Reference no: EM133173931

Assessment Task - Project Develop Budgets

TASK OUTCOMES:
This assessment task is designed to:
» Develop budget from previous financial data according to compliance, organisational and statutory requirements
» Reviews and analyses numerical data embedded in organisational documentation and legislation
» Analyses and evaluates complex organisational information and legislative requirements to assist with financial decision making
» Develops and records information which incorporates a detailed analysis of factual and forecasted information
» Prepares documents using format, content and layout appropriate to audience, purpose and regulatory requirements
» Uses a range of digital technology to access, filter, compile, integrate and logically present complex information from multiple sources
» manage finances for at least one organisation or work area.
» review previous financial statements
» prepare, implement and revise a budget that: aligns with business plan
» is based on research and analysis of previous financial data and cash flow trends
» meets compliance, statutory and organisational requirements
» contribute to financial bids and estimates

Use Bounce Fitness template to complete this task provided at the Bounce Fitness site.

To complete this task:
This task will require you to develop a Profit & Loss budget and a Cash Flow budget using the data gathered in Workplace Project Task 1, in compliance with statutory and organisational requirements.

The budgets will be circulated later in Workplace Project Task 3. Use your workplace/organisation's template to complete this task. To complete this task, you must:
» Review the data and information gathered in Workplace Project Task 1. This includes:
o Profit & Loss Statement of the workplace/organisation for the previous two financial years.
o Cash Flow Statement of the workplace/organisation for the previous two financial years.
o Cash Flow Forecast for the current financial year.
o The workplace/organisation's business plan for the current financial year, with relevant initiatives and month-wise revenue and spending planned for the current financial year.
» Access and review the statutory requirements for financial management.
Statutory requirements are legal compliance requirements that come from laws passed by the government that can be accessed from the websites of the Australian Securities and Investments Commission (ASIC) and the Australian Taxation Office (ATO), such as reporting periods and tax payment timings.
» Access and review your workplace/organisation's financial policies & procedures, which reflect the organisational compliance requirements for developing a budget.
Organisational requirements may include legal and organisational policies and guidelines, reporting requirements, and standard financial analysis techniques.
» Identify all the initiatives planned for the current financial year from the business plan.
Initiatives refer to financial bids by different parts of the organisation that are selected to help the organisation implement business strategies, ensuring that there are specific milestones to follow and goals to meet.
» Identify the planned month-wise revenue and spending for each initiative.
Planned revenue is the estimated income to be raised from implementing the selected financial bids. Planned spending is the expected cost of implementing the selected financial bids.
» Develop the following:
o Profit & Loss budget
o Cash Flow budget
The budgets must be developed in accordance with statutory and organisational compliance requirements.
Review Workplace Project Task 2 - Assessor's Checklist before starting this task. This form outlines the following:
» Resources you are required to access to complete the task.
» All criteria your submission must address to satisfactorily complete this task.

You assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment.
Review the template you will use to complete this task. If you are using a template from your workplace/organisation, discuss with your assessor to ensure that the template covers all requirements that apply to this task.
Submit the completed Profit & Loss budget and Cash Flow budget to your assessor. Include any supplementary documents/sources used to create the budgets, such as:
» Organisational documents such as:
o Policies & procedures for developing a budget.
o A business plan for the current financial year, with relevant initiatives and month-wise revenue and spending planned for the current financial year.
Printed or online sources relevant to statutory requirements for financial management, including government websites.