Examine the sales budget profit budget cash flow budget

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Reference no: EM131838814

Manage finances Assignment

Task 1 -

You are been asked to present the entire financial reports and current and proposed scenarios in front of senior management and board members. Answer the following questions in the meeting, assuming them as queries/concerns raised by attendees.

1. What current statutory and organizational requirements you have considered. Also explain tax compliance the tax liabilities for VTI Homeware Pty Ltd under taxation legislation.

2. Identify the current compliance requirements and liabilities for this organisation under the Corporations Act 2001.

3. Explain the effectiveness and suitability of financial management software (e.g. MYOB).

4. Suggest other commercially available software (any 2) and compare it with its usability, technological requirements and suitability with advantages and limitations.

5. Explain how you can apply the following principles of accounting in developing the budgets required for this task:

a. Matching principle

b. Account groups

c. Time periods.

6. Explain the implications of probity when preparing and revising budgets.

7. What critical dates and initiatives that will require or generate resources for VTI Homeware Pty Ltd in the next financial cycle.

8. What items you would recommend for inclusion in the budgets for VTI Homeware Pty Ltd.

What new or modified internal controls could improve risk management for VTI Homeware Pty Ltd including maintaining audit trail?

Task 2 -

You were being asked to follow up with VTI Homeware accountant to compare the actual results with the budget you had prepared three months ago. You are required to do the analysis on the reports.

At the board meeting, it was decided to spend money on marketing in the next quarter. The industry benchmark for wages and salaries is close to 11% of sales. You have been provided with the following report on the actual results for the recent quarter ended.

1. Develop a variance report based on the format and template provided by VTI Homeware.

2. Complete a cash flow analysis based on the financial reports in Assessment 1.

3. Examine the sales budget profit budget cash flow budget and debtor ageing summary.

4. Identify the issue of financial probity that was identified or considered when monitoring these budgets.

5. Develop an actual-to-budget variance report using the template provided.

6. Determine variances by comparing actual results with the established budget provide suggestions to board members why these variances may have occurred.

7. Compare financial performance of the organisation and respond to the board about gross profit margins and financial viability.

8. Outline your recommendations for ongoing financial viability based on variance report and provide suggestions about effectively managing contingencies.

9. Provide a summary of the financial management processes in place for the organisation and reasons for variances. Include in this section any recommendations you have for modifying management processes.

Attachment:- Assignment File.rar

Reference no: EM131838814

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Reviews

len1838814

1/30/2018 4:48:54 AM

Students must complete all assessment tasks and submit their evidence to the assessor. Each task will be graded as either S - Satisfactory or NS - Not Satisfactory by the assessor. Students will be given feedback by the assessor. The assessor will use Task checklists to assess each task. If the task is graded as NS - Not Satisfactory, the assessor will provide clear feedback to the student and the student will be required to re-submit the evidence. When all assessment tasks have been graded as $ - Satisfactory, the student will be deemed C - Competent.

len1838814

1/30/2018 4:48:48 AM

If all the assessment tasks are not satisfactorily completed, the student will be deemed NC - Not Yet Competent and the Assessor will detail the reasons for this assessment decision on the front page of this document. Students can appeal to Vocational Training Institute against an assessment decision. This appeal should be made in writing within 7 days of the assessment decision. Reasonable Adjustments to the Assessment Tasks - by student request. Reasonable adjustments can be made to the assessment tasks for students who have special needs. Students with special needs should contact the assessor as soon as possible to explain their situation and discuss alternative approaches.

len1838814

1/30/2018 4:48:43 AM

Assessment Conditions: Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial management field of work and include access to: Financial data, Relevant legislation and Australian Tax Office requirements, Examples of business plans, profit and loss statements, cash flows and aging summaries, Organisational financial policies and procedures, Financial management software.

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