FNSINC401 & FNSBKG401: Applying Professional Practices in Finance

This document presents a comprehensive solution to an assignment focused on the application of professional practices in the financial services industry (FNSINC401) and the development and implementation of policies and procedures relevant to bookkeeping activities (FNSBKG401). The assignment covers various aspects of professional conduct, including providing effective feedback, rewarding team performance, managing conflict, and adapting communication styles. It also addresses business document standards, compliance requirements, work time planning, and customer service improvement. Furthermore, the document delves into internal administration systems, ensuring data accuracy, and adapting to changes in these systems. It explores external forces impacting organizations and examines the roles and responsibilities of sectors within the financial services industry, such as banking and insurance. The assignment also outlines steps to ensure ethical business processes, identifies external resources for daily operations, and includes a professional development plan for a 12-month period. The document is a valuable resource for students studying finance and bookkeeping, providing practical examples and solutions to real-world scenarios.

FNSINC401 Apply Principles of Professional Practice to Work in the
Financial Services Industry
FNSBKG401 Develop and implement policies and procedures relevant to
bookkeeping activities
Name of Participant:Click here to enter text. Date:Click here to enter text.
Element of Competency - FNSINC401
1. Identify scope, sectors and responsibilities of industry
2. Identify and apply guidelines, procedures and legislation
3. Identify sustainability issues
4. Manage information
5. Participate in and facilitate work team activities
6. Plan work to be completed
7. Develop and maintain personal competency
Element of Competency - FNSBKG401
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1. Develop professional working relationship with relevant
parties
2. Carry out research to identify compliance requirements and
support materials
3. Set up and maintain appropriate systems to meet
compliance requirements
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered
demonstratesconsistent performance of typical activities experienced in the industry
capability field and include access to:
__Organisational policy, procedures, legislation, regulations and codes of practice
__Specialist financial services software and data
__Common office equipment, technology, software and consumables
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Requirements:
 Professional Work Practice in the Financial Services IndustryUser Guide
 Microsoft Word (or a similar program)
 Access to the Internet and basic skills to navigate websites
 USB Stick to copy your files onto for a backup
To complete this assessment you will require access to an organisation’s policies and
procedures. You can use any organisation you are familiar with, otherwise refer to the
Virtual Organisation (VOL)pdf file on the student platform to access the
demonstration company.
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PART A: Written (Question and Answer)
(a) Explain how you undertake the following:
 Provide effective feedback to members of your work team.
Effective feedback to the members of the work team can be provided with the help of trying
to make it a positive level of experience and process.
The feedback that would be given needs to be in a timely manner with
the help of which the members can gain knowledge about the changes
that are taking place and accordingly better operations can be
provided.
The feedback needs to be regular and in this manner the members
would have knowledge about the changes that are required.
The feedback has to be specific in order to assist the members in
understanding regarding the aspect on which feedback is given.
The Postives need to be taken from the feedback and after the
feedback, follow up needs to be taken from the members in order to
gather their views as well. Reward can be give from the performance
undertaken by the members.
 Reward your work team for meeting or exceeding workplace goals.
In order to reward the team, the effort given need not be light for too expensive. The reward
needs to be given according to the output of the team and less either and therefore they would
be either rewarded financially or with the help of appreciation. The reward will be based on
the performance the team has given.
 Encourage team members to take responsibility for team activities and
communication.
The team members are encouraged by provising them with the independence towards their
jobs and duties so that they can perform accordingly and providing them with the duty of
taking up responsibilities by making them active in the activities of the business. Their
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advises are taken into consideration and they are given a space within which they are asked to
work. All the members are asked to take up certain responsibilities and perform them
accordingly and maintain a communication process with the help of which all the activities
are well informed within the team.
 Ensure conflict within your team isminimised, so the team can work
effectively as a group.
Conflict within the team is minimised with the help of frequent meetings and feedback and an
effective level of communication system within the team. A healthy relationship among the
team members are maintained with the help of which the team members are able to know
each other and in case of any kid of discrepancies, the issues can be solved immediately
without delay.
 Adapt your communication style to account for the differences in values and
beliefs of others.
Adaptation in the communication system is maintained in order to account for the differences
in the beliefs and values and in order to do so changes are made within the communication
system is undertaken and assessment of the values and beliefs are done on a frequent basis
and thereby account the changes within the communication process as well.
List three (3) behaviours you use to act as a role model to your team.
1. Be Punctual
2. Maintain a neat and clean working area
3. Need to be prepared and confident
(b) How are the business documents checked to ensure that they meet company
information and presentation standards?
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The business documents are checked with the help of proper inspection of the documents and
goin through the headings and the sub-headings and even through the information provided
within the document. This is done by ckecking the format of the document, the process of
creation of the document and understanding the version control of the document. Thereafter
the documents are stored and archived and thereafter security check of the document is done
in order to eliminate the chances of any kind of thefts and mishandling of the documents.
(c) List three documents or reports you should be familiar with in your role as a
Bookkeeper, to ensure you work effectively and remain compliant. Discuss why
these documents are important.
1. Email documents
2. PDF documents
3. Excel spreadsheets
(d) The following customer invoice has been created for work completed by ABC
Bookkeeping Services. Review the price list document and the invoice, and list
the correctionsrequired to theinvoice before sending tothe customer.
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Tax Invoice
ABC BOOKKEEPING SERVICES
ABN: 91 126 907 068
28 Smith Rd, Balcatta 6021
[phone]
Date:
Invoice Number:
10 January 2
20006
Qty Description Unit Price
1 Quarterly BAS Return December
2017 $290.00
3 months Bookkeeping Service $200.00
3 hrs Consulting – Senior Bookkeeping $250.00
Subtotal
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Price List (incl. GST)
ABC Bookkeeping Services
Bookkeeping Services $200 per month
Monthly IAS Return $150 each
Monthly BAS Return $200 each

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Corrections to invoice required:
There are several changes that would be made in the tax invoice as it is seen that the BAS
return is $200 each and it has been wrongly posted to $290. Bookkeeping services is $200
each month but for three months the value posted has been $400 instead of $600. The fees for
the senior bookkeeper is $100 per hour, but the value posted for three hours has been $250
instead of $300. Therefore these changes would be helpful in rectifying the tax invoice.
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(e) How do you plan your work time and what types of resources do you use to
assist with your plan?
The planning of the work time is done early in the morning in which all the tasks are
synchronised and accordingly all the tasks would be completed in an effective manner. The
tools that are mainly used has been the active use of the calender and the use of to-do list.
The other tools that are used are the use of technologies that would ease the distribution of all
the tasks within the day.
(f) What information can you provide management to help improve customer
service?
The information that is given to the management in order to enhance the level of customer
service has been providing the feedback of the customers to the management with the help of
which better services and products can be offered to the customers.
(g) Identify a task that you complete on a regular basis in your company. Describe
the following:
 Priority
This refers to the urgency that is needed with the help of which a task is done.
 Time
It is the time that is taken in order to complete the task.
 Timeframe
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It is the deadline that is given to a group or an individual in order to complete a task within a
stipulated deadline.
 Type of technology used
The type of technology that would be used will be on the basis of the kind of work that is
performed and accordingly effective level of work can be performed.
 Use of resources
The use of the resources will be depend kind of work that is performed and the effective use
of the resources would be lead to better performance level of the work.
 Working conditions
This refers to the working area and the environment within the work is performed and better
working environment would lead to better performances
(h) List two (2) methods of feedback you use to provide to management to assist
with the organisation's planning process
1. Interview
2. Periodic meeting
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(i) List two (2) internal administration systems (accounting systems, databases etc.)
that your company uses, and explain their purpose.
1. System: Accoutning system
Purpose: In order to create a better financial system and maintenance of better financial
reports and statements.
2. System: Maintenance of internal database
Purpose: In order to maintain records for the internal employees and all other
information
(j) How do you ensure that your organisation’s accounting system (MYOB, Xero
etc.)remains up-to-date and contains accurate data?
Proper evaluation and maintenance of the accounting system on a frequent basis is essential
with the help of which the system remains updated and accurate data are maintained.
When changes or upgrades are made to the administration systems how do you
ensure that your skills and knowledge remain current and relevant?
This is done by undertaking a comparison with the systems that are seen in the economy and
even used by rival companies in order to have an understanding that the knowledge is current
and precise.
(k) Identify one (1) external force that impacts your organisation and how it affects
its business activities.
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