Reference no: EM133085527

BSBFIN601 Manage organizational finances - Central Australian College

ASSESSMENT TASK 1 - PROJECT
Review financial statement and software

ASSESSMENT INSTRUCTIONS
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.
Business taxes may include pay-as-you-go (PAYG) business income tax, goods & services tax, PAYG withholding tax, and fringe benefits tax.
» Identify at least two statutory requirements for:
o Business tax compliance
o Business tax liabilities
Business tax compliance refers to legal requirements that the workplace/organisation must comply with in terms of their financial management.
Business tax liabilities may include amounts that the workplace/organisation is required to pay the Australian Taxation Office (ATO) as part of their periodic Business Activity Statement (BAS).
» 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).
Reasons are drivers and may be any of the line items in the Profit & Loss Statement, such as Sales, Cost of Goods Sold, Operating Costs.
» Identify the monthly and quarterly Net Cash Flow trends for the current financial year from the Cash Flow Statements and forecast.
Net Cash Flow is the net value of operating, investment, and financing activity cash flows. Trends are monthly and quarterly forecasts of cash flow into the current financial year.
» 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.
Critical dates are dates by which important milestones identified in the business plan are to be achieved. Your assessment must follow logically from your review of the profits/losses and cash flow trends. It should confirm whether or not there will be sufficient cash to meet the funding requirements of each initiative at each critical date.
» 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.
This may be software such as Xero, MYOB, Quickbooks, or in-house systems such as SAP.
» Identify if the existing financial management software is being used to record all transactions.
Transactions include cash receipts, deposit corrections, requisitions, purchase orders, invoices, travel expense reports, and journal entries.
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.

You must explain why you assess that the software is suitable (the strengths outweigh the combined weaknesses and threats posed) or unsuitable (the combined weaknesses and threats posed outweigh the strengths).
Complete Table B in the following pages with the information identified.

Alternative #1 Financial Management Software
Identify an alternative financial management software

Alternative #2 Financial Management Software
Identify an alternative financial management software

Attachment:- Manage organisational finances_Booklet.rar