Reference no: EM132886144

BSBFIM601 Manage finances

Assessment 1 - Research

1. What are the requirements for financial probity? Your response needs to provide an overview what financial probity entails and what this typically would require from you as an employee and an organisation for various business activities like e.g. tenders, procurement etc. to be explained in in your own words :

2. Describe the following concepts and principles of financial management requirements in your own words :
a) Reporting and Control Requirements
b) The Reliability Principle
c) The Going Concern Principle
d) Financial Reporting

3. For the following listed terminology, describe the principles of and provisions for effective financial systems and also provide an overview of the common procedures and systems and what these entails: Each area to be explained in your own words

a) Transaction recording
b) Reconciliation Processes
c) Invoicing
d) Accounts payable
e) Account receivable
f) Cash management
g) Security measures
h) Banking procedures
i) Revenue systems
j) Financial management systems

4. Explain the following Australian, international and local legislation and conventions that are relevant to financial management in your organisation. Where these are not relevant to your organisation, provide a detailed example for each of these applied to a suitable business activity.

a) Australian Consumer Law (ACL)
b) International Commercial Terms (INCOTERMS)
c) Warsaw Convention
d) Trade Agreements
e) World Trade Organization determinations

5. Outline the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, Pay as You Go. Your response needs to include details for amounts, calculating these, due dates and provisions relevant to different business models. Sole Trader, Partnership, Company and Trust.

Assessment 2 - Project 1

Task 1

Go to the Spreadsheet Task1 Support Material and calculate each of the following values in the orange boxes using the correct formulae:

1. Net Cash Flow from Operations
2. Net Cash Flow from Investing Activities
3. Net Cash Flow from Financing Activities
4. Net Increase in Cash
5. Cash at End of Year

Task 2

For this Assessment, Your Trainer will provide you with the Spreadsheet Task 2 Support Material.

A. On the first tab "Departments" you will find an overview of the existing budget figures for the 2018/2019 financial year.
B. Use the template "Draft Budget" on the second tab of the spreadsheet and perform the calculations below using basic formulas.
C. Your forecast needs to include the Dollar Figures and the % values for all areas affected by changes outlined below.
D. The % values must be listed for each expenses item shown in the expense's analysis for each department.
E. You are required to demonstrate all your calculation methods and formulas for your answers

You have met with the department heads of Hotel Futura and the following details have been discussed to prepare your draft budget for 2019/2020:
1. Rooms Division:

a. Due to renovations the rooms available have been reduced to 75%.
b. The forecasted occupancy rate has been adjusted to 78%.
c. The revenue per available room needs to be increased to $180.00
d. The COGS will decrease to 15%
e. Staff costs need to be increased to 20% to allow for increases in superannuation and awards.
f. Other Expenses need to increase to 20% to cover electricity price rises.

2. Catering:

a. The food revenue will be increased by 20% due to a new marketing campaign and specialty menus
b. The beverage revenue will increase by 8%.
c. Staff costs need to be adjusted to 30% of the food budget.
d. Other Expenses will need to be increased to 15%.

3. Banquet:

The banquet Division will be directly affected by the new marketing campaign which has been directed at daytime seminars and corporate functions. For this purpose, the kitchen has received specialised equipment including multiple combi steamers, hold-o-mats, and sous-vide equipment.

a. The new food revenue budget was set at $1,700,000.00 (1.7 Million) and the beverage revenue was increased by 60%.
b. The COGS will increase to 25%.
c. The staff costs have been reduced to 20%.
d. Other Expenses will need to increase to 15%.

4. Room Service:

a. The room service revenue from food needs to be increased by 15%.
b. Due to a different system to clear floors and organise delivery, the staff costs will be reduced to 34%.

5. Mini Bar

The mini bar budget has been reduced by 20% and staff cost reduced to 15%

6. Bar Budget:

a. The food revenue budget has been increased by 28% with the implementation of a Tapas Menu.
b. The Beverage Revenue budget has been increased by 30% with the introduction of a new cocktail bar and happy hour specials.
c. Staff costs will need to be adjusted to 35%.
d. Other Expenses need to be increased to 20%.

Assessment 3 - Project 2

Task 1

Your Tasks:
A. Go to the Spreadsheet Activity 2 Support Material from assessment 2.
Collate the totals for the actual 2018/2019 and the draft budget 2019/2020 in the tab "comparison".

Answer the following questions by analysing your results from the Excel sheet review all departments to manage your budget give your view on what will be required and complete a report on this .

1. How do the figures compare overall?
2. Which areas would need to be investigated and adjusted within your budget?

B. Go to the tab "Draft Budget", create a copy and move this copy to the end. Rename and label this copy "Future Potential" and manipulate the scenario below:

Due to renovations for your 2019/2020 budget as outlined in Task 2, the number of available rooms had been limited to 75%.
Answer the following question by analysing your results from the Excel sheet.

1. How will your budget for 2020/2021 be affected once the number of available rooms will be 100% and the occupancy rate will increase to 80% and the average room rate increases to $180.00 per room and "Other Expenses" increases to 25%?

Task 2

Your Tasks:

Answer the following questions by analysing your results from the Excel sheet.
1. Given the suggested changes in the operation for the 2019/2020, discuss which departments you will need to liaise with in terms of financial and HR impacts. Which details will you need to discuss for a successful implementation of the budget and what changes and adjustments may need to be applied to keep things on track?

2. Which factors need to be considered when the hotel reaches full accommodation capacity based on the future forecast for 2020/2021? What adjustments will be required for your operation review all departments and give suggestions and your views on what will be required for your new budget to operation correctly

3. Given the modernization of the operation, the director in conjunction with the F&B director have approached you to prepare for the purchase and implementation of a new stock control system linked to a POS to enhance security provisions and prevent theft and to assist in stock control .

Research a suitable system and compare two such systems.

Provide details for the features and a cost estimate including ongoing costs for maintenance or subscription and recommend one of the systems. Attach all information you have researched to this assessment.

Attachment:- Manage finances.rar