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Implement financial management approaches Submission details Candidate's name Phone no. Assessor's name Phone no. Assessment site Assessment date/s Time/s The assessment task is due on

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Implement financial management approaches

Submission details

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.

Ensure any text in this document that is this colour is deleted before submission of your final assessment.

Performance objective

The candidate will demonstrate the ability to implement financial management approaches.

Assessment description

In response to the scenario provided, you will access and communicate details of budget to a team member (assessor). You will then support the team member to perform their required role with respect to software resources and systems.

Procedure

1.Read the scenario provided in Appendix 1 to this assessment task and tasks A

and B.

Make a statement that you have accessed the appendix and read an understood the scenario.

2.Prepare to meet with your team member (assessor) to communicate budget and then coach and train them in new role:

a.access required budget information from assessor

Find the document BSBFIM501_AT2_Budget_for_Team in Announcements

b.determine organisational needs regarding the tracking of expenses.

c.identify coaching/training needs of team member.

From Task B, Make a list of training needs for Bill Goodale

See Appendix 3: Example of the GROW model

Guidance: https://www.mindtools.com/pages/articleewLDR_89.htm

d.plan coaching/training session:

Use the Appendix 4 Session Planning Sheet

i.outcome: team member produces spreadsheet to meet management requirements

ii.include activities/elements to instruct, practice, test, motivate

iii.keep notes

e.Set up a time with your team member to have a coaching/training session.

3.Meet with your team member to coach them in the role:

mkae an instructional presentation (PowerPoint or alternative) for Bill Goodale. Ensure you include a feedback mechanism to meet the requirement of interaction.

a.Explain budget and relevance to team member's accountabilities

b.Use appropriate coaching techniques or models such as GROW

Guidance: https://positivepsychology.com/coaching-skills-techniques/#models

c.Use appropriate motivational theory

Guidance: https://positivepsychology.com/motivation-theories-psychology/

d.Train learner in required spreadsheet techniques, include elements of instruction, practice and testing/feedback

Guidance: Student WB pg. 75/136 Use electronic spreadsheets to manage budgets

e.Include recordkeeping requirements for Australian Taxation Office (ATO) and auditing purposes, for items such as petty cash, and GST.

Guidance: https://www.ato.gov.au/Business/Record-keeping-for-business/

4.Submit all documents required in the specifications below to your assessor. Ensure you keep a copy of all work submitted for your records.

Specifications

You must:

?meet with your assessor to role-play support of team member

?submit coaching/training plan.

Your assessor will be looking for:

?numeracy skills to read and understand a budget and to communicate a budget

?technology skills to use software associated with financial recordkeeping

?knowledge of basic accounting principles to identify and use account balances in communication and training

?knowledge of organisational requirements related to financial management, such as those contained in organisational policies and procedures

?requirements for organisational recordkeeping and auditing with respect to petty cash

?knowledge of principles and techniques involved in budgeting and electronic spreadsheets.

Adjustment for distance-based learners

?No variation of the task is required.

?Documentation can be submitted electronically or posted in the mail.

Appendix 1 - Scenario

Big Red Bicycle Pty Ltd is a bicycle manufacturer based in Bendigo, Victoria. The company produces bicycles which it sells to retailers for on-sale in the domestic Australian market.

The senior management structure of the company appears below:

Person

Position

Michelle Yeo

Chief Executive Officer (CEO)

Tom Copeland

Managing Director

John Black

Chief Financial Officer (CFO)

Stuart LaRoux

Operations General Manager

Pat Roberts

Senior Accountant

Sam Gellar

Sales General Manager

Charles Pierce

Production Manager

Holly Burke

HR Manager

According to company strategic plans, the company aims to achieve a net profit before tax of $1,000,000. The chief risks to this goal are:

?poor sales due to economic downturn

?increases in expenses such as wage expenses.

In addition to Australian operations, the company is considering manufacturing overseas to take advantage of reduced costs. The company is also considering diversifying its product range to reduce exposure to poor sales of one product.

Role

You are the manager of Sales Team A. You manage a small team of sales team members. Your duties include accessing budget information for your team, explaining relevant aspects of budgets and features of budget documents to your team, and supporting team members to achieve performance goals.

Task A

You have determined that you will need to access budget information from the Senior Accountant to explain to your team. You will:

explain the overall financial objective of the business

provide an overview of the budget (including statements of relevance to the intended audience)

explain how the budget translates to expense allocations for the team (note the policies and procedures need to be disseminated)

This presentation can be a PowerPoint (or alternative)

Task B

You have determined that one team member, Bill Goodale, will be responsible for tracking expenses and petty cash throughout the financial year. To meet organisational needs, this duty will need to be performed in accordance with policies and procedures.

You have determined that expenses will need to be divided equally and tracked by quarter. Bill will need to develop a spreadsheet to keep track of actual expenditure by account. To help control expenses, the spreadsheet will need to provide an ongoing tally of expense by account.

Bill's skills include basic accounting. Bill needs to be informed of Big Red Bicycle policies and procedures for petty cash. Bill is familiar with Microsoft Excel but does not know how to use formula and functions to sum columns or rows of figures.

See Procedures 1-3

Appendix 2 - Financial policies and procedures

Expense reimbursement

Purpose of the policy

To detail procedures to be followed in relation to expense reimbursement of expenses that have been incurred on behalf of the organisation.

The policy

Big Red Bicycle will reimburse staff for reasonable and authorised expenses that have been incurred by them on behalf of the organisation or in the course of conducting Big Red Bicycle business.

Procedure

1.Staff will not be reimbursed in the following circumstances:

a.any late payment penalties, e.g. overdue interest on credit cards

b.expenses that are usually recovered from a third party

c.penalties and fines, e.g. parking, traffic

d.those claims that should have been made using the purchase order system

e.those expense claims made by staff as a tax deduction

f.those expenses that were not made for business purposes.

2.Travel expenses claims:

a.insurance for trip cancellation will be reimbursed

b.mileage allowance will be given for the use of a staff member's vehicle when used for work-related travel

c.personal stopovers or indirect routes will not be reimbursed

d.travel reimbursement is provided for the most direct and economical mode of travel available; circumstances will be considered on a 'case-by-case' basis.

3.Accommodation expenses:

a.reimbursement will cover moderate accommodation expenses; circumstances will be considered on a 'case-by-case' basis

b.items of a personal nature that are charged to a hotel account will not be reimbursed.

4.Employee's own meals:

a.employees on Big Red Bicycle business will be reimbursed for any reasonable and appropriate meal expenses.

5.All relevant and original source documents must be attached to the Expense Reimbursement Form. A statutory declaration may be required where these original documents are not provided.

6.Appropriate advance payments may be authorised.

7.Employees have authority to approve expenses up to the amount detailed in their individual job description. Any expenditure claims above the level prescribed must be forwarded to supervisors for approval.

8.Employees incurring authorised expenditure must submit their reimbursement requests on a signed Expense Reimbursement Form.

9.Source documents (including tickets, receipts, vouchers, invoices) must be kept for all purchases and expenses claims.

10.The CFO will use discretion to reimburse reasonable but unauthorised expenses.

11.Those claims that have not been adequately prepared, have not been duly authorised, or are lacking in original documentation, will be returned to the employee with reasons that outline why the claim has not been processed.

Petty cash

Purpose of the policy

To detail procedures to be followed in relation to tracking petty cash expenditure.

The policy

Big Red Bicycle maintains a petty cash system to allow authorised personnel to pay for small expenditures in connection with business activity.

Procedure

1.One team member is authorised to disburse petty cash with one alternate in case of sickness or emergency.

2.Petty cash is to be kept secure, locked in safe.

3.Receipts for cash must be issued.

4.Receipts must be reconciled at the close of each business day.

5.Amounts over $800 must be banked.

6.Petty cash expense will be recorded as miscellaneous expense.

Appendix 3 - Example of GROW

The content in the Notes section is guidance only. Use the template to plan your training. This document will inform your training session in Appendix 4.

Stage

Notes

Goal

Current Reality

Options (or Obstacles)

Will (or way forward)

Appendix 4 - SESSION PLANNING SHEET

Today's Session Title

Total Time

Objective

Assessment Overview

Aids/Resources

Sequence

Topics/Content

Methods of delivery

Time

Intro, body, conclusion

What you are going to cover?

How you are going to cover it?

Timeframe

INTRO

BODY

Sequence

Topics/Content

Methods of delivery

Time

Intro, body, conclusion

What you are going to cover?

How you are going to cover it?

Timeframe

BODY cont.

CONCLUSION

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Assessment Task 2 BSBFIM501 Manage budgets and financial plans Implement financial management approaches Submission details 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. Ensure any text in this document that is this colour is deleted before submission of your final assessment. Performance objective The candidate will demonstrate the ability to implement financial management approaches. Assessment description In response to the scenario provided, you will access and communicate details of budget to a team member (assessor). You will then support the team member to perform their required role with respect to software resources and systems. Procedure 1. Read the scenario provided in Appendix 1 to this assessment task and tasks A and B. Make a statement that you have accessed the appendix and read an understood the scenario. 2. Prepare to meet with your team member (assessor) to communicate budget and then coach and train them in new role: a. access required budget information from assessor Find the document BSBFIM501_AT2_Budget_for_Team in Announcements b. determine organisational needs regarding the tracking of expenses. 2015 Innovation and Business Industry Skills Council Ltd 1st edition version: 1 Page 1 of 8 Assessment Task 2 BSBFIM501 Manage budgets and financial plans c. identify coaching/training needs of team member. From Task B, create a list of training needs for Bill Goodale See Appendix 3: Example of the GROW model Guidance: https://www.mindtools.com/pages/articleewLDR_89.htm d. plan coaching/training session: Use the Appendix 4 Session Planning Sheet i. outcome: team member produces spreadsheet to meet management requirements ii. include activities/elements to instruct, practice, test, motivate iii. keep notes e. Set up a time with your team member to have a coaching/training session. 3. Meet with your team member to coach them in the role: Create an instructional presentation (PowerPoint or alternative) for Bill Goodale. Ensure you include a feedback mechanism to meet the requirement of interaction. a. Explain budget and relevance to team member's accountabilities b. Use appropriate coaching techniques or models such as GROW Guidance: https://positivepsychology.com/coaching-skills-techniques/#models c. Use appropriate motivational theory Guidance: https://positivepsychology.com/motivation-theories-psychology/ d. Train learner in required spreadsheet techniques, include elements of instruction, practice and testing/feedback Guidance: Student WB pg. 75/136 Use electronic spreadsheets to manage budgets e. Include recordkeeping requirements for Australian Taxation Office (ATO) and auditing purposes, for items such as petty cash, and GST. Guidance: https://www.ato.gov.au/Business/Record-keeping-for-business/ 4. Submit all documents required in the specifications below to your assessor. Ensure you keep a copy of all work submitted for your records. Specifications You must: meet with your assessor to role-play support of team member submit coaching/training plan. Your assessor will be looking for: 2015 Innovation and Business Industry Skills Council Ltd 1st edition version: 1 Page 2 of 8 Assessment Task 2 BSBFIM501 Manage budgets and financial plans numeracy skills to read and understand a budget and to communicate a budget technology skills to use software associated with financial recordkeeping knowledge of basic accounting principles to identify and use account balances in communication and training knowledge of organisational requirements related to financial management, such as those contained in organisational policies and procedures requirements for organisational recordkeeping and auditing with respect to petty cash knowledge of principles and techniques involved in budgeting and electronic spreadsheets. Adjustment for distance-based learners No variation of the task is required. Documentation can be submitted electronically or posted in the mail. Appendix 1 - Scenario Big Red Bicycle Pty Ltd is a bicycle manufacturer based in Bendigo, Victoria. The company produces bicycles which it sells to retailers for on-sale in the domestic Australian market. The senior management structure of the company appears below: Person Position Michelle Yeo Chief Executive Officer (CEO) Tom Copeland Managing Director John Black Chief Financial Officer (CFO) Stuart LaRoux Operations General Manager Pat Roberts Senior Accountant Sam Gellar Sales General Manager Charles Pierce Production Manager Holly Burke HR Manager According to company strategic plans, the company aims to achieve a net profit before tax of $1,000,000. The chief risks to this goal are: poor sales due to economic downturn increases in expenses such as wage expenses. In addition to Australian operations, the company is considering manufacturing overseas to take advantage of reduced costs. The company is also considering diversifying its product range to reduce exposure to poor sales of one product. 2015 Innovation and Business Industry Skills Council Ltd 1st edition version: 1 Page 3 of 8 Assessment Task 2 BSBFIM501 Manage budgets and financial plans Role You are the manager of Sales Team A. You manage a small team of sales team members. Your duties include accessing budget information for your team, explaining relevant aspects of budgets and features of budget documents to your team, and supporting team members to achieve performance goals. Task A You have determined that you will need to access budget information from the Senior Accountant to explain to your team. You will: explain the overall financial objective of the business provide an overview of the budget (including statements of relevance to the intended audience) explain how the budget translates to expense allocations for the team (note the policies and procedures need to be disseminated) This presentation can be a PowerPoint (or alternative) Task B You have determined that one team member, Bill Goodale, will be responsible for tracking expenses and petty cash throughout the financial year. To meet organisational needs, this duty will need to be performed in accordance with policies and procedures. You have determined that expenses will need to be divided equally and tracked by quarter. Bill will need to develop a spreadsheet to keep track of actual expenditure by account. To help control expenses, the spreadsheet will need to provide an ongoing tally of expense by account. Bill's skills include basic accounting. Bill needs to be informed of Big Red Bicycle policies and procedures for petty cash. Bill is familiar with Microsoft Excel but does not know how to use formula and functions to sum columns or rows of figures. See Procedures 1-3 2015 Innovation and Business Industry Skills Council Ltd 1st edition version: 1 Page 4 of 8 Assessment Task 2 BSBFIM501 Manage budgets and financial plans Appendix 2 - Financial policies and procedures Expense reimbursement Purpose of the policy To detail procedures to be followed in relation to expense reimbursement of expenses that have been incurred on behalf of the organisation. The policy Big Red Bicycle will reimburse staff for reasonable and authorised expenses that have been incurred by them on behalf of the organisation or in the course of conducting Big Red Bicycle business. Procedure 1. Staff will not be reimbursed in the following circumstances: a. any late payment penalties, e.g. overdue interest on credit cards b. expenses that are usually recovered from a third party c. penalties and fines, e.g. parking, traffic d. those claims that should have been made using the purchase order system e. those expense claims made by staff as a tax deduction f. those expenses that were not made for business purposes. 2. Travel expenses claims: a. insurance for trip cancellation will be reimbursed b. mileage allowance will be given for the use of a staff member's vehicle when used for work-related travel c. personal stopovers or indirect routes will not be reimbursed d. travel reimbursement is provided for the most direct and economical mode of travel available; circumstances will be considered on a 'case-by-case' basis. 3. Accommodation expenses: a. reimbursement will cover moderate accommodation expenses; circumstances will be considered on a 'case-by-case' basis b. items of a personal nature that are charged to a hotel account will not be reimbursed. 2015 Innovation and Business Industry Skills Council Ltd 1st edition version: 1 Page 5 of 8 Assessment Task 2 BSBFIM501 Manage budgets and financial plans 4. Employee's own meals: a. employees on Big Red Bicycle business will be reimbursed for any reasonable and appropriate meal expenses. 5. All relevant and original source documents must be attached to the Expense Reimbursement Form. A statutory declaration may be required where these original documents are not provided. 6. Appropriate advance payments may be authorised. 7. Employees have authority to approve expenses up to the amount detailed in their individual job description. Any expenditure claims above the level prescribed must be forwarded to supervisors for approval. 8. Employees incurring authorised expenditure must submit their reimbursement requests on a signed Expense Reimbursement Form. 9. Source documents (including tickets, receipts, vouchers, invoices) must be kept for all purchases and expenses claims. 10. The CFO will use discretion to reimburse reasonable but unauthorised expenses. 11. Those claims that have not been adequately prepared, have not been duly authorised, or are lacking in original documentation, will be returned to the employee with reasons that outline why the claim has not been processed. Petty cash Purpose of the policy To detail procedures to be followed in relation to tracking petty cash expenditure. The policy Big Red Bicycle maintains a petty cash system to allow authorised personnel to pay for small expenditures in connection with business activity. Procedure 1. One team member is authorised to disburse petty cash with one alternate in case of sickness or emergency. 2. Petty cash is to be kept secure, locked in safe. 3. Receipts for cash must be issued. 4. Receipts must be reconciled at the close of each business day. 5. Amounts over $800 must be banked. 6. Petty cash expense will be recorded as miscellaneous expense. 2015 Innovation and Business Industry Skills Council Ltd 1st edition version: 1 Page 6 of 8 Assessment Task 2 BSBFIM501 Manage budgets and financial plans Appendix 3 - Example of GROW The content in the Notes section is guidance only. Use the template to plan your training. This document will inform your training session in Appendix 4. Stage Notes Goal Current Reality Options (or Obstacles) Will (or way forward) Appendix 4 - SESSION PLANNING SHEET Today's Session Title Total Time Objective Assessment Overview Aids/Resources Sequence Intro, body, conclusion Topics/Content What you are going to cover? Methods of delivery How you are going to cover it? Time Timeframe INTRO 2015 Innovation and Business Industry Skills Council Ltd 1st edition version: 1 Page 7 of 8 Assessment Task 2 BSBFIM501 Manage budgets and financial plans BODY Sequence Intro, body, conclusion Topics/Content What you are going to cover? Methods of delivery How you are going to cover it? Time Timeframe BODY cont. CONCLUSION 2015 Innovation and Business Industry Skills Council Ltd 1st edition version: 1 Page 8 of 8

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