BSBFIM601 - Manage finances Assignment
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Manage finances (BSBFIM601)
Added on 2020-04-21
BSBFIM601 - Manage finances Assignment
Manage finances (BSBFIM601)
Added on 2020-04-21
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ADVANCE DIPLOMA OFMANAGEMENT
Table of ContentsASSESSMENT 1.......................................................................................................................1PART A......................................................................................................................................1List personnel’s advice required in commencing reports.......................................................1Determine management requirements....................................................................................1Prepare sales forecast, estimated expenses and estimated profits..........................................1Ensure report layout will comply with management information requirement.....................4PART B......................................................................................................................................5Discuss delegations and budget accountabilities for implementation....................................5Develop written procedures for recording systems and documentation process in monitoring and controlling activities......................................................................................5Prepare risks management and contingency plans along with the policies............................5Develop a policy and procedures to outline maintenance of financial performance.............7ASSESSMENT 2.......................................................................................................................7Prepare a variance analysis between budgeted and actual figures.........................................7Demonstration of major differences.......................................................................................7State the positive or negative discrepancy by giving 5 reasons for the same.........................7Determine the effectiveness of cost budgeting techniques.....................................................8Give recommendations to correct the variances.....................................................................8ASSESSMENT 3.......................................................................................................................8Identify and evaluate 3 financial management software and assess its effectiveness on various factors such as price, usability, features and functions, comp ability with other programs and capability with other specialists.......................................................................8REFERENCES.........................................................................................................................10
ASSESSMENT 1PART A List personnel’s advice required in commencing reportsThere are various personnel’s advice has taken by Ed’s white goods firms beforepreparing financial budgets. It is important to seek the approval of all the members involvedin a firm to get the desired financial results within a stipulated time period. Top managementwill seek the approval of all the board of directors by arranging an official meeting bydiscussing the current financial position of the business and their decision for the bettermentof the firm. Any decisions that are material in nature as it directly affects an entity’s financialperformance require the approval of the board of members. After seeking approval of theboard of members an enterprise owner will call annual general meeting of all the shareholdersto discuss their decisions with all of them (Minnis & Sutherland, 2017). Consent of all theshareholders is essential as their money has invested in an entity. Sales can be forecasted byanalyzing the current condition of the business concern. Expense budget prepared by anentity requires the initials of the desired departmental manager to authorize all the businesstransactions to get utilized in preparing financial budgets.Determine management requirementsManagement of Ed’s White goods will prescribe various requirements which need tobe followed by all the personnel working in an entity to prepare various financial reports.Increasing sales prices of product from one year to another by considering the effect ofexternal inflation rate in the market for the sales forecasting. Cost plus pricing techniquesused by the firm that helps in increasing the overall sales generated by an entity that includesall the costs incurred in a business along with specific portion of profit margin wants to earnby the firm. Current policy of the firm states that 8% increase in the sales price but overallsales reduces by 3%. Lack of loyalty of all the customers, the expected sales of an entity hasreduces by 12% which is big loss for the firm. An expense of the business has increases by5% which increases liability imposed on an enterprise.Prepare sales forecast, estimated expenses and estimated profitsParticularsFridgeFreezeMicrowRange hOvensCooktoDishwasVaccumCoffee maToasteIronssMixersDeepFrPortableHairdrIronsScalesKettleSmallbiLargeBWine CoolWashingmacDryers1
rsavesoodspshersskersrsyersAc'syersetssnsinsershineSaleprice160080047017902100560990390600991568999350354524784060299340330Increasein sales price by8%1286437.6143.216844.879.231.2487.9212.487.127.92282.83.61.926.243.24.823.9227.226.4Sales price after increase1728864507.61933.22268604.81069.2421.2648106.92168.4896.12106.9237837.848.625.9284.2443.264.8322.92367.2356.4Sales units81061551818261813711962161814141710104Total sales1382486403045.6289981134010886.419245.610951.2116641389.961179.361057.32962.28226875.6777.6466.561179.36604.81101.63229.236721425.6Reduction in sales414.72259.291.368869.94340.2326.592577.368328.536349.9241.698835.380831.719628.868468.042.26823.32813.996835.380818.14433.04896.876110.1642.768Total sales after reducti13409.288380.82954.23228128.0610999.810559.8118668.2310622.6611314.081348.2611143.9791025.6933.41162199.9673.332754.272452.56321143.979586.6561068.5523132.3243561.841382.8322
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