You have just been taken on in the financial management department of your organisation. You have been told that you need to:

Plan for financial management

Establish budgets and allocate funds

Implement budgets

Report on finances

Over the next financial year.

For this activity you will have to document your work in your department, demonstrating all of the skills and knowledge listed above.

Firstly, you will have to plan for financial management.

Explain how you did this, including:

Reviewing previous financial data

Looking into areas of profit and loss

Identifying important business dates

Analysing cash flow trends

Understanding different tax liabilities

Deciding if the current financial management software is still suitable.

Next, you will have to establish and implement budgets for the financial year.

Explain how you did this, including:

Examining previous data

Estimating new areas of the budget

Preparing the budget in line with your organisation's policies and protocols

Distributing budget information to managers and staff

Removing and minimising opportunities for the ,misappropriation of funds

Working with ageing summaries

Revising budgets in the case of contingencies

Maintaining audit trails

Ensuring compliance of self and others.

At the end of the year, you have to report on the business' finances.

Explain how you did this, including:

Writing the report in formats and styles approved and required by the organisation

Highlighting important issues

Advise on the financial viability of the organisation

Evaluate the effectiveness of the financial management process used.