Student Project Portfolio

RTO No: 91223

Student Project Portfolio

BSBFIN601 Manage Organisational Finances

TRAINER
GUIDE

Contents

Generating Table of Contents for Word Import …

Student name:

Assessor:

Date:

Section 1: Financial management approaches planning

Business plan review

Describe the overall objectives for the business, including financial objectives.

List the key initiatives in the business plan that will need to be factored into budget development. Outline the timelines associated with these initiatives.

If you are completing this assessment based on the case study organisation, this will be the information in the simulation pack. If it is for your own business or workplace, you will need to access the business plan.

Financial report review

Access financial reports for the business for at least one reporting period – ideally over one year.

Identify the profit or loss made by the business for that reporting period.

Based on what you know about the business and your review of the financial statements, discuss the reasons for the profit or loss as identified from the report.

If you are completing this assessment based on the case study organisation, this will be the information in the simulation pack. If it is for your own business or workplace, you will need to access the financial reports for at least one reporting period which should ideally be for one year.

Compliance requirements and tax liabilities

Discuss each of the following as relevant to the business:

statutory requirements for financial compliance

tax liabilities

financial reporting requirements.

Financial software

Indicate the name of the software that is currently utilised for financial management.

Provide an assessment of the extent to which you believe this financial software is suitable for the business.

Research and report on at least one other financial management software that you believe could also be suitable.

Compare the two indicating which you believe would be better.

If you are completing this assessment based on the case study organisation, this will be the information in the simulation pack. If it is for your own business or workplace, you will need to access your workplace’s financial management software.

Section 2: Establish budgets and allocate funds

Complete this section prior to the meeting.

Budget preparation

You are to prepare a budget for the upcoming reporting period (one year). You may use financial software of your choice to create the budget. For example, Excel or a financial software system of your choice. If you would like to use the Budget Forecast template included in the Simulation Pack you may or you can develop your own.

If you are completing this assessment based on the case study organisation, this will be the financial reports included in the folder for 2019 – 2020 (note the financial reports for 2020 – 2021 are used for Section 3 of your Portfolio). If it is for your own business or workplace, you will need to access financial data to prepare the budget. The budget can be for the organisation as a whole or a specific work area.

Attach your budget to your Portfolio and also explain here how your Budget aligns with the business plan.

Misappropriation

As it is vital that funds are not misappropriated, review financial management processes to identify how this is ensured.

Describe the process here noting you will use this information to inform your presentation.

Further, describe the reporting requirements and financial delegations that apply to financial management.

If you are completing this assessment based on the case study organisation, this will be the information in the simulation pack. If it is for your own business or workplace, you will need to access you workplace’s policies and procedures associated with financial management.

Meeting preparation

As per the instructions in the assessment, you are required to prepare a presentation in order to communicate the financial management plans to your team.

Your presentation can be in a form of your choice such as a PowerPoint presentation.

Your presentation is to include:

Details of the budget.

Information on the processes that will be used to ensure funds are not misappropriated.

Information on reporting requirements and financial delegations.

Your presentation must be clear and concise and use a logical structure and language that your audience can understand.

List the name of your presentation here and attach it to your Portfolio.

Attach:

Budget Forecast

Section 3: Financial management monitoring and evaluation

Complete this section based on the information in the Simulation Pack and the financial data provided.

Budget and financial performance reporting

You are required to report on overall financial performance for the business, as well as any variances between the actual and budgeted amount for the budget.

If you are completing this assessment based on the case study organisation, this will be the information in the simulation pack i.e. review the profit and loss statements for both years plus cash flow statements and report on:

Review of overall performance and total income, expenses and profit margins.

Calculation of variation in actual versus budgeted amounts for each income source.

Calculation of variation in actual versus budgeted costs.

Identify the discrepancies between agreed budget allocations for the conference and the actual data.

Recommended revisions to the 2021 conference budget to deal with contingencies.

Proposed conference fee for 2022 conference assuming attendance of 70 people and to make a profit of at least 20%. Show your calculations.

If it is for your own business and you can access data to complete a review of overall performance and variances between actual and budget amounts, then complete this analysis. Otherwise review the information in p.12 of the Simulation Pack to complete this activity as set out above.

Financial management processes

Review current financial management processes. If you are completing this assessment based on the case study organisation, review the Financial Policy and Procedures, as well as reflect on the financial management processes you have followed.

If you are completing this for your own business, review your current workplace processes and the budgeting/financial planning process you have followed for this assessment.

What do you believe could be improved? Describe at least three recommendations.