BSBFIM601 Assessment 1 Manage Finances 2 – Australia.

Subject/module : Financial Management 2
Assessment method : Part A: Case Study/Practical
Part B: Case Study/Practical
Weighting : 50%
Units of Competency : BSBFIM601 Manage Finances
BSBFIM601 Assessment 1 Manage Finances 2 – Australia.

Instructions :
1.Assessments should be completed as per your trainer’s instructions.
2.Assessments must be submitted by the due date to avoid a late submission penalty.
3.Plagiarism is copying someone else’s work and submitting it as your own. You must write your answers in your own words and include a reference list. A mark of zero will be given for any assessment or part of an assessment that has been plagiarised.
4.You may discuss your assessments with other students, but submitting identical answers to other students will result in a failing grade. Your answers must be yours alone.
5.Assessments must be submitted through the submissions folder in my AP C.hub in MS Word format where possible, or in PDF as per your trainer’s instructions. Cover sheets are to be submitted as separate files. (Note if you do not have Microsoft Word software on your computer you can work in Google docs and download your completed task in the MS Word format prior to submission upload)
6.You must attempt all questions.
7.You must pass all assessments in order to pass the subject.
8.All assessments are to be completed in accordance with WHS regulatory requirements.

Assessment 1

Part A – Case Study/Practical

Your Task
1.Use the internet to RESEARCH and discuss the importance of workplace review and evaluation in the context of monitoring financial plans. Include in your report how work health and safety programs within an organisation can have affect on the financial performance of an organisation.

2.DISCUSS how you would analyse the effectiveness of financial monitoring and planning.

3.OUTLINE how you would monitor such improvements that are made in the monitoring of procedures.

4.VISIT some internet search sites and research and provide information on:
a. Bilateral or regional trade agreements
b. International Commercial Terms (INCOTERMS)
c. Competition and Consumer Act (2010)
d. Warsaw Convention
e. World Trade Organisation determinations.

5.OUTLINE the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, PAYG. Include in your answer areas such as:
a. Internal control procedures an organisation would need to have
b. Reporting periods for GST, Company Tax and PAYG
c. Outline the statutory forms that organisations are required to utilise when reporting their tax commitments.

6.OUTLINE the guidelines for businesses operating in Australia in regards to reporting of duty, excise and other overseas government charges.

BSBFIM601 Assessment 1 Manage Finances 2 – Australia.

7.DESCRIBE the discrepancies in business transactions that would not be acceptable and what processes can an organisation have to avoid discrepancies in their business transactions.

The project must be typed and presented in a professional report format. Each question should be answered in three (3) paragraphs.

Assessment 1
Part B – Case Study/Practical
Proactive Management Consultants
Read the case study on Proactive Management Consultants Pty Ltd below.

Your Task :
1.Prepare you cash sales income for each month (taking into consideration your accounts receivable information).
2.a. Calculate variance ($) & (%) for each period as requested (5 x Financial Reports contained in the assessment).
b. Complete each cash flow opening balance, receipts, payments & closing balance for each actual month.

3.Highlight three “unfavourable” variants and provide recommendations.

4.Notate your recommendations to PMC on actual sales and expenditure for the following months:
• July
• August
• September
• October
• November.

5.Complete a new budget based on your recommendations.

Proactive Management Consultants
Proactive Management Consultants Pty Ltd (PMC) are a small service organisation that provide consultative services to a wide variety of clients and have been in existence for just over five years. Typically, they advise their clients on professional development opportunities, organisation structure and simple training initiatives.

While the past 12 months have been profitable for PMC, they face a very uncertain future. Reducing government support, the global financial crisis, an increasingly competitive market and a client base that already believes they are already paying too much.

PMC prides itself on the advice they give their clients, however, finance has never been their strength. The PMC Board has approached your company to provide monthly financial reports and recommendations on how they should proceed with their financial plans.

PMC has provided each month’s sales and expenditure data from which they require your company to complete the reporting in the templates provided, interpret the data and provide recommendations.

Accounts payable are entirely paid month-to-month. Accounts receivable are calculated at 60% current month, 30% last month, 10% second to last month – actual May sales – $42,100; actual June sales – $47,300. These figures will be required to determine actual sales receipts for July and August.

PMC has also provided you with a list of initiatives they had planned to undertake over the next six months. They have budgeted for these in their financial planning and they need you to consider them in your recommendations.

BSBFIM601 Assessment 1 Manage Finances 2 – Australia.

They are:
a. Anticipate large invoicing month in July due to number of leads.
b. All company motor vehicle registrations and insurance are due in July, $18,000.
c. 15th August moving to new premises whereby rent increases to $3,500 per month.
d. To increase productivity PMC will upgrade all computers under expensed equipment in September at $12,000.
e. Have sought an aggressive advertising campaign in October to invigorate lost clientele, $16,000.
f. Due to advertising campaign, PMC are recruiting two new consultants in October. This will add 30% to November and December’s payroll and $10,000 in recruitment and training during October. It will also result in increased business (40% November and December).
g. Purchasing a licence to deliver an innovative training program in November for $20,000. Have contractual agreements in January and February that will generate $32,000 in sales.
h. Three employees on annual leave will have 50% impact on sales in November.
i. Conducting a professional development week for all staff in December, $18,000.
j. Employee bonuses due in December, anticipate $16,000.