Reference no: EM133171862

BSBFIN601 Manage organisational finances

Project Overview
This workplace project assessment requires you to manage finances for at least one organisation or work area. While doing so, you must review previous financial statements; prepare, implement and revise a budget; contribute to financial bids and estimates; communicate with other people; and analyse the effectiveness of existing financial management approaches.
This assessment is divided into five tasks:
• Task 1: Review Financial Statements and Software
• Task 2: Develop Budgets
• Task 3: Confirm Management Literacy on Budgets, Reporting, and Delegations
• Task 4: Review and Analyse Financial Information
• Task 5: Report on Finances
This project requires you to complete the assessment tasks in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
Each task comes with a set of instructions. You are to follow and perform these instructions while being observed by the assessor and/or submit any required documentation.
Before starting this assessment, your assessor will discuss with you these tasks, including instructions and guidance for satisfactorily completing them.

You are required to:
• Complete the tasks within the time allowed, as scheduled in-class roll.
• Review previous financial statements
• Prepare, implement and revise a budget that aligns with the business plan; is based on research and analysis of previous financial data and cash flow trends; and meets compliance, statutory and organisational requirements
• Contribute to financial bids and estimates
• Communicate with other people, including reporting on financial activity and making recommendations; and ensuring that managers and supervisors understand key elements of relevant budgets
• Analyse the effectiveness of existing financial management approaches, including reviewing financial management software; managing risks of misappropriation of funds; ensuring systems are in place to record all transactions; maintaining and audit trail; and complying with due diligence.

Task 1: Review Financial Statements and Software

This task will require you to determine:
A. if the workplace/organisation's business plan for the current financial year is on target to be met based on an analysis of financial reports; and
B. suitability of financial management software for use in the workplace/organisation.
This task is divided into two parts:
Part A. Review Financial Statements
To complete this task, you must:
• Access and review statutory requirements for business taxes.
• Identify at least two statutory requirements for:
o Business tax compliance
o Business tax liabilities

• Access and review the workplace/organisation's:
o Profit & Loss Statement for the previous two financial years
o Cash Flow Statement for the previous two financial years
o Cash Flow Forecast for the current financial year
• Identify the Net Profit/Loss from the Profit & Loss Statement for both the financial years and assess their key reasons (drivers).

• Identify the monthly and quarterly Net Cash Flow trends for the current financial year from the Cash Flow Statements and forecast.

• Access and review the workplace/organisation's business plan for the current financial year that has yet to be implemented.
• Analyse at least two initiatives and one critical date for each initiative in the business plan to assess if they will be met based on your review of the profits/losses and cash flow trends.

• Complete Table A in the following pages with the information identified. You will need this later to develop a budget in Workplace Project Task 2.

Part B. Review Financial Software
To complete this task, you must:
• Identify the existing financial management software used by the workplace/organisation.

• Identify if the existing financial management software is being used to record all transactions.

o Identify any transactions that are conducted by the workplace/organisation, which are not being recorded by the existing financial software.
o Identify the system(s) being used for recording these transactions.
• Identify at least two alternative financial management software which are not used by the workplace/organisation.

• For both, existing and alternative software:
o Identify at least two strengths and two weaknesses.
o Identify at least two threats that the financial management software poses to financial management.
o Determine the suitability of the financial management software for financial management in the workplace/organisation, based on analysis of their respective strengths, weaknesses, and threats posed.

Complete Table B in the following pages with the information identified.

Review Workplace Project Task 1 - Assessor's Checklist before starting this task. This form outlines the following:
• Resources you are required to access to complete the task.
• All criteria your submission must address to satisfactorily complete this task.
You assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment.
Submit your workbook responses for this task to your assessor before starting with the next task.
You must also submit the following as supplementary evidence:
• A copy of the statutory requirements for business taxes that were reviewed.
• A copy of the workplace/organisation's documents that were reviewed:
o Profit & Loss Statements for the previous two financial years.
o Cash Flow Statements for the previous two financial years.
o Cash Flow Forecast for the current financial year.
o Business plan that has yet to be implemented.
o Transaction recording policies and procedures.