Financial Performance Report for Grow Management Consultants

This report presents a financial performance analysis for Grow Management Consultants, focusing on the 2017-2018 period. It examines overall performance, gross and net profit margins, income and cost variations, and budget discrepancies. The report identifies key areas for improvement, particularly in managing expenses. It includes recommendations for the 2019 conference budget, emphasizing the need for accurate cost forecasting. Furthermore, the report calculates the proposed conference fee for 2019, aiming for a 20% profit margin with 70 attendees. The analysis highlights the importance of financial probity, identifying fraudulent behaviors, and discussing the requirements for audited accounts, cash and accrual accounting, taxation, and superannuation obligations. The report also addresses financial reporting and auditing requirements, company tax rates, GST reporting, and ABN penalties, providing a comprehensive overview of financial management principles.

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
The analysis of the performance for the business of Grow Management Consultants shows that the
overall profits which has been generated in 2017-18 has increased which is a positive sign for the
business. More improvements can be expected from the management of the company by
implementing proper policies.
Income variations
Calculation of variation in actual versus budgeted amounts for each income source.
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 discrepancies which can be identified between the budgeted and actual performance of the
business is mainly related to the expenses which is still high in terms of expectation of the
management of the company. The same also impacts the estimated profits and therefore the same is
not consistent with the actual performance which is achieved by the business.
Recommended revisions
Revisions to the 2019 conference budget.
1
© J&S Learningwork 2018

This document is Financial Performance Report Template
It is part of the supporting assessment resources for Assessment Task 3 of BSBFIM601
The revisions which the management of the company needs to be make in the budgets is to accurate
forecasts the costs of the business
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:
2
© J&S Learningwork 2018