15/09/201X DG 25/09/201X 20/10/201X BW BW/JG BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 21 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management 1. Has Eden identified all strategies to mitigate the identified risk? Justify your response. 2. Has Eden correctly identified the correct people to consult in the development of the strategies? Justify your response. 3. If you believe Eden has not identified all the strategies or people to be consulted, what would your recommendations be? 4. Are the timelines that Eden has created achievable? Justify your response. BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 22 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Assessment Task 3: Support and resource Candidate's name Phone No. Assessor's name Phone No. Assessment site Assessment date/s Time/s Performance objective Create a development plan for a new employee that ensures they have the support and resources they need to complete the tasks associated with budgets and financial plans. Assessment description Analyse the case study and make recommendations using the templates provided. Procedure 1. Read the case study. 2. Complete parts 1 and 2. 3. Make recommendations that ensure the employee is provided with appropriate resources and support. Specifications relevant skills are identified a demonstrated understanding of specific and transferable skills specific development opportunities are suggested Submission guidelines The assessment task is due on the date specified by your facilitator. Any variations to this arrangement must be approved by your facilitator in writing. The method of submitting the assessment (electronic or hardcopy) will be specified by your facilitator prior to the due date. BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 23 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Case study Jack Curran is the sales manager for a small forklift dealership called Uplifter Pty Ltd. Recently, Jack's sales coordinator, Bev Jones .retired after 10 years. Bev is certainly going to be missed as she was able to do so much that it allowed Jack to concentrate solely on selling forklifts rather than the day-to-day financial management and planning. Jack realises he is certainly going to miss the all the work Bev did for him. A couple of weeks pass and Jack begins to realise the depth of the sales coordinator position and how the right person, trained properly, will certainly be an enormous asset. Jack begins to write a person specification that outlines the requirements of the role. Sales coordinator - Job specification Duties will include: process all invoicing and purchase orders process all banking, cheque, credit card and cash receipts enter accounts receivable and payable enter journal entries and maintain general ledger administer petty cash develop monthly sales reports develop monthly profit and loss reports administer payroll for 15 employees This role will require a working knowledge of: MYOB and Excel computer applications general accounting practices general payroll practices Jack advertises the position and receives a resume from Emily Grime. The resume indicates that Emily is qualified for the role. Emily's previous two positions have been slightly more junior, however very similar to the sales coordinator position. Emily describes her Excel and MYOB skill level as intermediate and also states that she has attained a Certificate IV in Business administration. After two interviews Jack is convinced that Emily is the best person for the job and hires her. Emily commences in seven days and Jack is determined to make this work. Jack is seeking your help to write a list of information and procedures that he will need to provide Emily so that she has all the knowledge, support and available resources and systems to do her job well. BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 24 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Part 1 Use the following table to develop your recommendations for Jack. Beside each recommendation write what (if any) resources and systems Emily would need access to in order for her to be able to fulfill her role obligations efficiently. Duties Specific organisational information, support, resources required Invoicing Purchase orders Processing cheques Processing cash Processing credit cards Entering accounts payable and receivable Administer petty cash Enter journals and maintain general ledger Banking procedures Spreadsheet sales reports Profit and loss reports Process payroll BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 25 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Part 2 Develop a SMART objective and charter that clarifies Emily's and your responsibilities in relation to financial management. Outline in the charter how you intend to support Emily in relation to her new responsibilities. Objective: No Activity By whom By when 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 26 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management Assessment Task 4: Knowledge quiz Candidate's name Phone No. Assessor's name Phone No. Assessment site Assessment date/s Time/s Performance objective Investigate and discuss the importance of review and evaluation of financial performance planning monitoring. Assessment description This assessment requires candidates to answer the questions to demonstrate their knowledge and skills in regards to the effectiveness of financial management processes. Procedure 1. Read the budgeted figures and complete the table 2. Look for any outstanding variances and list possible reasons and preventive measures you would take 3. Look at different scenarios and at the processes involved 4. Complete an evaluation grid looking at improvements to processes 5. Complete the short answer questions Specifications relevant skills are identified a demonstrated understanding of specific and transferable skills specific development opportunities are suggested. Submission guidelines The assessment task is due on the date specified by your facilitator. Any variations to this arrangement must be approved by your facilitator in writing. The method of submitting the assessment (electronic or hardcopy) will be specified by your facilitator prior to due date. BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 27 BSB51215 Diploma of Marketing/BSB51915 Diploma of Leadership and Management References Manage budgets and forecasts, tafevc publications, 2006. Hoggett & Edwards. Accounting in Australia. Wiley publications. Weekly schedule WEEK 1 2 3 4 5 6 7 8 9 10 TOPIC Introduction Objectives of budgeting Budget defined Business planning and forecasting Assessment Task 1 - Analysis of Financial Plan Limitations of budgets Designing the budget Types of budget Master budget and operational budgets Data for budget preparation Assessment Task 1 - Analysis of Financial Plan Due Sales budget Production budget Budgeted profit and loss statement Advantages and disadvantages of budget Budget and variance Assessment Task 2 - Contingency Planning Master Budget Budgeted statement of cash flows Budgeted balance sheet Performance appraisal Assessment Task 2 - Contingency Planning Assessment Task 3 - Support and Resource Cash budgets The difficulties of sales forecasting. Human relations problems caused by budgets. Importance of budgeting to managers. Budgetary control trading businesses Assessment Task 3 - Support and Resource Assessment Task 2 - Contingency Planning Due Static budget reports Sales budget report Expenses budget Flexible Overhead Budget Report Assessment Task 3 - Support and Resource Responsibility accounting vs. budgetary control Types of responsibility centre Budget and planning Assessment Task 3 - Support and Resource Roles and responsibility of the budget process. Phases of the Budget Annual Cycle Resource Allocation Decisions Assessment Task 3 - Support and Resource Evaluating annual budget Managing budget Assessment Task 3 - Support and Resource Due Course review Assessment Task 4 - Knowledge Quiz Due BSBFIM501 Manage budgets and financial plans - Student Guide - Reviewed January 2016 28