Reference no: EM133171863

BSBFIN601 Manage organisational finances

Task: Develop Budgets
This task will require you to develop a Profit & Loss budget and a Cash Flow budget using the data gathered in Workplace Project Task 1, in compliance with statutory and organisational requirements.
The budgets will be circulated later in Workplace Project Task 3.
Use your workplace/organisation's template to complete this task.
To complete this task, you must:
• Review the data and information gathered in Workplace Project Task 1. This includes:
o Profit & Loss Statement of the workplace/organisation for the previous two financial years.
o Cash Flow Statement of the workplace/organisation for the previous two financial years.
o Cash Flow Forecast for the current financial year.
o The workplace/organisation's business plan for the current financial year, with relevant initiatives and month-wise revenue and spending planned for the current financial year.
• Access and review the statutory requirements for financial management.
• Access and review your workplace/organisation's financial policies & procedures, which reflect the organisational compliance requirements for developing a budget.
• Identify all the initiatives planned for the current financial year from the business plan.
• Identify the planned month-wise revenue and spending for each initiative.
• Develop the following:
o Profit & Loss budget
o Cash Flow budget

Review Workplace Project Task 2 - 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.
Review the template you will use to complete this task. If you are using a template from your workplace/organisation, discuss with your assessor to ensure that the template covers all requirements that apply to this task.
Submit the completed Profit & Loss budget and Cash Flow budget to your assessor. Include any supplementary documents/sources used to create the budgets, such as:
• Organisational documents such as:
o Policies & procedures for developing a budget.
o A business plan for the current financial year, with relevant initiatives and month-wise revenue and spending planned for the current financial year.
• Printed or online sources relevant tostatutory requirements for financial management, including government websites.