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Manage Finances - Budget Analysis, Variance Report, Debtor Analysis

Evaluate the provided case study information and report on significant issues, variances from budget, comparative performances, recommendations for ongoing financial viability, and evaluation of financial management processes.

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Added on  2023-05-30

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This article discusses budget analysis, variance report, and debtor analysis in the context of managing finances. It identifies issues with the budget and offers recommendations for financial management strategies. The article also includes a table showing variance report and debtor analysis.

Manage Finances - Budget Analysis, Variance Report, Debtor Analysis

Evaluate the provided case study information and report on significant issues, variances from budget, comparative performances, recommendations for ongoing financial viability, and evaluation of financial management processes.

   Added on 2023-05-30

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Running head: MANAGE FINANCES
Manage Finances
Name of the Student:
Name of the University:
Author’s Note:
Manage Finances - Budget Analysis, Variance Report, Debtor Analysis_1
1
MANAGE FINANCES
Table of Contents
Variance Report Analysis................................................................................................................3
Debtor Analysis...............................................................................................................................4
Identification of Issues.....................................................................................................................4
Analysis of different Budgets and its Variances..............................................................................5
Performance Analysis......................................................................................................................5
Recommendation.............................................................................................................................6
Reference.........................................................................................................................................7
Manage Finances - Budget Analysis, Variance Report, Debtor Analysis_2
2
MANAGE FINANCES
Variance Report Analysis
Sales and Profit budget $ %
EXPECT Budget Actual Q 1 Variance Q 1 Variance Q 1 F or U
Profit & Loss Acutals 2011/12
Revenue
Sales $3,959,060 3,371,200$ $587,860 14.85% U
-Cost of Goods sold $2,256,664 1,955,296$ $301,368 13.35% F
Gross profit $1,702,396 1,415,904$ $286,492 16.83% U
Calculate(Gross profit %) 43% 42% 1% U
Calculate(Gross profit $) 1,702,396$ 1,415,904$ 286,492$ 16.83% U
Expenses
-Accounting Fees 2,500$ 2,500$ -$ 0.00% F
- interest Expense 21,127$ 28,150$ 7,023-$ -33.24% U
-Bank Charges 400$ 380$ 20$ 5.00% F
- Depreciation 42,500$ 42,500$ -$ 0.00% F
- Insurance 3,348.00$ 3,348$ -$ 0.00% F
-Store Supplies 937$ 790$ 147$ 15.69% F
- Advertising 200,000$ 150,000$ 50,000$ 25.00% F
-Cleaning 3,256$ 3,325$ 69-$ -2.12% U
-Repairs & Mainenance 16,068$ 16,150$ 82-$ -0.51% U
-Rent 660,127$ 660,127$ -$ 0.00% F
-Telephone 2,999$ 3,100$ 101-$ -3.37% U
-Electricity Expense 5,356$ 5,245$ 111$ 2.07% F
-Luxury Car Tax 7,491$ 12,000$ 4,509-$ -60.19% U
-Fringe Benefits Tax 6,500$ 7,000$ 500-$ -7.69% U
- Superannuation 37,404$ 37,404$ -$ 0.00% F
- Wages & Salraries 415,600$ 410,500$ 5,100$ 1.23% F
- Payroll Tax 19,741$ 19,741$ -$ 0.00% F
- Workers' Compensation 8,312$ 8,312$ -$ 0.00% F
Total Expenses 1,453,666$ 1,410,572$ 43,094$ 2.96% F
Net Profit(Before Tax) 248,730$ 5,332$ 243,398$ 97.86% F
Income Tax 74,619$ 1,600$ 73,019$ 97.86% F
Net Profit 174,111$ 3,732$ 170,379$ 97.86% U
Note: F = Favourable, U = Unfavourable
Figure 1: (Table Showing Variance Report)
Source: (Created by Author)
Manage Finances - Budget Analysis, Variance Report, Debtor Analysis_3

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