BSBFIM601 Student Assessment Tasks From Task 2

Assessment Task 2 Cover Sheet
Student Declaration
To be filled out and submitted with assessment responses
 I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded
with any other student(s).
 I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me
according to the process explained to me.
 I have correctly referenced all resources and reference texts throughout these assessment tasks.
Student name
Student ID number
Student signature
Date
Assessor declaration
 I hereby certify that this student has been assessed by me and that the assessment has been carried
out according to the required assessment procedures.
Assessor name
Assessor signature
Date
Assessment outcome S NS DNS Resubmission Y N
Feedback
Student result response

 My performance in this assessment task has been discussed and explained to me.
 I would like to appeal this assessment decision.
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A copy of this page must be supplied to the office and kept in the student’s file with the evidence.
BSBFIM601 Manage Finances
Student Assessment Tasks
Vocational Training Institute RTO 41111 CRICOS 03487C Page 1 of 18
Version: October 2019 v1.0
© J&S Learningwork 2018
Assessment Task 2: Financial Management Planning
Project
Task summary
You are required, in the role of the General Manager for Grow Management Consultants, to review existing
financial information and prepare budgets for the following financial year based on your review. This task will
also require you to review existing financial software to ensure that it is meeting the company’s needs.
You are then required to meet with the management team (your assessor) to discuss the budgets you have
prepared for the upcoming financial year, as well as to confirm reporting requirements and financial
delegations as documented in the financial management policy and procedure.
You are also required to research and report on as a guide for managers about the business’s financial
compliance requirements, as well as tax liabilities.
This assessment is to be completed in the simulated work environment in VTI.
Required
 Access to textbooks/other learning materials
 Computer with Microsoft Office and internet access
 Profit and Loss 2017/18
 Strategic Business Plan
 Cash Flow Statement 2017/18
 Estimated Costs and Income
 Finance Report Template
 Finance Policy and Procedures
 Budget Forecast Template
 Printer
 Meeting space
 Role-play participant (your assessor)
Timing
Your assessor will advise you of the due date of these submissions.
Submit
 Finance Report
 Budget Forecasts
 Financial Compliance and Tax Liabilities Report

Assessment criteria
For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all
of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete
further assessment to demonstrate competence.
Re-submission opportunities
You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have
satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written
feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-
assessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with
unfairly or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not understand any
part of this task or if you have any learning issues or needs that may hinder you when attempting any part of
the assessment.

Assessment Task 2 Instructions
Carefully read the following:
Grow Management Consultants specialises in leadership consultancy. It has been operational for five years.
The company offers a range of services to assist companies to assess leadership behaviour of existing
managers and performance metrics. They also design and implement customized leadership programs based
on the assessment. Services are offered Australia-wide.
The company employs a General Manager (you), 2 Principal Consultants (who are also Directors), 1 Senior
Consultant, an Administration Officer and Receptionist.
Over the last two years, the company has diversified, and now offers regular professional development
workshops on all aspects of leading and managing staff. These workshops are conducted approximately every
3 months in all major cities including Sydney, Brisbane and Melbourne. In 2017 – 2018, the company ran a
total of 36 workshops. The company has also recently produced an E-book about leadership techniques.
The intention is to replace the workshops with the annual conference in the next financial year, as the
workshops were not well attended. Client feedback and continued business indicates a personalized,
company focused approach in the form of consulting services is the service of choice.
The E-book has had reasonable sales, but there needs to be a wider selection of books, as well as more
marketing. The plan is to generate $10,000 worth of sales for the e-books during the next financial year and
increasing over time.
As the General Manager for the company and with responsibility for finances, you are currently completing
the financial planning for the year ahead. This involves a review of the company’s business plan, previous
year’s profit and loss statement, the current business plan and strategic directions and cash flow statements.
Based on the review, you will be establishing budgets and allocating funds.
In developing the budget, you are to assume a 5% increase in cost of sales, as well as a 10% increase in
sales for consulting services and executive search.
As set out in the business plan, the company plans to run an annual conference each year starting in 2019.
The costs for the conference have been estimated by the Principal Consultant and are set out in the Estimated
Costs and Income document. Conference attendance is aimed at 100 people paying $750 each.
The Principal Consultant has also asked you to review the current accounting software used by business. The
company is currently using MYOB but as it has grown, the Principal Consultant wishes to review whether this
is the best accounting software available for their needs. He has also requested that the software have a
cloud feature.

Complete the following activities:
1. Prepare a financial performance report

Review the case study scenario above, as well as the information provided in Profit and Loss
2017/18 and Cash Flow Statement 2017/18 Using this information, identify areas of the business
that have generated a profit and those that have generated a loss.
Conduct research to establish why those areas have made a profit or loss. Your research should
include a review of the financial data provided to you and economic conditions and business
trends that may have resulted in the profit or loss.
Your report should include the following:

 Overview of the purpose of the report.
 Analysis of the previous year’s (2017 – 2018) profit and loss statement for Grow Management
Consultant, including revenue generated, cost of sales, as well as gross profit/loss margin
and net profit/loss margin.
 Analysis of overall business performance, as well as performance of each of the income
streams for 2017 – 2018.
 Outline of reasons for profit or loss based on your analysis of the data and research on
economic conditions and business trends.
 Analysis of the organisation’s goals and priorities for the upcoming financial year as
documented in the Strategic Business Plan and financial resources required to achieve these
goals, as well as key dates.
 An analysis of cash flow trends as per the cash flow statements.
 Review and analysis of at least three other financial software products that the business could
use, including the advantages and disadvantages of each, as well as the advantages and
disadvantages of MYOB that is currently used.
Use the Finance Report Template to guide your work.
2. Develop Budget Forecasts (2018-2019)

Develop budget forecasts, ensuring that the analysis of the previous year’s data and future plans
as indicated in the business plan is taken into account in determining projected income and
expenditure.
Use the Budget Forecast Template to guide your work.
Ensure that your budget includes the estimated income and costs for the conference and e-book
to be implemented in 2019 in the document Costs and Income
Assume a 5% increase in all general costs, as well as a 10% increase in income for consulting
and executive recruitment service. Input costs and income for the conference and e-book as set
out in the Costs and Income data.

3. Develop report on key Financial Compliance Requirements and Liabilities for Tax.
So that financial risks are managed in relation to the misappropriation of funds and recording of
transactions, you are also required to outline reporting requirements and financial delegations as
outlined in the company’s financial policy and procedures, as well as research and report on the
company’s compliance requirements and tax liabilities.
The report should:
 Outline reporting requirements and financial delegations as outlined in the company’s

financial policy and procedures
 Research and report on the business’ key financial compliance requirements and
liabilities for tax.
Explain:
 GST reporting requirements (the company is required to report quarterly)
 PAYG withholding obligations
 PAYG income tax instalment
 Payroll tax obligations (state government)
 Superannuation entitlements and requirement to comply with legislation regarding
frequency of payment, choice of fund and reporting to staff.
4. Submit the following to the Principal Consultant (your assessor). Ask them to read the documents
in preparation for discussing them at the upcoming meeting.
 Your Finance Report

 Your Budget Forecasts
 Your Financial Compliance and Tax Liabilities Report

5. Prepare for meeting
The Principal Consultant has approved your budget for the upcoming financial year, 2018 – 2019.
You are now required to meet with the Senior Managers to communicate the budgets you have
developed.
Print off a copy of the following to take with you to the meeting:
 The budget that you have developed.
 The Financial Policy and Procedures. You will be required to explain key reporting
requirements to the Managers attending the meeting, as well as financial delegations. Review
this document and highlight the relevant passages.
 Your report on key financial compliance requirements and liabilities for tax
At the meeting, you will need to:

 Discuss the budget you have developed and the rationale for the budget figures.
 Discuss the amounts allocated to activity, including the conference and the e-book.
 Explain that there will be no more workshops conducted.
 Provide an outline of the financial policy and procedure. to ensure that roles and
responsibilities are understood and risks of misappropriation of funds/incorrect recording of
financial transactions is minimised.
 Explain the company’s key financial compliance requirements and tax liabilities.
6. Conduct meeting
Conduct the meeting as set out in the requirements above, making sure that you provide the team
with all the required documentation.
During the meeting, demonstrate effective communication skills including:

 Speaking clearly and concisely
 Using non-verbal communication to assist with understanding
 Asking questions to identify required information
 Responding to questions as required
 Using active listening techniques to confirm understanding

Assessment Task 2 Checklist
Note to Assessor: When assessing student evidence for this assessment task, you must assess the evidences
submitted by student in accordance with Rules of Evidence and Principles of Assessment (Standards for
RTO’s 2015- Clause 1.8)
Student’s name:
Completed
successfully
Did the student: Comments
Yes No
Correctly identify and report on areas of the business

that have generated a profit and those that have made a
loss through a review of the financial data provided?
Review and report on financial data, as well as

economic conditions or business trends to identify
reasons for profit or loss?
Based on a review of the Strategic Business Plan,

correctly outline resource requirements for critical dates
and business initiatives?
Review end analyse profit and loss statements from the

previous year and correctly identify and report on:
 Overall financial performance of the business
 Performance of each income stream in terms of profit
or loss
 Reasons for profit/loss of income streams based on
research
 Cost of sales
 Gross/net profit/loss margins
Analyse and report on cash flow trends based on a
review of the cash flow statements?
Analyse and report on at least three other financial

software that the business could use, including the
advantages and disadvantages of each, as well as the
advantages and disadvantages of the MYOB system
that is currently used?
Develop suitable budget forecasts based on previous

financial data and operational priorities and estimated
costs for 2018 – 2019?
At the meeting, communicate budget to the

management team?

Clearly explain financial policy and procedures to
confirm reporting requirements and delegations?
Correctly identify and explain financial compliance

requirement and tax liabilities relevant to the business to
ensure that risks are managed regarding
misappropriation of funds and so that all financial
transactions are accurately recorded?
During the meeting, demonstrate effective

communication skills including:
 Speaking clearly and concisely
 Using non-verbal communication to assist with
understanding
 Asking questions to identify required information
 Responding to questions as required
 Using active listening techniques to confirm
understanding
Task Outcome: Satisfactory  Not Satisfactory 

Assessor signature
Assessor name
Date

Student Declaration
Student name
Student ID number
Student signature
Date
Assessor name
Assessor signature
Date
Feedback

Student signature
Date
Assessment Task 3: Budget review project
Task summary
This assessment task requires you to review Grow Management Consultants’ Profit and Loss and Cash
Flow statements for 2018–19.
Required
 Financial Performance Report Template
 Estimated Costs and Income
Timing
Submit
Financial Performance Report
Assessment criteria

the assessment.

Carefully read the following:
It is now 1 year later, and you are required to review the profit and loss account for 2018 – 2019, as well as
the cash flow statement.
The Principal Consultant has asked you to review the conference costs, as the conference will not be repeated
if it continues to lose money. Revisions need to be made to the conference budget and the conference fee
increased to make it profitable. The review will be submitted to the company’s management as a bid to host
the conference again.
To ensure that the revised concert budget is accepted with confidence by management, you are required to
state the source of the figures that you use. This will make it easier for them to be checked and verified.
The Principal Consultant would like you to propose a cost-covering conference fee given a 10% increase in
all the recorded costs for the conference as shown in the profit and loss statement (and that match the
conference costs for the document you reviewed in Assessment Task 2) and assuming 70 people will attend
the 2020 conference. The Principal Consultant would like a 20% return on the conference costs.
Complete the following activities:
1. Write a financial performance report.

Analyse the information provided in the following files:
Based on your analysis, develop a short report for the Principal Consultant that includes
 Review of overall performance and gross/net profit margins.
 Calculation of variation in actual versus budgeted amounts for each income source.
 Calculation of variation in actual versus budgeted costs.
 Identify the discrepancies between agreed budget allocations for the conference and the
actual figures
 Recommended revisions to the 2020 conference budget.
 Proposed conference fee for 2020 conference assuming attendance of 70 people and to
make a profit of at least 20%. Show your calculations.
Use the Financial Performance Report Template to guide your work.
2. Submit your financial performance report to the Principal Consultant (your assessor).

Student’s name:
Completed
Comments
successfully
Did the student: Yes No
Review profit and loss statements and cash flow

statement and provide an accurate analysis and
reporting to show:
 Overall performance and gross/net profit
margins?
 Calculation of variations in actual versus
budgeted amounts for each income source?
 Calculation of variation in actual versus
budgeted costs, focusing particularly on
conference costs?
 Proposed 2020 conference costs
 Proposed conference fee for 2020 conference
Create a revised conference budget allocation and
an attendance fee that can be used as a bid to hold
the conference again in 2020?
State the source of the figures that they use for their
financial performance analysis, so the figures can
be checked for audit purposes?
Assessor signature
Assessor name
Date

Student Declaration
Student name
Student ID number
Student signature
Date
Assessor name
Assessor signature
Date
Feedback

Student signature
Date
Assessment Task 4: Debtor management project
Task summary
This assessment task requires you to review and evaluate financial management processes in relation to
debtor management and to ensure Grow Management’s financial due diligence.
Required
 Aged Debtor Report
Timing
Submit
 Debtor Management Report
Assessment criteria
the assessment.

Complete the following activity:
1. Write a debtor management report

Review the Aged Debtor Report, noting that the company’s usual terms are payment 10 days from
invoice.
Using the Internet, research best practice debtor management and make notes on your findings.
Your report should be approximately 1 page.
Provide a report for your CEO based on your analysis that includes:
 A summary: an interpretation of the information in the aged debtor report.
 Good practice debtor management
 Develop at least 5 recommendations that could be adopted by the company in response to
your analysis. This will also be based on the debtor management research you conducted.
2. Submit your debtor management report to the CEO (your assessor) and seek approval to
implement best practice debtor management processes.

Student’s name:
Completed
successfully
Comments
Did the student: Yes No
Correctly identify issues in the aged debtor

report to inform decision-making?
Analyse and report on the effectiveness of

financial management processes in relation to
debtor management?
Develop and report on recommendations for

appropriate improvements to debtor
management practices based on best practice
debtor management approaches?
Assessor signature
Assessor name
Date


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Assessment Task 2 Cover Sheet

Assessment outcome S NS DNS Resubmission Y N

Student result response

This assessment is to be completed in the simulated work environment in VTI.

BSBFIM601 Manage Finances

BSBFIM601 Manage Finances

Carefully read the following:

BSBFIM601 Manage Finances

1. Prepare a financial performance report

Your report should include the following:

Use the Finance Report Template to guide your work.

2. Develop Budget Forecasts (2018-2019)

BSBFIM601 Manage Finances

The report should:

 Outline reporting requirements and financial delegations as outlined in the company’s

 Your Finance Report

BSBFIM601 Manage Finances

At the meeting, you will need to:

During the meeting, demonstrate effective communication skills including:

BSBFIM601 Manage Finances

Correctly identify and report on areas of the business

Review and report on financial data, as well as

Based on a review of the Strategic Business Plan,

Review end analyse profit and loss statements from the

Analyse and report on at least three other financial

Develop suitable budget forecasts based on previous

At the meeting, communicate budget to the

BSBFIM601 Manage Finances

Correctly identify and explain financial compliance

During the meeting, demonstrate effective

Task Outcome: Satisfactory  Not Satisfactory 

BSBFIM601 Manage Finances

Assessment outcome S NS DNS Resubmission Y N

Student result response

This assessment is to be completed in the simulated work environment in VTI.

BSBFIM601 Manage Finances

BSBFIM601 Manage Finances

Carefully read the following:

Complete the following activities:

1. Write a financial performance report.

Use the Financial Performance Report Template to guide your work.

BSBFIM601 Manage Finances

Did the student: Yes No

Review profit and loss statements and cash flow

Task Outcome: Satisfactory  Not Satisfactory 

BSBFIM601 Manage Finances

Assessment outcome S NS DNS Resubmission Y N

Student result response

This assessment is to be completed in the simulated work environment in VTI.

BSBFIM601 Manage Finances

Complete the following activity:

1. Write a debtor management report

Your report should be approximately 1 page.

BSBFIM601 Manage Finances

Correctly identify issues in the aged debtor

Analyse and report on the effectiveness of

Develop and report on recommendations for

Task Outcome: Satisfactory  Not Satisfactory 

BSBFIM601 Manage Finances

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