BSBFIM601 Assignment Manage Finances

Added on - 28 May 2020

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Running head: MANAGE FINANCESManage FinancesName of the Student:Name of the University:Author Note:
MANAGE FINANCES1Table of ContentsTask 1.........................................................................................................................................2Answer to Question 1.............................................................................................................2Answer to Question 2.............................................................................................................2Answer to Question 3.............................................................................................................3Answer to Question 4.............................................................................................................3Answer to Question 5.............................................................................................................3Answer to Question 6.............................................................................................................4Answer to Question 7.............................................................................................................4Answer to Question 8.............................................................................................................4Task 2.........................................................................................................................................5Answer to Question 1.............................................................................................................5Answer to Question 2.............................................................................................................5Answer to Question 3.............................................................................................................6Answer to Question 4.............................................................................................................8Answer to Question 5.............................................................................................................8Answer to Question 6.............................................................................................................9Answer to Question 7.............................................................................................................9Answer to Question 8.............................................................................................................9Answer to Question 9...........................................................................................................10References................................................................................................................................11
MANAGE FINANCES2Task 1Answer to Question 1:An organization is required to carrying out strategic plan for effective achievement oftheir business plan that is mainly assumed by management. It is regarded as prerequisiteconcerning statutory and current requirement. This incorporates lowering prices of product bydecreasing rate of gross profit by 1% that helps in generating stable sales revenue in periodthat are hard-hitting for business. Moreover, for an organization to secure and capture ahigher proportion of market share, budget concerning advertisement has also increased byamount of $ 70000. There has also been increment of amount of salaries and wages that arepaid to staffs and employees by an amount of $ 172500. Amount of payroll tax as consideredby organization is calculated as a percentage of salaries and wages. Amount ofsuperannuation to be charged is allowed at 9% of salaries and wages. Effective corporationtax rate of company is 30% and computation of compensation given to workers is 2% ofsalaries and wages.Some of the tax liabilities under tax legislation that VTI Homecare Pty Ltd is liable topay incorporate Luxury Car Tax, GST, Payroll tax and Fringe Benefits Tax.Answer to Question 2:An organization is required to have a defined corporate governance and code ofconduct so that they are capable of carrying out their operations seamlessly. VTI HomecarePty Ltd should also have corporate governance structure along with code of conductaccording to current compliance requirement as per Corporation Act, 2001. Financial orannual report of organization corresponding to Australian securities and investment
MANAGE FINANCES3commission should be capable of reflecting true and fair view of financial data. Furthermore,in order to have compliance with Australian corporation act, 2001 it is also essential to havetheir financial statements audited by appointment of auditors. VTI Homecare Pty Ltd is alsorequired to have their board of directors that will b appointed or elected by shareholders.Answer to Question 3:The suitability and effectiveness of software that is used in financial managementsuch as MYOB is attributable to the fact that it assist in providing overall financialperformance of business and thereby widening the scope of visibility. Such softwarefacilitates the flowing up of operations of complex business activities by simplifying it.Moreover, the convoluted structure of management is also simplified by the employment ofthis particular software. Entire process of accounting is efficiently consolidated with the helpof financial management software.Answer to Question 4:Xero and Freshbooks are the two types of financial management software that areavailable commercially. These two software’s are in contemporary with MYOB.Freshbooks is one of the best accounting software offering cloud solutions to smallbusiness and firms. This particular accounting software supports a large number of languages.This particular software can function on any kind of devices such as Windows, Mac, i phone,i pad and android. Organization employing Freshbooks is capable of efficiently andeffectively performing functions such as expense tracking, time tracking, online invoicingand other related features (Coadet al.2015). However, one of the drawbacks of thisaccounting software is its cost as it may not be affordable by small business owners.Xero is cloud-computing software that is for medium sized and small sized businessthat assists them in meeting their business requirements relating to operations and it is
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