Assessment Templates

BSBFIN501 Manage budgets and financial plans

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Greystone College Australia BSBFIN501 Assessment Templates V3.0920

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Submitting your assessment:
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TASK 2 – Knowledge Questions Template
Please provide answers to the following 17 questions.

1. Describe each of the six (6) steps of the accounting process required to record all of the
transactions that take place, and to organise and collate this information before finally
producing financial reports that are analysed and used in decision making.
Provide a description of each of the 6 steps:
• Transactions
• Journals
• General ledger
• Trial balance
• Balance day adjustments
• Accounting reports
Transactions - are procedures in which there is an exchange of resources whether individuals
or legal entities.
Journals - which is relative to the day.
General ledger - is a field of accounting whose primary goal is to offer specific information on
a company's real and economic financial situation.
Trial balance - it's a type of accounting report in which a business documents its activities in
terms of costs, expenses, and revenue.
Balance day adjustments - When a firm operates on a non-cash basis, it records an expense
when it pays a bill and an income when it receives money. The accountant will enter
adjustment journal entries to place these revenue and spending in the relevant timeframe.
Accounting reports - When a firm operates on a non-cash basis, it records an expense when it
pays a bill and an income when it receives money. The accountant will enter adjustment
journal entries to place these revenue and spending in the relevant timeframe.

2. In 50 words or more, explain how a revenue-received transaction with a credit balance has a
corresponding debit against an asset or liability account.
The debit and credit balances are always equivalent in a revenue-received transaction vs an
asset or liability account. We reduce the liabilities by the same amount as we increase the
asset. The revenue account will then be modified in the same manner as the asset or liability
account has been modified.

3. In 50 words or more, describe the difference between cash basis and accrual basis
accounting when recording transactions, producing financial reports.

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 The Competence Regime requires that the occurrence be registered on the date it took place.
The Competence Regime is defined in accounting as the document's registration on the date
of the triggering event (that is, on the date of the document, regardless of when it will be paid
or received). In the Cash Regime, we treat document registration as if it were a bank account,
and we register papers on the date of payment or receipt.

4. Explain in 50 words or more the difference between the profit calculated in the trading
account compared with the profit calculated in the profit and loss account.
The results of trading activities, such as product purchases and sales, are displayed in a
trading account. The profit and loss account indicates a company's real profit or loss for a
certain accounting period. The trade account is a portion of the financial report, while the
profit & loss account indicates the company's genuine earnings.

5. List at least four (4) of the financial regulatory requirements including the relevant
legislation that businesses must comply with.
- GST reporting and other taxation-related issues on the declaration of economic
activity.
- Compliance with the Income Tax Assessment Act 1997.
- Administration and reporting guarantee levy for superannuation.
- Compliance with the Australian Accounting Standards AS/NZS.

6. Describe at least four (4) functions of the Australian Taxation Office in terms of the financial
management requirements of a business and in 50 words or more explain the Good and
Services Tax.
- revenue collection
- handling the GST on behalf of the Australian states and territories.
- managing a variety of programs that deliver community transfers and benefits.
- Managing Australia's superannuation system on a large scale
- maintaining the Australian Business Register as custodian.
The Good and Services Tax (GST) is a value-added tax applied on most products and services

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 sold for domestic consumption. Consumers pay the GST, but businesses selling the products
and services must remit it to the government.

7. In 50 words or more, describe the purpose of an audit in financial records management.

This practice is developed to ensure the company's financial, equity, and accounting data
valid for a specific period, providing greater security to shareholders and managers while also
protecting the company's assets. In addition, the audit also serves to check all the facts and
operations that take place in the company and that converge in accounting.

8. In 50 words or more, explain why it is important when monitoring budgets to make balance-
day adjustments at the close of an accounting period, before preparing financial statements.
The budget should be examined on a regular basis to see if any modifications are needed to
improve the company's financial status. So it is essential to evaluate how the company's
budget is performing right now, and then to identify the significant issues, which may be
found in both the spending and earning sections.

9. Give at least three (3) reasons why work teams need access to budgets and financial plans
and in 50 words or less, outline the ways financial information can be shared effectively with
relevant stakeholders.
1. Fit the needs;
2. Establish priorities;
3. Think strategies to achieve the expected results.

Documentation relating to financial information may be shared at dedicated meetings. This

procedure can be performed monthly or fortnightly, depending on needs.

10. Identify at least five (5) signs that team members are under-performing and may need
support in their role to manage finances for the organisation.
- Failure to achieve the performance goals.
-That guy was overburdened by what had previously been basic tasks.
- Disruptive or disruptive behaviour that has a negative impact on co-workers.

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 - Fail to fulfill the duties of the position, or do so in a satisfactory manner.
- Employees do not meet the required standards when doing their duties.

11. In 50 words or more, describe the process of monitoring actual expenditure, variance and
costs controls to avoid budget over runs.

Any money spent is an investment for the long term. When discussing budgets, the term
"expenditure" is frequently used. The variance is calculated by comparing budgeted revenue
and expenditure to actual revenue and expenditure, yielding a discrepancy between the
budget and actual revenue. To avoid overruns, evaluate source material relevant to the
spending areas and collect documentation of the difference. Look for any seasonal variables
or ordering timeframes that may have contributed to the variance if the variance is
confirmed. Make a note of the circumstance by writing down the reasons and informing your
boss.

12. In 50 words or less for each, provide a description for the following types of resource data
commonly used by the work team for managing budgets and financial plans.

Account and routing numbers, current and minimum balances, bank

Bank account records data, adjustment categories, and any notes you wish to link are all
recorded in the bank account record for you to maintain and manage.

Because it applies to all types of products and services purchased by

GST calculations and the general population, it is known as a broad-based consumption
any credits tax. You will be charged 10% GST when purchasing supplies for your
business, which you can claim as a credit.

Wages and salaries, Payments, bonuses, and other goods are tracked
using bookkeeping. It's easier to keep everything organized if you
Wages/salaries books examine each component on a monthly or biweekly basis. Consider
(including PAYG, the case below:
superannuation, etc.)
Pay-as-you-go stands for pay-as-you-go. Employees are paid
depending on their annual earnings liability through taxation.

It's defined as a method for recording without always evaluating the

costs of a production task. Job costing software can be used by a
Job costing team leader or accountant to keep track of the costs of each work.

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13. Using 50 words or less, outline the process of analysing and documenting resource data, and
making recommendations for improvement.
We need a team of professionals who can process, handle, and translate data in order to
analyze it using SQL, Excel, Tableau, and other tools. Individuals must be able to get insights
from the knowledge, which must be precise and organized. The financial performance
evaluation must be examined by the authentic user.

13a. In 50 words or less, outline the processes involved in reviewing and evaluating agreed
improvements.
The first step in the BPI process is to identify the need for change. A process audit is a useful
tool for identifying areas for improvement. Throughout the audit, your company's current
challenges and potential threats will be recognized. You'll need to analyze the present process
after you've decided which one you wish to improve.

14. Outline at least four (4) advantages of using software programs or electronic spreadsheets
when monitoring and analysing budgets.
-Raw data is tough to interpret. We can condense this database into beautiful and self-
explanatory graphs and drawings using visualisation tools, allowing us to see where the
budget comes from and where it will go.
-This form of software arranges data in a way that makes it simple to find and review each
entry.
-Cuts down on the amount of time it takes to create reports and make financial decisions.
- Stakeholders can access information from any location.

15. In 50 words or more, explain how planning, implementation and modifying contingency
plans is used to control financial risks for a business.
For a company's financial risks to be controlled, contingency plans must be established,
implemented, and adjusted. Because the environment impacts the extent and severity of
events' effects on business processes, the sphere of business operations should be addressed
in the formulation of an emergency plan. The plan must also take into account the financial
implications of the occurrences, as well as financial strategies for the company's survival. The
efficiency of the contingency plan is affected by how it is implemented. If the strategy isn't

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 implemented correctly, the company will incur even more financial losses.

16. In 50 words or less, outline the advantages of regular reporting of budgets and financial
plans.
Assist in the transparency of the company and its operations. It also aids in the discovery and
correction of arithmetic errors.

17. In 50 words or less describe the budgeting process of analysing and managing cash flow.
Budgets help prepare cash forecasts, which are then used to determine cash flow and
outflow. The company's goal is to get the cash flow in line with the budget so that there are
no more issues. Seasonal revenue and expenditure cash flow analysis can help a company
plan for the coming fiscal year.

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18. In 100 words or less, briefly describe the difference between operational and financial budgets.

Budgets assist in the preparation of cash predictions, which are subsequently used to calculate
cash flow and outflow. The company's goal is to bring cash flow in accordance with the budget so
that no further problems arise. Seasonal income and expenditure cash flow analysis can aid a
company's fiscal year planning.
An operating budget's three main components are revenue, costs, and profits. A financial
budget includes the cash budget, capital expenditure budget, and expected balance sheet.
The operating budget balances expected revenue with expected costs. The financial budget
includes the balance sheet, which shows the assets and liabilities at any time during the year.
More quantitative detail of analysis is required to build the operating budget.
End of Questioning - 18 questions in total.

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 TASK 3 – Project
Portfolio of
Financial Information

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Table of Contents
Budget Report..............................................................................................................................3
Briefing: Retail Outlet Managers.................................................................................................4
Briefing: Sales Staff......................................................................................................................4
Short Report................................................................................................................................5
Blog Post......................................................................................................................................6
Staff email:...................................................................................................................................7
Plan: Monitoring revenue and expenditure................................................................................8
Proposal submission: Board of Directors.....................................................................................9
Executive briefing......................................................................................................................10
Revised Budgeting and Financial Planning Procedures.............................................................11

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Step 1: Budget Report

Financial strategy for the next 5 years for BizOps

The Income's current revenue is expected to rise from $150 million in 2018 to $262 . million in
2023. If revenue isn't fulfilled, the remainder of the budget will suffer if we don't keep an eye on
it. Recommendation: As a result, the purpose may be to regularly monitor product sales and
spend in training/marketing (promoting) to meet sales targets.
To ensure a sustainable growth scenario, costs are currently rising proportionally at a lesser rate
than profits for the Expenditure. If we don't keep this under control, the cost will skyrocket,
limiting the surplus available for reinvestment. As a result, the recommendation is to continue
concentrating on ways to reduce spending without sacrificing efficiency, allowing income to
grow without incurring additional costs.
Profit is expected to rise steadily in the next years as sales and expenses are expected to
improve in the coming years. If we don't take care of this, BizOps will remain stagnant or
perhaps lose money, demonstrating inefficiency or an unsustainable marketing plan. The
recommendation is to keep going.
Profitability is meant to follow reinvestment, and if we don't keep track of it, the company won't
be able to reach its sales, investment, and benefit targets. BizOps will become outmoded
without constant reinvestment, losing track of what customers desire over time. The advice is to
maintain a steady state of upgrading by reinvesting a significant amount of earnings.

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FORCAST FOR THE NEXT QUARTER

Step 3: Briefing: Retail Outlet Managers

Senior management demands that the budget be based on predicted sales demand, rather than
simply boosting previous figures by a predetermined percentage. Only act with the value to be
sold because this decreases the error margin. The effect on working conditions is also reducing.
This plan’s budget is based on an estimate of sales and production volume, and the accuracy of
the above-mentioned estimate determines its effectiveness. In the coming fiscal year, as a
senior manager, I've decided to implement a 15% increase in sales with a fixed budget. This
decision will serve as a guide for retail shop managers in adjusting company-wide initiatives of
any kind. The key goal, according to this, is to put our management capacity to the test each
year in order to meet a new goal. The money generated by this strategy will cover 75% of the
cost of the marketing campaign, allowing managers to improve results in each store and expand
their capabilities.

CONTINGENCY BUDGET

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Step 5: Briefing: Sales Staff

Personnel in BizOps must grasp the necessity of meeting financial objectives. It's crucial, then,
that salespeople in particular are knowledgeable with the company's unique product line in
Australia, as well as its quality and innovation, emphasizing how what we offer is an
environmentally responsible answer for our customers.
Hools aren't selling well, therefore a plan has been put in place to run a special promotion and
discount sale for a month. The target audience is at the heart of the marketing strategy, which
consists of four main elements. These four elements are referred to as the 4Ps. Promotional,
personal sales, and sales promotion are all part of the promotional mix. It's also necessary to
remind employees how promotion is used in the company, which in this case is to persuade
clients to buy our products and services by convincing them that ours are better than others. As
a result, the organization will train salespeople to better understand client trends based on the
findings of the investigation. This new strategy will result in more efficient and cost-effective
development procedures, as well as a reduction in the time each salesperson spends with each
customer.
To implement the approach, the company would invest $3 million in Hool shares and offer a
10% discount on commodities for 10 days, as well as spend $30,000 on advertising to meet the
goal, with a sales price reduction equal to a 10% discount off the regular sale price. The
following are the measures to take:

Combo Discount: Instead of cutting the price of a single item, this form of discount reduces the
cost of a group of things purchased together.

Free Delivery: Providing clients with free shipping boosts a company's profitability.

Through social media, provide one-month off discounts of up to 30% on Hools on any quantity
of purchases.

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Step 6: Short Report

 Managing the budgeting process: The budgeting process comprises allocating revenue
and expenses in order to ensure that funds are distributed in a strategic manner. It is
recommended that you create a comprehensive budget plan because it will make
financial management and review easier. Keeping track of spending by predicting a
budget is a simple strategy that will assist you in regulating and assessing how money is
spent. Prepare the right personnel for the budgeting position to ensure that the
company's budgeting expectations are satisfied. This can be conducted during new
employee onboarding, and performance evaluations can be provided during work
training. Obtain buy-in and approval from all relevant stakeholders including those
involved in the budgeting process. This is to ensure the budget's dependability and
authenticity, which everyone involved must adhere to. Approval on paper files can be in
the form of a signature or an email confirmation.
 Managing cash flow: The phrase "cash flow" refers to a technique for controlling the
liquidity of earnings and results. In the same way that we must arrange our revenues
and expenses to understand how the income is divided, the method of determining cash
flow is similar to that of budgeting. After that, the first step is to go over our expenses
and compare them to our projections. This makes it easier for us to keep track of and
manage our money. One method for measuring our cash flow spending is to track
income and estimate the deficit by keeping track of cash in and out. Increase revenues
by bringing on new customers or selling more to existing ones. This could take the form
of a distinct consumer benefit or simply exceptional customer service.
 Companies are required to monitor their financial statements since they assist them in
sustaining strong incomes and minimizing expenses. A technique of calculating account
profit and loss is to add up all of your monthly income, add up all of your monthly
expenses, then subtract expenses from total income to get the difference. The first step
in dealing with profit and loss is to create an income statement to keep track of it. This
will show you your profits and losses in a transparent manner, as well as point you in the
appropriate direction for cost-cutting.

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Step 7: Blog Post

All viable and fixed business costs are recorded, evaluated, and documented using cost
accounting. That is to say, he must be involved in the financial statement for each department
manager at BizOps in order to make a decision. This concept will aid you in determining the
costs of products or processes so that you can report the amount appropriately on a company's
financial statements. The primary purpose of presenting this information is to provide clear
information to accountants and to understand how the budget was created. The five types of
accounts are as follows:

▫ Money created on a regular basis as a consequence of a transaction, an investment, or

other sources is referred to as income. As an example, a 20-hour-per-week BizOps
employee. Is the entire revenue generated by service or product purchases, plus
dividends and interest earned on capital assets.

▫ The tangible and intangible value-owned goods of the company are referred to as assets
(e.g. money, computer systems, patents). A good example would be the location of
BizOps' facility or a well-known brand name in the industry.

▫ The concept "liabilities" refers to the amount of money that the company owes to
others (e.g. mortgages, car loans). In the process of doing business, a corporation must
meet a legal financial burden or obligation. BizOps, for example, may owe money to a
variety of financial organizations, such as banks or trusts.

▫ The costs incurred or required in the development of a product are referred to as

expenses.

▫ The fraction of a company's total assets owned solely by its shareholders or stockholders
is referred to as equity. Is a way of raising funds that involves the sale of stock. Assets =

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 Equities, for example, can be rewritten from the traditional accounting equation Assets =
Liabilities + Owner's Equity.

Step 8: Staff email:

Recipient: New Staff Financial Management

Subject: ATO and Legislative Requirements

Hello Everybody,

The purpose of this email is to help you have a better grasp of the following areas, which
concern us as regulations and requirements that we must consider.

Requirements for assessing revenue at the Australian Taxation Office are as follows: If any of
the employees run a business, the majority of their earnings are tax deductible. What we
refer to as assessable income is the total amount (or total income). Consider the following:

1. Make sure the paper is intended to be a tax invoice.

2. Mention the seller's name.
3. As a reference, use the seller's Australian business number (ABN).
4. The invoice's issue date.
5. A brief description of the items for sale, including quantity and price (if appropriate).
6. The amount of GST due (if any) — this can be shown separately or as a statement that
states "Total price includes GST" if the GST amount is exactly one-eleventh of the total cost.
7. The percentage of each taxable sale on the invoice (i.e., the percentage of each sale that
includes GST).

GST collection, payment, and reconciliation: You have the option of reporting and paying GST
only once per year. This approach can only be utilized if you are a GST registered business. If
you have a GST license and your yearly income is less than $75,000 (or $150,000 for non-
profits), this means you have a GST license. You may not have to register or pay any GST
during the year if you qualify and have elected to report and pay GST every year. At the end
of the fiscal year, any remaining funds must be reported and paid. You'll be expected to exit
the deferred GST system if you're utilizing it. Here are some things to think about:

1. To begin, you must first register for GST.

Then, if the sales are taxable (i.e., they are not exempt because they are GST-free or input-
taxed), include GST in the price of taxable sales.
2.Receive and issue tax invoices for company purchases and taxable sales.
3. Claim GST credits for GST paid on your company purchases.
4. Account for GST on a cash or non-cash basis, and set aside the GST earned for BIZOps to

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 pay to the ATO when the project is finished.
5. Finally, file activity reports or yearly returns with the Australian Taxation Office to reflect
BIZOPs sales and purchases, and pay or receive GST.

Financial records must meet the following auditing and record-keeping requirements: You
must generally keep your paperwork in an accessible format (either written or digital) for five
years for tax purposes. We must preserve the following records as a company:

- Receipts and other proof of all transactions and purchases done on behalf of your
company.
- Taxes invoices, as well as records of wages and compensation.
- All documents pertaining to GST.
- Any commercial assets, such as land, buildings, or office equipment, as well as their
purchase, sale, and other expenses.
- Keep track of all tax returns and activity statements.

Pay as you go (PAYG) tax: As a company, we have a responsibility to help payees meet their
end-of-year tax requirements. This is accomplished by withholding PAYG withholdings from
payments made to our employees; other employees, such as contractors, with whom you
have made voluntary agreements with companies that do not provide their Australian
business number (ABN); and payments made as part of a voluntary arrangement. You will
not be entitled to a deduction if you do not comply with the PAYG withholding
responsibilities for a worker's salary. Sanctions may be applied in addition to fines.

Thank you for your time and consideration; I will pay close attention to any arising doubt.

Have a wonderful day,

Management of financial resources.

Step 9: Implementing & Monitoring revenue &

expenditure

Monitoring actions Responsible Priority Deadline Start End

Preparing budget variance reports

Prepare budget worsheets for Financial

High 30-July 1-July 29-July
each department manager

Assumptions and forecasts Departmenta 15- 30-

High 30-August
should be prepared l Heads August August

Make a functional and Departmenta

High 14-Sept 1-Sept 14-Sept
auxiliary budget l Heads

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Collect all budgets from all Budget
High 20-Sept 15-Sept 25-Sept
departments Committee

Senior
Complete the Board Papers on
Managers / High 15-Oct 25-Sept 15-Oct
time and budget
CEO

Approval by the Board of

CEO Very High 30-Oct 15-Oct 30-Oct
Directors

Step 10: Proposal submission: Board of Directors

Currently, the financial management method aims to track up to 200 expenditure categories
and 20 income categories. Department heads allege that it takes an entire working day to reply
to all of the anomalies in their monthly budget report. It also helps with activity organization by
requiring BizOps managers to look at the relationships between their operations and
departments. As a result, I argue for good budget and financial plan management, as it is
necessary to take into account a wide range of accounting concepts, techniques, and details.
Minor expenses are important to us, but because they do not pose any substantial risk or
concern, we encourage the branch manager board to focus on the ones designated as big
expenses revenues, as their variance is greater.

Mock-up examples:

Minor expense variances:

Expense item Actual Budget Variance

Unexpected
$500 $250 %100
equipment repair

Major expense examples:

Expense item Actual Budget Variance

$3,388.32-
Casual Wages 3,600 5.88%
$3,811.68
$39,530.4 -
Stock purchases 42,000 5.88%
$44,469.6

Major sales revenue example:

Income item Actual Budget Variance

Sales revenue $66,666.4 - $99,999.6 83,333 20%

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Step 11: Executive briefing
Budgeting issues
The department managers rarely have their
preliminary budget projections submitted to
the Budget Committee on time. Consequently,
the Budget Committee usually has to delay its
review of all of the subsidiary budgets by about
two weeks.
The two-week delay puts enormous pressure
on the finance department as the production of
the master budget overlaps with other
scheduled finance department tasks such as
GST activity reporting, payroll preparation and
asset register updates.
The finance staff feel that the budget cycle
should commence two weeks earlier, but if this
were implemented it would clash with the
stocktake period in the retail outlets.
The budget consolidation is performed
manually by entering information from hard
copy forms into a database. It would require a
major financial system upgrade to provide
department managers with the ability to enter
this information directly. You do some research
and find that if the department managers
entered their forecast budget data into a
standard spreadsheet template, it would then
be relatively simple to export data from this
format into the financial system for budget
consolidation. This approach would require
resources for setting up the spreadsheet
templates and training department managers in
Greystone College Australia BSBFIN501 Assessment Templates V1.1120
Recommendations
The best recommendation is to hold internal
deadline sessions on a regular basis and have
documents ready to deliver to the Budget
Committee at least 14 days before the
deadline. It would, however, be necessary to
check and seek assistance.
Employees who are working on multiple
projects should not be overworked and
should adhere to each job's deadline. To give
those who are more vital a higher priority.
Holding a brainstorming session or meeting
where departments can discuss probable
scenarios and design solutions to avoid them
is another strategy to avoid delays and one
activity interfering with another. Finally,
before setting the actual datelines, the basic
principle is to create a shared timetable.
It is vital to maintain information up to date
on the cloud and to have a workflow strategy
in place to avoid such conflicts. Allowing
extended periods of time, but no more than
one week, may also be an option.
Organizations should aim to make efficient
decisions at all times, but this can only be
done if each change is well discussed with
other departments prior to implementation.
If the system is upgraded and altered,
workers will be able to complete tasks on
time and accurately. If that isn't enough,
further temporary consultants may be
employed to teach and train workers. The
main objective is to teach workers to ensure
that the process goes well. Additionally, going
cashless and allowing more payment
terminals to establish efficient operations is
vital. Time is equated to cash resources in
this case.
Page 20 of 22
 using the spreadsheet templates.

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Step 12: Revised Budgeting and Financial Planning
Procedures

The BizOps budget plan aids the organization and all divisions in managing their operations,
knowing their stock levels, having a mitigation strategy, GST and plan obligations, and so on.
Financial statements display spending and variances, compare budgets, and display growth and
decreases. Show the suggestions and their implications if there have been any modifications.
The forecast predicts the amount of income that will be received, whereas the budget predicts
the amount of revenue that a company expects to generate. To begin with, conditions change
throughout the year, and the company must be able to respond to these changes and
comprehend how they effect the business. Using projections from the past can lead to more
proactive and lucrative actions. Budgeting and forecasting's versatility would also allow for
increased accuracy and improved corporate success. Using spreadsheet templates to collect
information on budget projections is one of the most crucial modifications to make.

It's also worth thinking about developing a budget committee to whom a large percentage of
the aforementioned responsibilities would be delegated. The development and updating of
policies and budget guides aids in the management of the strategy and direction on how to
make various projections; also, if the organization takes risks, it must choose the option that
provides the best return.

Make educated guesses and estimates. Costs over which you have the most control must be
anticipated. This appears to be one case in which a variety of forecasts could be beneficial.
Determine which optional costs BizOps should eliminate if the firm is failing, and where the
company should spend if it is doing well. This operation would be overseen by Mike Booth,
Managing Director of Financial Operations.

Continuously reviewing and evaluating these procedures is an essential element of the process.
The budget committee might issue reports on a regular basis to track how the implemented
modifications are reacting to the company's budget dynamics.

Greystone College Australia BSBFIN501 Assessment Templates V1.1120 Page 22 of 22