Reference no: EM132587934
Project Assessment Task
Note to students: When answering questions to Task 2, kindly note that you have to mention the name of your own chosen organisation & name of your own chosen financial system when you see the information in red text.
name of your organisation
name of your chosen financial system
PART A
Prepare for the task by completing the following steps to forecast the future financial resource needs:
Search and take account of the current financial systems and documents of the entity
(choose any one of the below listed financial systems (1-5) or refer to the website listed at the end of Q1 & choose your own financial system. Copy the information listed below or from the website)
The current financial system used by name of your organisation is name of your chosen financial system
MYOB ADVANCED
Name of your organisation uses the name of your chosen financial system financial management system to process information through strategic and tactical management to develop actual operating procedures.
Do a forecast and prepare an analysis on current financial data, systems requirements and write a short report
Question needs to be answered in 2 parts
Part 1 :
Reports prepared by the business - describe each of them - paraphrase your answer for each of the below listed documents.
Part 2 :
Use the Business Budget Template 2020-21 & create your own forecasted budget. Ensure your net income listed at the end of the table is between $85,000 - $100, 000.
Provide an analysis of your business budget for 2020-21.
Business Budget 2020-21 for (Name of your organisation)
ANALYSIS OF PROPOSED BUDGET (2020-21) FOR (NAME OF YOUR ORGANIZATION)
(create your own analysis based on your business budget 2020-21. Below information is for your reference only and will need to be modified)
Following the analysis prepare a complete financial plan which include budget forecasts following the organisational and statutory requirements
PART B
Analyse the current asset performance and capacity by performing the following steps:
Using standard accounting techniques, conduct a balance sheet analysis analyse the costs of assets and liabilities, and the returns from them, to identify and document the extent of debt and equity financing
An analysis of the balance sheet for (Name of your organisation) for the financial period July2019 - June 2020
Consult your organisation staff or trainer and students if done as a simulated workplace task to find out the responsibilities of the management and legal requirements for financial reporting. (Briefly explain the below statements)
Do an evaluation and present in a report on the impact that financial decisions made by the management will have on the organisation's ability to meet its planned goals and objectives.
PART C
Collect comparative and trend information from the industry and computer systems, then use this to confirm and document needs for future budget and associated resources
Complete negotiations to secure resources in accordance with relevant short-term and long-term needs. Document the outcomes of these negotiations
Maximise the organisation's performance by allocating the required resources against the budget. Document this resource allocation, and maintain accurate and up-to-date records of the resource allocation and usage throughout the cycle according to organisational and legislative requirements
Accurately complete the records of the budget performance and expenditure, ensuring to report these in accordance with organisational procedures and statutory requirements
As required, evaluate and improve budget audit mechanisms and compliance requirements. Document all evaluations and provide the updated and improved mechanisms and compliance requirements
PART D
Identify and analyse financial risk factors. Provide the findings of the analysis
Manage and document the financial risks as they arise, according to organisational policies and procedures
Develop and implement procedures to regularly review the financial risk management activities. Provide the procedures and document and document the regular reviews conducted
PART E
Identify and document the deviations from budgets that generate an adverse effect on the budget objectives
Promptly develop and document action plans to remedy significant deviations from budget objectives and projections
Monitor and review the financial documentation against organisational objectives, revising and renewing the budget priorities as required to meet the operational contingencies and risk management, and managing the costs to targets set in the budget. Document the monitoring, managing and reviewing activities, and provide all the revised/reviewed budget priorities.
Attachment:- Business Budget Template.rar