You $($the learner$)$ to manage budget and financial plans

The Stark Construction firm has recently been involved in pavement of new roads and carpeting the older ones in Springvale. The company has been awarded a tender of $10$ million dollars. The company has to pave $10$ Km new highway linking the Springvale and maintenance of old roads linking the residential area. You as a financial analyst have been given a job to access and evaluate budget and financial plans for the construction firm, 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.

Learner Name

Type of budget

Date

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 legislative$/$ATO 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:

Your name Date

Your Signature