Reference no: EM133085529

BSBFIN601 Manage organizational finances - Central Australian College

ASSESSMENT TASK - Confirm management literacy on Budgets, Reporting, and Delegations

This task will require you to circulate the budgets you completed in Workplace Project Task 2 to at least two managers and two supervisors in the organisation. You will also need to verbally explain (and confirm that they have understood) the budgets, reporting requirements, and financial delegations.

This task is divided into two parts:

Part A. Circulate budgets

To complete this task, you must:
» Prepare the information you have from Workplace Project Task 2.
» Identify at least two managers and two supervisors in the organisation to whom you will circulate the budgets.
» Circulate the following documents that you have from Workplace Project Task 2 to the identified managers and supervisors:
o Current-year Business Plan
o Profit & Loss budget
o Cash Flow budget

Part B. Discuss budgets, reporting, and delegations with managers and supervisors
Your assessor will observe your discussion with the managers and supervisors. You will be assessed on your practical skills to:
» Explain information in the budgets you prepared in Workplace Project Task 2 to the managers and supervisors.
Managers and supervisors must be the same people to who the learner circulated the budget documents in Workplace Project Task 3 Part A.
This includes:
o Explain all the initiatives planned for the current financial year from the business plan.
Refer to your submission in Workplace Project Task 2.
o Explain the planned month-wise revenue and spending on each activity.
Refer to your submission in Workplace Project Task 2.
o Explain your recommended budgeting decisions and outcomes, including:
• The Profit & Loss budget
• The Cash Flow budget
» Discuss the following:
o Organisational reporting requirements
These are organisational policies and procedures related to internal reporting, such as monthly sales activities and spending reports.
o Individual financial delegations
These are the financial spending levels delegated to individual staff members based on their job role.
» Confirm with the managers and supervisors that:
o They understand the budgets
o They understand the organisational reporting requirements
o They understand their individual financial delegations
o There are no opportunities for misappropriation of funds
» Select and use appropriate conventions and protocols when communicating with supervisors and managers.
» Use listening and questioning techniques to exchange information and obtain agreement. Before starting this task, you must:
» Review the following documents:
o Current-year Business Plan
o Profit & Loss budget
o Cash Flow budget
o Your workplace/organisation's financial policies & procedures, which reflect the organisational
compliance requirements for:
• Financial reporting requirements
• Financial delegations
• Misappropriation of funds
» Review the following forms:
o Workplace Project Task 3 - Assessor's Checklist
o Workplace Project Task 3 - Observation Form
These forms outline the following:
» Resources you are required to access to complete the task.
» All criteria your submission must address to satisfactorily complete this task.
» All practical skills you need to demonstrate to satisfactorily complete the observation task.
You assessor will discuss these resources with you, and the criteria outlined in these forms prior to this assessment.
Submit evidence of circulation of budgets to managers and supervisors. Evidence must be at least one of the following:
» Email correspondence
» Business letter
» Memo
Submit evidence of your discussion with the managers and supervisors. Evidence must be any of the following:
» Meeting minutes
» Video/audio recording of the meeting conducted with the managers and supervisors
When submitting video/audio recording as evidence, ensure to inform the people involved in the purpose of the recording before doing so.

Attachment:- Manage organisational finances_Booklet.rar