Ensure an efficient financial system

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Reference no: EM13943967

This unit covers strategic management of finances in a real estate agency. It includes systems design to accommodate accounting, budgeting, cash flow analysis and financial planning. Performance outcomes in this area are directly linked to agency performance as defined in the agency strategic plan.

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ACTIVITY 1 What accounts and associated books and registers would you establish to ensure an efficient financial system and why? What strategies would you implement to minimise security risks to the financial system?

ACTIVITY 2 What financial reporting systems would you design to ensure accurate and timely provision of information about agency transactions, working capital and cash flow? How do you ensure agency staff are familiar with the requirements in regard to financial recording and reporting? What reporting process have you instituted to ensure agency and interested parties are kept informed of agency's financial performance?

ACTIVITY 3 What process do you use to ensure general agency and trust account operations are true, accurate, timely and regularly reviewed? Why is it important to keep general agency and trust account records separate?

ASSESSMENT TASK 1 - Case Study The aim of this Assessment task is to demonstrate that you have implemented a rigorous and legitimate system for financial management in the agency. You have employed a new Office Manager and you need to brief them on their role. Prepare the briefing ensuring you cover the following points. relationship of financial management system to the strategic business plan parameters and components of the financial management system - books, ledgers, etc. equipment and software used to manage the system procedures in place within the agency for financial management mechanisms for compliance with regulatory and legal structures risk management strategies in place financial plans and reports generated monitoring and review mechanisms for the system processes to ensure separation of trust and other accounts any other detail of the system relevant to managing financial systems efficiently and effectively within legislative frameworks.

ASSESSMENT TASK 2 - Case Study You have employed a new secretary whose role it is to manage the accounts. Using workplace documents, brief the new staff member. The briefing should cover the following points: an overview of the bookkeeping system used in the agency procedures and processes for receiving income procedures and processes for payments for purchases and settling invoices financial reports generated and the collection of information to maintain the accuracy and currency of these reports the petty cash system and relevant procedures and controls for use of petty cash processes for monitoring of cost centres and performance indicators used authority for access to accounts records relevant legislative controls on the implementation of financial management systems including audit requirements.

Reference no: EM13943967

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