Budget, Financial Plans, Monitoring Expenditure & Controlling Costs

This presentation preparation material focuses on key aspects of business financial management. It details agreed budget and financial plans, emphasizing adjustments based on company performance, such as shifting from radio to TV advertising. The processes for monitoring expenditure and controlling costs are outlined, including variance analysis, cost accounting, and implementing cost leadership strategies. Furthermore, the document identifies the essential resources and systems teams need to access to perform their roles effectively, encompassing technical knowledge, coordination skills, and systems like management by objectives and double-entry bookkeeping. Desklib provides additional resources and solved assignments for students.

BLOCK 4 - DOWN TO
BUSINESS Assessment
Workbook 1

TABLE OF CONTENTS
TASK 3.1 PRESENTATION PREPARATION FOR MEETING
 DETAILS OF THE AGREED BUDGET AND FINANCIAL PLANS
 THE PROCESSES FOR MONITOR EXPENDITURE AND CONTROL COSTS AND
ADJUST CONTINGENCY PLANS AS REQUIRED.
 THE RESOURCES AND SYSTEMS THAT YOUR TEAM NEED TO ACCESS FOR
PERFORM THEIR ROLES

DETAILS OF THE AGREED BUDGET AND
FINANCIAL PLANS
 There is emphasis provided on having significant alteration in budget by evaluating the
performance of the company.
 It is recognised that radio advertising is not helping in gaining the significant sales revenue which is
hampering performance of firm.
 In the budget and financial plan, it is decided to switch to the TV adverting from radio which is
inclining the spending.
 There was deficiency prevailing as cost of TV advertising is $30000 whereas promotion through
radio $20000used to require which is indicating $10000 exceed expenditure.
 It is agreed to arrange the amount by delaying the student referral and chances in the budget for the
half of the amount.

THE PROCESSES FOR MONITOR EXPENDITURE
AND CONTROL COSTS AND ADJUST CONTINGENCY
PLANS AS REQUIRED.
 Monitoring and controlling expenditure is important in respect to get the effective ability to coordinate
with the budgeted statement.
 There are various benefits which can be derived by the business through having the suitable procedures
for the managing & controlling expenditure in urn coordinating with the unforeseen can become
possible.
 The processes such as variance analysis which is helpful in getting the information regarding deviation
prevailing in actual as compared to the budget.
 There are different system such as cost accounting, Xero accounting system and job costing as well
implementing of cost leadership strategy can help in meeting the specified objective.

THE RESOURCES AND SYSTEMS THAT YOUR
TEAM NEED TO ACCESS FOR PERFORM THEIR
ROLES
 There are different type of the resources that is required to be access by the team members
comprises having right level of knowledge, experience and significant interest in
performing role.
 For performing the roles the team member require to focus on having technical
knowledge for coordinating with electronic spread sheets and other tools.
 Significant level of coordination to cope up with prevailing circumstances with high
potential sharing is important .
 The systems that are required to be focus involve having management by objectives,
double entry bookkeeping, Tax System, etc. in turn ability to get the reliable
understanding performing task can become possible.