Project 1

• This is a series of practical and theory activities that will enable you to demonstrate skill and knowledgeand produce end products suitable for use in the work place.

  Evidence collected as a result of workplace observation will support this assessment.

  Address each of these:

  For the business in which you work you need to prepare a budget. The budget must align with the business plan.

  1. Describe the business and its core operations.
  2. Explain what data you would use to inform the budget and why this data would be relevant.
  3. Who else would you involve in developing the budget?
  4. Draw up the budget to cover the next financial year.
  5. Explain how the budget would be used to monitor the financial performance of the organisation.
  6. List and explain the application of statutory and legislative requirements as they apply to financial management within a business organisation.
  7. Write a report explaining how the budget that you have developed contributes to financial management.
  8. Present this report verbally in order to demonstrate your communication skills as well as the ability to explain budgets and deal with questions.
  9. Analyse the existing financial management approaches of the organisation. Are there any recommendations you should make and what are they?
  10. What software packages/ programs have you used when developing the budget and how did these assist?

  Submit:

  • the budgetwith appropriate explanations about its implementation
  • answers to the questions
  • the report on how the budget contributes to financial management
  • the report on how effective current financial management approaches are

  If you are not working develop a scenario for an imaginary business. Describe the business and what it does then address the assessment project questions. The business could be a private or a not-for-profit organisation.

  Alternative assessment

  If you are currently employed in this field, to assist with assessment, and if you can verify that these are entirely your own work, you might submit any or all of the following:

  • written reports on financial systems and financial management
  • a portfolio of evidence showing that you can plan for financial management, develop budgets, manage and allocate funds and report on finances
  • third party workplace reports of on-the-job performance
  • performance review results
  • written reviews relating to budgets that you have prepared and implemented
  • documentation reviewing profit and loss statements, cash flows and aging summaries
  • documented analyses of maintenance of audit trails
  • documented reviews of recommendations prepared to ensure the financial viability of the organisation

  Your assessor will determine how well this documentation meets the assessment requirements and will ask you a series of verbal questions relating to the documentation, the legislation applicable to the taxation system and to financial management in the organisation for which you work.

  The assessor will document your responses.