Financial System Data Analysis and Report and Forecasting: Webflims
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AI Summary
This report provides a detailed financial analysis of Webflims, a company based in Melbourne, Australia, focusing on its financial systems, data, and forecasting. It begins with an introduction to financial analysis and planning, emphasizing the importance of forecasting sales and other revenues. Part A examines the current financial systems, including budgets and balance sheets, and analyzes the company's financial data from 2019-20, highlighting variances and requirements. A forecasted budget and balance sheet are also included. Part B discusses management responsibilities and legal requirements for financial reporting, referencing Australian Accounting Standards and the Corporations Act 2001. The report includes an analysis of financial statements and supporting notes. The assignment also outlines financial plans, delegated authorities, internal control procedures, and reporting periods, along with recommendations on budgeted expenses. The conclusion summarizes the key findings and recommendations.

Financial System Data
Analysis and Report and
Forecasting
Analysis and Report and
Forecasting
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Contents
INTRODUCTION...........................................................................................................................3
PART A...........................................................................................................................................3
PART B..........................................................................................................................................10
PART C..........................................................................................................................................12
PART D.........................................................................................................................................16
PART E..........................................................................................................................................18
CONCLUSION..............................................................................................................................22
REFERENCES..............................................................................................................................23
INTRODUCTION...........................................................................................................................3
PART A...........................................................................................................................................3
PART B..........................................................................................................................................10
PART C..........................................................................................................................................12
PART D.........................................................................................................................................16
PART E..........................................................................................................................................18
CONCLUSION..............................................................................................................................22
REFERENCES..............................................................................................................................23

INTRODUCTION
Financial analysis is the method of reviewing companies, programs, expenditures and other
activities relevant to finance to assess their efficiency and appropriateness. Financial process is
usually further used evaluate how an entity is extremely strong, liquid phase, liquid or financially
viable to justify a financial return (Andreescu and et. al., 2013). Financial planning is the
method of collection, estimate, or prediction of future performance of a business. Manager seeks
to foresee how the company will look economically throughout the future using financial reports.
Predicting a company's sales is a typical way of creating monetary prognoses. At the end,
revenue figures decide where the (commercial) company. Thus, they are essential measures for
smart decision taking and help organizational goals. Other important components of capital
budgeting include forecasting other revenues, long term operating expenses, as well as
investment. In this report, Webflims have been selected which is located in Melbourne,
Australia. The company use to provide different online solution to various other firms that seeks
to increase their brand popularity.
In this report, forecast about future financial resources, asset performance and capacity by
performing, steps to set the business targets and compliance mechanisms is discussed. In
addition, Management of the financial risk and steps to monitor compliance with the financial
projections are also elaborated.
PART A
1. Current financial systems and documents
Financial system used
Budget: A budget is a financial plan of income and expenses for a determined period of time,
which is generally, compiled which regularly re-evaluated. Manager can create budgets for a
individual, a group of individuals, a company, a country, or anything else which earns millions
and uses in different operations.
Balance sheet: A balance sheet is consider to be a most important financial statement which
records at a particular moment in time the assets , liabilities as well as equity of a business and
forms a framework for estimating investment returns and determining the cash position. It
also offers a summary of what an enterprise owns and owes, and the sums that investors
contribute.
Financial analysis is the method of reviewing companies, programs, expenditures and other
activities relevant to finance to assess their efficiency and appropriateness. Financial process is
usually further used evaluate how an entity is extremely strong, liquid phase, liquid or financially
viable to justify a financial return (Andreescu and et. al., 2013). Financial planning is the
method of collection, estimate, or prediction of future performance of a business. Manager seeks
to foresee how the company will look economically throughout the future using financial reports.
Predicting a company's sales is a typical way of creating monetary prognoses. At the end,
revenue figures decide where the (commercial) company. Thus, they are essential measures for
smart decision taking and help organizational goals. Other important components of capital
budgeting include forecasting other revenues, long term operating expenses, as well as
investment. In this report, Webflims have been selected which is located in Melbourne,
Australia. The company use to provide different online solution to various other firms that seeks
to increase their brand popularity.
In this report, forecast about future financial resources, asset performance and capacity by
performing, steps to set the business targets and compliance mechanisms is discussed. In
addition, Management of the financial risk and steps to monitor compliance with the financial
projections are also elaborated.
PART A
1. Current financial systems and documents
Financial system used
Budget: A budget is a financial plan of income and expenses for a determined period of time,
which is generally, compiled which regularly re-evaluated. Manager can create budgets for a
individual, a group of individuals, a company, a country, or anything else which earns millions
and uses in different operations.
Balance sheet: A balance sheet is consider to be a most important financial statement which
records at a particular moment in time the assets , liabilities as well as equity of a business and
forms a framework for estimating investment returns and determining the cash position. It
also offers a summary of what an enterprise owns and owes, and the sums that investors
contribute.
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Covering
These two documents cover the useful information related to the different financial
transaction of company for a specific period of time. Such as balance sheet covers, the entire
information about the assets and liabilities of company and equity balance within an accounting
year. On the other side, budget includes within Webflims a detailed estimation about expenses on
different operations and total income to be generated through these activities in upcoming time.
It mainly relies over the past information so future results may vary (Bedi, Alpaslan and Green,
2016).
Strategic and tactical management
Strategic information management outcomes are a strategic benefit, input on issues to the
management, input on issues to clients, maintaining due diligence, reducing prices, fostering
trust with suppliers and through revenue as consumers know their data is secure. Trust and
transparency are guaranteed, enforcement is given with the legislative and legal specifications.
Risks are reduced, and regulate rises are made accessible and accessible data is given. The
tactical advantages have a beneficial influence mostly on interaction between the company and
its stakeholders. Operation administration includes managing the users' routine commands,
modes of entry, and procedures. The management and modification of access controls, such as
network controls as well as access rights, are instances. Keywords and rights to enter or leave an
entity must be generated or revoked.
2. Analysis on current financial data, systems requirements
The important reports such as budget and balance sheet are prepared and presented by the
company for the period of 2019-20. The provided balance sheet gives the information about,
current assets which is $71200, net fixed assets $198800 and net equipment is $13500. On the
other side current liabilities is $101500, long term loans $47000 and owner equity is $13500 so
that both side shows equal amount which is $283500. Budget mainly shows the estimated
income from the different activities which are part of company. A deviation in budget is a
frequent calculation to calculate the discrepancy in between planned and real estimates under a
particular form of accounting. A flexible budget in Webflims is the budget corresponds to leads
to a positive or benefits; an adverse variance in the budget defines negative variance which
indicates losses or inefficiencies. Budget variances exist because forecasters cannot entirely
reliably predict projected expenses and profits. There have been a big difference within income
These two documents cover the useful information related to the different financial
transaction of company for a specific period of time. Such as balance sheet covers, the entire
information about the assets and liabilities of company and equity balance within an accounting
year. On the other side, budget includes within Webflims a detailed estimation about expenses on
different operations and total income to be generated through these activities in upcoming time.
It mainly relies over the past information so future results may vary (Bedi, Alpaslan and Green,
2016).
Strategic and tactical management
Strategic information management outcomes are a strategic benefit, input on issues to the
management, input on issues to clients, maintaining due diligence, reducing prices, fostering
trust with suppliers and through revenue as consumers know their data is secure. Trust and
transparency are guaranteed, enforcement is given with the legislative and legal specifications.
Risks are reduced, and regulate rises are made accessible and accessible data is given. The
tactical advantages have a beneficial influence mostly on interaction between the company and
its stakeholders. Operation administration includes managing the users' routine commands,
modes of entry, and procedures. The management and modification of access controls, such as
network controls as well as access rights, are instances. Keywords and rights to enter or leave an
entity must be generated or revoked.
2. Analysis on current financial data, systems requirements
The important reports such as budget and balance sheet are prepared and presented by the
company for the period of 2019-20. The provided balance sheet gives the information about,
current assets which is $71200, net fixed assets $198800 and net equipment is $13500. On the
other side current liabilities is $101500, long term loans $47000 and owner equity is $13500 so
that both side shows equal amount which is $283500. Budget mainly shows the estimated
income from the different activities which are part of company. A deviation in budget is a
frequent calculation to calculate the discrepancy in between planned and real estimates under a
particular form of accounting. A flexible budget in Webflims is the budget corresponds to leads
to a positive or benefits; an adverse variance in the budget defines negative variance which
indicates losses or inefficiencies. Budget variances exist because forecasters cannot entirely
reliably predict projected expenses and profits. There have been a big difference within income
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category 2 and 4 which means operating cost are increasing and other non-financial factors also
have a greater impact over these income sources.
In order to lower the budget variance in future it has been forecasted that special
treatment may result in beneficial variances to cut costs. At the other side, recklessness in
management will push up unsafe conditions. Perhaps an overly optimistic budget would trigger
un-favourable variances (Doucet, Smith and Durand, 2012).
Forecasted budget and balance sheet
INCOME
Operating Income 1,94,25
0
Category 1 1,05,00
0
Category 2 78,7
50
Category 3 73,5
00
Category 4 -
Other 4,51,50
0
Total Operating Income -
-
Non-Operating Income 12,6
00
Interest Income -
Rental Income 5,2
have a greater impact over these income sources.
In order to lower the budget variance in future it has been forecasted that special
treatment may result in beneficial variances to cut costs. At the other side, recklessness in
management will push up unsafe conditions. Perhaps an overly optimistic budget would trigger
un-favourable variances (Doucet, Smith and Durand, 2012).
Forecasted budget and balance sheet
INCOME
Operating Income 1,94,25
0
Category 1 1,05,00
0
Category 2 78,7
50
Category 3 73,5
00
Category 4 -
Other 4,51,50
0
Total Operating Income -
-
Non-Operating Income 12,6
00
Interest Income -
Rental Income 5,2

50
Gifts Received -
Donations 1,5
75
Other 19,4
25
Total Non-Operating
Income -
Total
INCOME
4,70,92
5
-
-
EXPENSES -
Operating Expenses 7,3
50
Accounting and Legal 4,2
00
Advertising 3,1
50
Depreciation 1,0
50
Dues and Subscriptions 1,2
60
Insurance -
Interest Expense 2,1
Gifts Received -
Donations 1,5
75
Other 19,4
25
Total Non-Operating
Income -
Total
INCOME
4,70,92
5
-
-
EXPENSES -
Operating Expenses 7,3
50
Accounting and Legal 4,2
00
Advertising 3,1
50
Depreciation 1,0
50
Dues and Subscriptions 1,2
60
Insurance -
Interest Expense 2,1
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00
Maintenance and Repairs 6
30
Office Supplies -
Payroll Expenses 6
30
Postage 13,6
50
Rent -
Research and Development 50,4
00
Salaries and Wages -
Taxes and Licenses 1,2
60
Telephone 1,5
75
Travel -
Utilities 1,5
75
Web Hosting and Domains 5
25
Other 89,3
55
Total Operating Expenses -
Maintenance and Repairs 6
30
Office Supplies -
Payroll Expenses 6
30
Postage 13,6
50
Rent -
Research and Development 50,4
00
Salaries and Wages -
Taxes and Licenses 1,2
60
Telephone 1,5
75
Travel -
Utilities 1,5
75
Web Hosting and Domains 5
25
Other 89,3
55
Total Operating Expenses -
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-
Non-Recurring Expenses 6,3
00
Furniture, Equipment and
Software -
Gifts Given -
Other 6,3
00
Total Non-Recurring
Expenses -
95,6
55
Total
EXPENSES -
3,75,27
0
Net Income Before Taxes 1,12,35
0
Income Tax Expense -
NET
INCOME
2,62,92
0
ASSETS AU$ LIABILITI
ES AU$
Current
Assets:
Current
Liabilities:
Cash in
Bank $2,142.00
Accounts
Payable $35,700.00
Non-Recurring Expenses 6,3
00
Furniture, Equipment and
Software -
Gifts Given -
Other 6,3
00
Total Non-Recurring
Expenses -
95,6
55
Total
EXPENSES -
3,75,27
0
Net Income Before Taxes 1,12,35
0
Income Tax Expense -
NET
INCOME
2,62,92
0
ASSETS AU$ LIABILITI
ES AU$
Current
Assets:
Current
Liabilities:
Cash in
Bank $2,142.00
Accounts
Payable $35,700.00

Petty Cash $102.00
Wages
Payable $18,360.00
Inventory $27,540.00 Office Rent $25,500.00
Accounts
Receivable
$41,310.00
Utilities
$5,100.00
Prepaid
Insurance
$1,530.00
Federal
Income Tax
Payable $6,630.00
Total
Current
Assets $72,624.00
Customer
Deposits
$10,200.00
$0.00
Medical
Payable $2,040.00
Fixed
Assets:
$0.00
Total
Current
Liabilities $1,03,530.
00
Land $1,53,000.00 $0.00
Warehous
e
$51,000.00
Long-Term
Liabilities:
$0.00
Less
Depreciati
on $1,224.00
Long-Term
Loans $37,740.00
Net Fixed
Assets $2,02,776.00
Short-Term
Loans $10,200.00
$0.00
Total Long-
Term
Liabilities
$47,940.00
Equipmen
t: $0.00 $0.00
Wages
Payable $18,360.00
Inventory $27,540.00 Office Rent $25,500.00
Accounts
Receivable
$41,310.00
Utilities
$5,100.00
Prepaid
Insurance
$1,530.00
Federal
Income Tax
Payable $6,630.00
Total
Current
Assets $72,624.00
Customer
Deposits
$10,200.00
$0.00
Medical
Payable $2,040.00
Fixed
Assets:
$0.00
Total
Current
Liabilities $1,03,530.
00
Land $1,53,000.00 $0.00
Warehous
e
$51,000.00
Long-Term
Liabilities:
$0.00
Less
Depreciati
on $1,224.00
Long-Term
Loans $37,740.00
Net Fixed
Assets $2,02,776.00
Short-Term
Loans $10,200.00
$0.00
Total Long-
Term
Liabilities
$47,940.00
Equipmen
t: $0.00 $0.00
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Machinery
$15,300.00
TOTAL
LIABILITI
ES $1,51,470.
00
Less
Depreciati
on $1,530.00 $0.00
Net
Equipmen
t $13,770.00
Owner’s
Equity: $0.00
$0.00
Common
Stock $71,400.00
$0.00
Retained
Earnings
$66,300.00
$0.00
Total
Owners
Equity: $1,37,700.
00
$0.00 $0.00
TOTAL
ASSETS
$2,89,170.00
LIABILITI
ES AND
EQUITY $2,89,170.
00
3. Financial plan
Delegated authorities
The Chief Executive can need discretion in rerouting agreed contract funds within a
services business for operational costs. If the Chief Executive considers financially
sensible, the Chief Executive of Webflims can assign spending and resources within a
business segment inside the divisions of Variable Costs.
This power can be delegated by the Chief Executive Officer to correct CPC management
and personnel.
Dynamic types of costs involve expenses that differ with operating rises and declines, and
sources include equipment, contracted utilities, products and non-permanent production
costs.
$15,300.00
TOTAL
LIABILITI
ES $1,51,470.
00
Less
Depreciati
on $1,530.00 $0.00
Net
Equipmen
t $13,770.00
Owner’s
Equity: $0.00
$0.00
Common
Stock $71,400.00
$0.00
Retained
Earnings
$66,300.00
$0.00
Total
Owners
Equity: $1,37,700.
00
$0.00 $0.00
TOTAL
ASSETS
$2,89,170.00
LIABILITI
ES AND
EQUITY $2,89,170.
00
3. Financial plan
Delegated authorities
The Chief Executive can need discretion in rerouting agreed contract funds within a
services business for operational costs. If the Chief Executive considers financially
sensible, the Chief Executive of Webflims can assign spending and resources within a
business segment inside the divisions of Variable Costs.
This power can be delegated by the Chief Executive Officer to correct CPC management
and personnel.
Dynamic types of costs involve expenses that differ with operating rises and declines, and
sources include equipment, contracted utilities, products and non-permanent production
costs.
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Set types of costs involve expenses that remain reasonably stable irrespective of the scale
of the purchases and definitions include leases, electricity, taxes, insurance, interest rates
on loans and regular wages.
Internal control procedures
The budget provides a framework for performance evaluation (analysis of variances). A
budget is essentially a benchmark for calculating and evaluating real results. Comparisons of real
outcomes to the target schedule offer leverage. Therefore, expenditure withdrawals should be
explored and the causes for the discrepancies may be separated between controllable and
uncontrollable variables (Fok, Payne and Corey, 2016).
Reporting periods
Budgets generally cover future event time frames, including a new accounting year or a
genetic economic cycle. Annual expenditures plan in Webflims are often separated into quarter
and monthly modules for process management reasons. That's also beneficial in the timely
monitoring of the performance. Specific sums within a monthly / quarterly schedule are often
pure relative quantities of the annual sum. Continuous budgets are being planned in this sense of
company that can be continually revised to span the next 12 months or 4 quarters, etc. When one
cycle is finished, the forward-looking financial details are transferred to another. This approach
calls for constant control and planning, which helps administrators to respond to changing
circumstances with greater experience which response time.
4. Recommendations on budgeted expenses
Categorize the company's costs into divisions of expenses and efficiency. This will
support set the rates and decide things when cost-cutting is required. Total costs are
expenses incurred required to operate a company, rather than manufacturing a
commodity, such as payroll, marketing, leasing, equipment, telephones and office
workers.
The integration of a number of reports with an annual profit and cost forecast plan
produces a master budget that avoids anomalies that can delay or shut down the
company. In addition, u sing a range of valuable reports connected to the annual budget
to enhance financial monitoring and make manager awake to date anytime detail is
needed.
of the purchases and definitions include leases, electricity, taxes, insurance, interest rates
on loans and regular wages.
Internal control procedures
The budget provides a framework for performance evaluation (analysis of variances). A
budget is essentially a benchmark for calculating and evaluating real results. Comparisons of real
outcomes to the target schedule offer leverage. Therefore, expenditure withdrawals should be
explored and the causes for the discrepancies may be separated between controllable and
uncontrollable variables (Fok, Payne and Corey, 2016).
Reporting periods
Budgets generally cover future event time frames, including a new accounting year or a
genetic economic cycle. Annual expenditures plan in Webflims are often separated into quarter
and monthly modules for process management reasons. That's also beneficial in the timely
monitoring of the performance. Specific sums within a monthly / quarterly schedule are often
pure relative quantities of the annual sum. Continuous budgets are being planned in this sense of
company that can be continually revised to span the next 12 months or 4 quarters, etc. When one
cycle is finished, the forward-looking financial details are transferred to another. This approach
calls for constant control and planning, which helps administrators to respond to changing
circumstances with greater experience which response time.
4. Recommendations on budgeted expenses
Categorize the company's costs into divisions of expenses and efficiency. This will
support set the rates and decide things when cost-cutting is required. Total costs are
expenses incurred required to operate a company, rather than manufacturing a
commodity, such as payroll, marketing, leasing, equipment, telephones and office
workers.
The integration of a number of reports with an annual profit and cost forecast plan
produces a master budget that avoids anomalies that can delay or shut down the
company. In addition, u sing a range of valuable reports connected to the annual budget
to enhance financial monitoring and make manager awake to date anytime detail is
needed.

PART B
Responsibilities of the management and legal requirements for financial reporting
Australian Accounting Standards (SAC 1, 2, Framework AASB1001): Appropriate financial
information lets consumers make and assess choices about finite resource distribution. This lets
them make assumptions about future circumstances and shape beliefs, or it serves validity and
reliability responsibilities with regard to their previous evaluations. Financial statements of
Webflims can be important in the context of its origin, origin and importance, or in comparison
to its existence. In SAC third additional information is provided on significance about the
financial report which is very important to make decision (Groom, 2018). Reliable financial
knowledge conveys a strong the actual sales and other activities to customers. To be accurate on
financial statistics, it has to be bias-free. Reliable accounting reporting should not lead
consumers to assumptions which represent the specific needs, expectations or preconceived
notions of income statements preparers.
Corporations Act 2001: The Corporations law required firms and registration strategies to
preserve a membership register and, where appropriate, a register of choice owners and a sign up
of corporate debtor. Section 169 including its Act specifies that a members' list include such
information, along with the address and phone number of the individual, the period upon which
participant 's address was recorded in the list, and certain other information, including the
outstanding shares from each representative. It seems fairly obvious in its aspects that perhaps
the intent of corporate act 2001 is to safeguard stockholders' confidentiality by limiting
permissible uses of data collected from them about the database. The segment will not allow the
stockholders of products and services unconnected to their condition as stockholders for using
data on the registration for direct sales but it may be that even corporation authorization of use of
knowledge on the registration will be restricted by the National Privacy Principles with which
comparison has been already decided to make.
Financial Administration and Audit Act 1977: All community moneys except those needed by
this Legislation to be deposited into any bank account and specialized funds; and then all tax
money earning components fund through loan financing credit promptly preceding July 1, 1991.
The monies generated by the sale of acquired public properties or produced or compensated for
jobs from the consolidated budget, consolidated Revenue Account or Loan Scheme. Moneys
obtained by late payment or breakthroughs first from funds collected, the results achieved Fund
Responsibilities of the management and legal requirements for financial reporting
Australian Accounting Standards (SAC 1, 2, Framework AASB1001): Appropriate financial
information lets consumers make and assess choices about finite resource distribution. This lets
them make assumptions about future circumstances and shape beliefs, or it serves validity and
reliability responsibilities with regard to their previous evaluations. Financial statements of
Webflims can be important in the context of its origin, origin and importance, or in comparison
to its existence. In SAC third additional information is provided on significance about the
financial report which is very important to make decision (Groom, 2018). Reliable financial
knowledge conveys a strong the actual sales and other activities to customers. To be accurate on
financial statistics, it has to be bias-free. Reliable accounting reporting should not lead
consumers to assumptions which represent the specific needs, expectations or preconceived
notions of income statements preparers.
Corporations Act 2001: The Corporations law required firms and registration strategies to
preserve a membership register and, where appropriate, a register of choice owners and a sign up
of corporate debtor. Section 169 including its Act specifies that a members' list include such
information, along with the address and phone number of the individual, the period upon which
participant 's address was recorded in the list, and certain other information, including the
outstanding shares from each representative. It seems fairly obvious in its aspects that perhaps
the intent of corporate act 2001 is to safeguard stockholders' confidentiality by limiting
permissible uses of data collected from them about the database. The segment will not allow the
stockholders of products and services unconnected to their condition as stockholders for using
data on the registration for direct sales but it may be that even corporation authorization of use of
knowledge on the registration will be restricted by the National Privacy Principles with which
comparison has been already decided to make.
Financial Administration and Audit Act 1977: All community moneys except those needed by
this Legislation to be deposited into any bank account and specialized funds; and then all tax
money earning components fund through loan financing credit promptly preceding July 1, 1991.
The monies generated by the sale of acquired public properties or produced or compensated for
jobs from the consolidated budget, consolidated Revenue Account or Loan Scheme. Moneys
obtained by late payment or breakthroughs first from funds collected, the results achieved Fund
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