Financial Performance Report: Grow Management Consultants, BSBFIM601

This report provides a detailed financial performance analysis of Grow Management Consultants. It begins with an overview of the company's overall profitability, highlighting positive trends in FY 2017-18. The report then delves into income and cost variations, comparing actual figures against budgeted amounts to identify discrepancies. It analyzes the discrepancies between agreed budget allocations for the conference and the actual figures. Furthermore, the report recommends revisions to the 2019 conference budget, focusing on accurately forecasting costs and managing expenses to improve operational efficiency and profitability. The report also includes a proposed conference fee calculation for 2019, assuming 70 attendees and a 20% profit margin, along with the supporting financial data. This report is prepared as part of the BSBFIM601 assessment at Australian Smart College.

This document is Financial Performance Report Template
It is part of the supporting assessment resources for Assessment Task 3 of BSBFIM601
Australian Smart College
7 Greenfield Parade, Bankstown NSW 2200
ABN 45 607 618 244
RTO ID: 45302 CRICOS Code: 03661E
Phone: [phone]
Website: www.ascollege.nsw.edu.au
Email: [e-mail]
Australian Smart College Pty. Ltd.
BSBFIM601- Manage finances
Student’s Resources
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V2_ MAY_2019 Australian Smart College Pty. Ltd.
RTO ID: 45302 CRICOS Code: 03661E

This document is Financial Performance Report Template
It is part of the supporting assessment resources for Assessment Task 3 of BSBFIM601
Grow Management Consultants
Financial performance report
Create your own charts to display the data.
Under each chart, state which document(s) you have taken the data from so the figures can be
checked.
Consulting
Fees
87%
Conference
3%
E-book
1%
Executive Search Service
9%
Revenue Chart
Overall performance
Review of overall performance and gross/net profit margins
From the overall performance analysis of the Grow Management Consultants, it can be found
that the overall profitability of the company has been increased on the FY 2017-18. This is a positive
sign for the business. From the overall performance, it is expected that, the management can improve
their performance by implementing a proper organisational policies.
Income variations
Calculation of variation in actual versus budgeted amounts for each income source.
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V2_ MAY_2019 Australian Smart College Pty. Ltd.
RTO ID: 45302 CRICOS Code: 03661E

This document is Financial Performance Report Template
It is part of the supporting assessment resources for Assessment Task 3 of BSBFIM601
Cost variations
Calculation of variation in actual versus budgeted costs.
Discrepancies
Identify the discrepancies between agreed budget allocations for the conference and the actual
figures
The various discrepancies that has been identified during the budget allocation is mainly
associated with the expenses of the business operations. The variation between actual and budgeted
performance of the expenses is at a higher expectation to the management of the company. Hence,
the variances affect the estimated profits of the business. Therefore, this is not equal to the actual
performance that has been achieved by the company.
Recommended revisions
Revision made to the 2019 conference budget.
It is recommended that, the management of the company must make revisions to accurately
forecast their cost of business operations while evaluating the budget. The management of the
company also needs to take steps in appropriately managing the costs of the business so that
operational efficiency is maintained and the overall profitability of the business can be improved. The
business also needs to analyse if the conferences are essential for maintaining the current revenue
position of the business for making more profits.
Conference fee
Proposed conference fee for the 2019 conference assuming attendance of 70 people and to make a
profit of at least 20%. Show your working:
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V2_ MAY_2019 Australian Smart College Pty. Ltd.
RTO ID: 45302 CRICOS Code: 03661E

This document is Financial Performance Report Template
It is part of the supporting assessment resources for Assessment Task 3 of BSBFIM601
July 17 to June 18
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V2_ MAY_2019 Australian Smart College Pty. Ltd.
RTO ID: 45302 CRICOS Code: 03661E

This document is Financial Performance Report Template
It is part of the supporting assessment resources for Assessment Task 3 of BSBFIM601
Total
Budget
INCOME
Consulting fees 1,862,150
Conference 75,000
E-book 10,000
Executive search 190,080
NET INCOME 2,137,230
EXPENSES
Salaries/wages 529,200
Superannuation 66,150
Cleaning 10,584
Accounting fees 6,615
Advertising and marketing 5,513
Contract writer (e-book) 12,128
Computer software 4,410
Motor vehicle expenses 4,410
Utilities 4,410
Insurance 4,410
Office supplies 1,654
Lease/loan payments 1,433
Rent 47,363
Sundries 2,205
Travel and Accommodation 5,513
Conference venue and catering 5,250
Speaker fees and travel 10,500
Marketing (conference only) 5,250
Conference bags 1,050
Conference casual project officer 31,500
E-book 10,500
Desktop publishing 3,150
Marketing (e-book) 1,260
Repairs & maintenance 1,654
Telephone 3,308
TOTAL EXPENSES 779,418
SURPLUS/ DEFICIT 1,357,812
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V2_ MAY_2019 Australian Smart College Pty. Ltd.
RTO ID: 45302 CRICOS Code: 03661E