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ou ( the learner ) to manage budget and financial plans Ms . Jones runs a private school. She intends to open a new branch
ou 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 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 and upload it as a pdf
What other stakeholders will be involved
Basic accounting principles used
Variance between actual and budgeted finances
Were any of the following undertaken? If 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 legislativeATO 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:
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