Reference no: EM132230018 , Length: word count:2000

Manage Finance Assignment -

Assessment Task 1 -

Activity 1 - For this Activity, you will write notes to plan for financial management for Houzit Pty Ltd (Attachment 1). You are then required to read the financial documents of Houzit Pty Ltd provided to you in the attachment and then write notes to review profit and loss statements, cash flows and aging summaries of Houzit Pty Ltd.

Show your draft notes on planning for financial management as well as notes to review financial information to your Trainer for feedback, incorporate any changes required and submit the final written notes to your Assessor for summative evidence.

During this activity, you will be observed by your Assessor demonstrating the following: Plan for financial management by:

• Reviewing and analyse previous financial data to establish areas which have generated a profit or loss.
• Undertaking research to review reasons for previous profit and loss.
• Reviewing business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle.
• Analysing cash flow trends.
• Reviewing statutory requirements for compliance and liabilities for tax.
• Reviewing existing software and its suitability for financial management.

Activity 2 - For this Activity,

You will prepare a budget which aligns with the business plan of Houzit Pty Ltd, provided to you, and should be based on research and analysis of previous financial data and cash flow trends of Houzit Pty Ltd, and also meets all compliance requirements set by Houzit Pty Ltd. You are required to use the standard formats provided to you by Houzit Pty Ltd.

You will ensure to contribute to financial bids and estimates for the financial year according to the business plan.

You will then write notes to implement and revise the budget you prepared and strategies to meet compliance requirements.

Show your draft budget and written notes on implementing, revising the budget you prepared and strategies to meet compliance requirements to your Trainer for feedback, incorporate any changes required and submit the final budget and written notes to your Assessor for summative evidence.

During this Activity, you will be observed by your Assessor demonstrating the following: Establish budgets and allocate funds by:

• Using previous financial data to determine allocations for resources.
• Making informed estimates of new items for inclusion in budget.
• Preparing budgets in accordance with organisational requirements and statutory requirements.

Activity 3 - You will now establish the budget you developed in Activity 2 and allocate funds in accordance with statutory and organisational requirements of Houzit Pty Ltd. Now you will communicate with other people (your Assessor) and write notes on: reporting on financial activity and making recommendations, identifying and prioritising significant issues and ensuring managers and supervisors are clear about budgets.

Show your draft quarterly budget and written notes on communicating reporting, making recommendations and clarity of implementing the budget prepared to your Trainer for feedback, incorporate any changes required and submit the final budget and written notes to your Assessor for summative evidence.

During this Activity, you will be observed by your Assessor demonstrating the following: Implement budgets by:

• Circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations.
• Manage risks by checking there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions.
• Review profit and loss statements, cash flows and ageing summaries.
• Revise budgets, as required, to deal with contingencies.
• Maintain audit trails to ensure accurate tracking and to identify discrepancies between agreed and actual allocations.
• Ensure compliance with due diligence.

Assessment Task 2 -

Activity 1 - For this Activity, you will write a report to analyse the effectiveness of existing financial management approaches at Houzit Pty Ltd (Attachment 1). Your report must consist of a) an introduction, b) a body and c) a conclusion. The report must include: reviewing financial management software, managing risks of misappropriation of funds, ensuring systems are in place to record all transactions, maintaining an audit trail and complying with due diligence.

Show your draft report to your Trainer for feedback, incorporate any changes required and submit the final report to your Assessor for summative evidence.

During this Activity, you will be observed by your Assessor demonstrating the following: Report on finances by:

• Ensuring structure and format of reports are clear and conform to organisational and statutory requirements.
• Identifying and prioritise significant issues in statements, including comparative financial performances for review and decision making.
• Preparing recommendations to ensure financial viability of the organisation.
• Evaluating the effectiveness of financial management processes.

Task 3 - The evidence needed to be protruded for assessment .

For this Assessment Task you will be required to answer five questions on a separate, typed sheet:

Question 1. Identify the requirements for financial probity.

Question 2. Describe the principles of accounting and financial systems.

Question 3. Explain Australian, international and local legislation and conventions that are relevant to financial management in the organisation.

Question 4. Outline the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, Pay As You Go.

Attachment:- Assignment File.rar