BSBFIM501: Meeting Report - Managing Budgets & Financial Plans

This report details the implementation of a budget, focusing on a meeting held to explain, discuss, and allocate responsibilities for various budget components. The report includes an analysis of budget monitoring, comparing budgeted figures against actual performance, and identifying variances in areas such as sales, direct material costs, and selling expenses. The meeting aimed to ensure team members understood their roles in achieving budgetary goals. Key budget components discussed were sales and production, recognizing the variability in sales due to seasonal demands and the interconnectedness of production with sales, purchases, and inventory. The report concludes that regular budget analysis is vital for improving a company's financial performance and position. Desklib provides access to similar reports and solved assignments for students.

BSBFIM501 - Assessment
Assessment Summary
Unit Details: BSBFIM501 Manage budgets and financial plans
Prerequisite Units: Nil
Possible
Co-Requisite Units: Nil
Assessment Type: This is a summative assessment, which requires each student to
have adequate practice prior to undertaking this assessment.
Unit Summary:
This unit describes the performance outcomes, skills and knowledge
required to undertake financial management within a work team in an
organization. This includes planning and implementing financial
management approaches, supporting team members whose role
involves aspects of financial operations, monitoring and controlling
finances, and reviewing and evaluating effectiveness of financial
management processes in line with the financial objectives of the work
team and the organization.
This unit addresses the requirement for managers to ensure that
financial resources are used effectively. This is done by ensuring
access to budget/s and ongoing monitoring expenditure against the
budget/s.
The unit applies to managers working in small and large business
environments and not for profit organizations.
Assessment Methods
Projects
Assessment 1
(Prepare annual budget for business)
Assessment 2
(Meeting report)
Assessment 3
(Compare and revise budget)
Written Assessment or Project Assessment 4
(Written Assessment / Project)

Assessment: BSBFIM501 Manage budgets and financial plans
Online Assessment Assessment 5
(Online Quiz)
Due Date: 29/09/2017
ASSESSMENT 2 – STUDENT INFORMATION
This information is to be handed to each student to outline the assessment requirements
Following Assessment 1, you are to prepare for and implement your budget part.
Your implementation will encompass running a meeting for your team in which you:
 Explain and discuss the budget in detail
 Explain how your budget will be implemented
 Explain how your budget will be monitored
 Allocate responsibilities for at least 2 different budget components
 Instruct / mentor each person to whom you have allocated a responsibility to, to ensure
they understand and are empowered to perform their allocated task
It is important that you are prepared for this session, ensuring you:
 prepare for the session to ensure everything is covered
 develop and provide relevant documentation / supporting materials to your team
Your assessor will observe you running the meeting.
Meeting Context
 Each meeting will consist of yourself (running the meeting), and at least 2 other people, who will
role-play the employees. Other people may include trainers or students from your course
Things to consider whilst performing this task:
 Be organised - prepare and plan for the session thoroughly.
 Know your budget thoroughly
 Arrange access to all required documentation for this process
 Be prepared to ask questions
 Be prepared to be asked questions
Things to consider whilst role-playing an employee:
 Be prepared
 Act professionally throughout the process
 Be prepared to ask questions when you require more information
 Answer all questions to the best of your ability
 Make sure that by the end of the session, you are fully aware of the strategy you have been
allocated, along with the actions you would need to perform to achieve this.
Remember, you will be required to both run the meeting, and role-play an employee (during another
students assessment), so be sure to perform at your best at all times.
Assessment Summary
You are to submit the following
 Your meeting plan
 Copies of documentation provided to employees
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Assessment: BSBFIM501 Manage budgets and financial plans
 Your assessor will observe you running the meeting
This task will be assessed on: ___________________________
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Assessment: BSBFIM501 Manage budgets and financial plans
Report
Discussion on budget:
on the basis of budget calculations, it has been found that the sales of the company would
differed according to the seasons time and this, the other items of the budget such as production,
purchase, creditors aunt, debtor amount etc would also be affected. On the basis of the budget, it has
been found d that the net income of the company is $2,10,233.00 in ext financial year. Further, it has
been found that the financial performance and the financial position of the company have been better. It
explains about better budgetary report.
Monitoring of budgets:
Though, the budgets of the company have been compared with the actual data and it has been
found that the various variances (favourable and unfavourable) have taken place into the performance of
the company. It has impacted on the performance of the company as whole. The varied calculations are
as follows:
October
BUDGET ACTUAL VARIANCE
(In $)
VARIANCE
%
VARIANCE BUDGET
F/UF
Sale $7,50,000.00 $7,00,000.00 -$50,000.00 107% UF $1,00,000.0
Direct material
cost $2,22,187.50 $2,20,250.00 -$1,937.50 4% UF $3,04,875.0
Cost of goods
sold $10,000.00 $9,000.00 $1,000.00 -2% F $3,37,500.0
Direct labour
cost $2,19,375.00 $2,15,000.00 $4,375.00 -9% F $8,000.00
Selling expenses $1,13,330.00 $1,13,000.00 $330.00 -1% F $1,29,580.0
Interest expenses $1,425.00 $2,000.00 -$575.00 1% UF $2,030.00
Total $13,16,317.50 $12,59,250.00 -$46,807.50 100% $8,81,985.0
It explains that the company is required to make few changes into the sales forecasting and the
interest expenses to make the performance of the company much better.
2 different budget components:
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Assessment: BSBFIM501 Manage budgets and financial plans
The main budget competences are sales and the production of the company. Sales if variable as it
depends on the total demands and the season of the festivals. Further, the production units are also
important, it depends on the sales, purchase, closing inventory etc factors of the company.
Conclusion:
To conclude, budget reports are crucial to calculate and analyze for better performance and
position of the company.
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