Draw up the budget to cover the next financial year

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Reference no: EM133067269

BSBFIM601 - Manage Finances

This is a series of practical and theory activities that will enable you to demonstrate skill and knowledge-and produce end products suitable for use in the work place.
Evidence collected as a result of workplace observation will support this assessment.

Address each of these:
For the business in which you work you need to prepare a budget. The budget must align with the business plan.

1. Describe the business and its core operations.

2. Explain what data you would use to inform the budget and why this data would be relevant.

3. Who else would you involve in developing the budget?

4. Draw up the budget to cover the next financial year.

5. Explain how the budget would be used to monitor the financial performance of the organisation.

6. List and explain the application of statutory and legislative requirements as they apply to financial management within a business organisation.

7. Write a report explaining how the budget that you have developed contributes to financial management.

8. Present this report verbally in order to demonstrate your communication skills as well as the ability to explain budgets and deal with questions.

9. Analyse the existing financial management approaches of the organisation. Are there any recommendations you should make and what are they?

10. What software packages/ programs have you used when developing the budget and how did these assist?
Submit:

o the budget-with appropriate explanations about its implementation
o answers to the questions
o the report on how the budget contributes to financial management
o the report on how effective current financial management approaches are If you are not working develop a scenario for an imaginary business. Describe the business and what it does then address the assessment project questions. The business could be a private or a not-for-profit organisation.

Reference no: EM133067269

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