FNSINC401A Certificates IV in Bookkeeping Assignment Solution

This document presents a comprehensive solution to a Certificates IV in Bookkeeping assignment, specifically addressing the FNSINC401A unit. The assignment covers a range of topics within the financial services industry, including the identification of key sectors, the impact of external forces like interest rates and political climate, and the roles of various service providers such as ADIs, RFCs, and MFs. It also explores the application fees and qualifications required for BAS and tax agents, emphasizing the importance of professional conduct and relevant experience. Furthermore, the assignment delves into sustainability issues, Corporate Social Responsibility (CSR), and the influence of factors like technology and interest rates on the financial services industry. It includes questionnaires for gathering data, outlines bookkeeping responsibilities, and discusses the application of software tools like Xero and SaaS for bookkeeping activities. The solution provides detailed answers to various activities, including identifying influences on the financial services industry, explaining sustainability, and outlining the scope of a bookkeeper's responsibilities.

Running head: CERTIFICATES IV IN BOOKKEEPING
Certificates IV in Bookkeeping
Name of the Student:
Name of the University:
Author’s Note:

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CERTIFICATES IV IN BOOKKEEPING
FNSINC401A
Activity TASK 1
(a) The main eight sectors in the Financial Service Industry with which the bookkeeping
activities can be related closely are:
 Accounting
 Insurance
 Banking
 Superannuation
 Financial Planning
 Credit lending services
 Finance and mortgage broking
 Financial markets
(b) An instance that bookkeeping sector can be related and interacted in the other sectors in
the Financial Services Industry as bookkeeping associates with the process of accounting
and recording of the financial transactions that are taking place within an organization.
This explains that there are various transactions that are taking place. Every sector has to
undertake financial transactions and therefore maintenance of the financial transactions
are crucial in order to understand and discover the profit or losses incurred by the firm.
Activity 2
(a) One service provider that falls into each of the following categories have been given
below:
ADI: Suncorp

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CERTIFICATES IV IN BOOKKEEPING
RFC: ANZ Bank
MF: AMP
Activity 3
(a) An external force that had an impact on the Australian Bookkeeping industry in the last
decade has been:
 Interest Rates: The rise in the interest rates in the last one and half year has resulted in the
loan servicing costs of companies to increase. The extent of increased interest rates
dismays further borrowing by individuals and organizations, and may lead to a fall in the
economic growth.
(b) An external force that had an impact on the Australian Bookkeeping industry in the
current time period has been:
 Political Climate: A steady political climate has contributed to the economic development
and the growth is likely to lead to increased turnover in the financial services industry.
(c) A key financial service provider that has gone through key changes in their products and
services due to transforming external forces has been the banking industry. The changes
include:
 Changes in the operational plan of the banks
 Transformations in the interest rates for loans
 Increasing the customer base
Activity 4
(a) The three minimum methodologies that can be applicable for Virtual OfficeLink
Workplace are prescribed laws, by-laws and regulations.

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CERTIFICATES IV IN BOOKKEEPING
Activity 5
(a) The application fees for a tax agent is $500 if one is carrying on a business as a tax agent
and $250 if they are not carrying on a business as a tax agent. The application fee for
BAS agent is $100 if the agent is carrying on a business and $50 if they are not
undertaking a business. The registration period is within 30 days.
(b) The legislation says that prior to a licence is issued the council must make sure that the
person associated in the management of the property is competent sufficiently, is a fit and
proper person and that management framework and funding are sufficient.
(c) A code of professional conduct is essentially constituent to any profession to sustain
standards for the individuals and entities within that profession to follow. It brings forth
responsibility, accountability and trust to the entities that the profession serves.
(d) The qualifications of a BAS agent are primary qualification, GST/BAS course and
relevant experience. The person has to have a Certificate IV financial services in
accounting or bookkeeping from a training firm that has been registered. The person has
to have a 1400 hours experience in the past four years. On the other hand, the tax agent
has to have primary qualification, board approved courses and relevant experience. The
person has to have a board approved Australian Taxation Law and approved commercial
law and has to have 12 months of experience in the past 5 years.
(e) The penalties, sanctions and the termination booklet is found in the publications and
legislation section where all the relevant information has been listed there.
Activity 6
(a)

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CERTIFICATES IV IN BOOKKEEPING
Profit Understand the process with the help
of which the profit can be attained and
maintain cordial relationship with the
peer members.
People Maintain a healthy relationship in
order bring out the best effectiveness.
Planet Look into the sustainability and
undertake measures that can improve
the planetary environment.
(b)
Organization Name: Tesco
Profit Understand the operational activities
with the help of which profit can be
maintained
People Understand the feelings of the
employees and the consumers and
undertake measures that can improve
the relationship and productivity.
Planet Construct effective CSR activities

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CERTIFICATES IV IN BOOKKEEPING
(c) There are certain companies that concentrate on the social and environmental factors with
the help of which the companies can influence the organizations to maintain competitive
edge and influence their consumers. Most of the companies have developed Corporate
Social Responsibility with the help of which the companies can look after the society as
well as the environment with the help of which the companies construct measures and
actions that improve the lifestyle of the society and can even restrict pollution in the
environment. Various awareness campaigns and measures are taken with the help of
which the organizations can make the society aware of the environment and safeguard the
natural habitat and environment.
(d)
Profit Construct plans and policies with the
help of which the financial
transactions can be recorded and
accordingly the profit can be earned.
People Construct plans and policies according
to the demand and desires of the
individuals
Planet Understand the environment and the
planet and with the help of which
plans and policies can be constructed
in order to make the individuals aware
of the situation.

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CERTIFICATES IV IN BOOKKEEPING
Activity 7
(a) The four influences that have an impact on the Financial Services Industry include:
 Technology
 Interest Rates
 Changes in the value of the dollar
 Inflation
(b) 1. The name of the community VOL is located in is known as Alliance Virtual Offices
2. The Virtual OfficeLink workplace provides a fictitious company that students can
exploit if they are not currently working in a relevant organisation.
3. Sustainability is vital for the local environment as it is crucial for discovering a
sustainable future that is based on three issues that are very much connected to each
other: 1) depletion of fossil fuel, 2) climate transformation due to CO2 emissions, and 3)
the rising costs of water and energy.
4. In order to address the sustainability, Vol should understand the current market and the
environment where the company operates so that CSR plans and activities can be created
with the help of which sustainability can be constructed.
5. As the manager of VOL, one would like to satisfy their employees and consumers
according to their desires and demands with the help of which the company can
accomplish their goals and objectives. This would be done in 12 months from now.
6. The major users of energy in the office environment has been the computers and the
servers that have been used for the development and operational activities of the firm.
(c) Consumables: The changes in the consumable can be made by bringing in various activities
and operations that can improve the level of consumables.

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CERTIFICATES IV IN BOOKKEEPING
Office Supply requirements: Understand the actual office requirements and accordingly
incorporate the same and remove the office tools that are not required.
Data Storage: The increase in the level of data storage can be undertaken by
implementing various innovative data storage techniques that increases the level of
storage and aids the company.
Power Usage: The power usage has to be reduced with the help of various measures like
the removing the techniques that consume large amount of power and making use of
equipment that will reduce power usage.
d. The society and the business have been facing a collection of the critical and urgent
environmental, social, ethical and economic issues. The vast communal responses are
playing out a realm of technology, policy and marketplace. These system level issues and
the communal responses are undertaking imperative that the business constructs their
strategies for operating and incorporating in an effective manner. While the risks of
undertaking insufficient action sustainability imperative is also generating incredible
benefits. Each level of vulnerability comprises of a call for development and each one of
them offers a potential for development.
Macro sustainability trends that are affecting the industry
 The global financial disaster has concentrated on the attention on the role of the
industry in developing sustainable that is accountable for economic development
and on the lucid practices
 FSI businesses are rising as being asked to assimilate into lending decisions and
investing

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CERTIFICATES IV IN BOOKKEEPING
 Sustainability is a growing issue for the borrowers, regulators, financial markets and
insurers and a potential to meet new clients expectation by looking for innovative
answers
What signals might indicate the needs of the clients?
 Pressure from outside is to follow the codes for sustainable conduct
 Restricted awareness of sustainability is even known as the ESG
 Absent and weak policies and criteria for regulating social and environmental
investment and lending decisions
 Rise in demand from the consumers especially from the institutional investors for the
ESG products and services
 Imminent and new regulations on the disclosures of performance on sustainability or
fair service access.
Activity 8
(a) The probable means of collecting data with respect to the expectations and needs of the
business involves gathering data from the feedback of the consumers and the employees
along with the financial data that have been collected from the annual report of the
business.
Activity 9
Questionnaire
Q1. What is your age?
 25- 35 years

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CERTIFICATES IV IN BOOKKEEPING
 35-50 years
 50-60 years
 60-65 years
Q2. What is your gender?
 Male
 Female
Q3. How long have you been working in this organization?
 2-5 years
 5-7 years
 7-10 years
 10 years and above
Q4. What is the department that you supervise?
 Finance
 Marketing
 Logistics
 Operations
Q5. Outsourcing of bookkeeping is helpful in the development of the company
 Strongly Agree
 Agree
 Neutral
 Disagree

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CERTIFICATES IV IN BOOKKEEPING
 Strongly Disagree
Q6. Outsourcing can increase the cost of the firm
 Strongly Agree
 Agree
 Neutral
 Disagree
 Strongly Disagree
Q7. Payroll processing helps in recognising the profit of the firm
 Strongly Agree
 Agree
 Neutral
 Disagree
 Strongly Disagree
Activity 10
(a) The selection and review of 3 or 4 bookkeeping job vacancies can be undertaken by
looking at their primary qualification along with the certified bookkeeping courses in
Australia. The experience of the personnel is even vital as the experience would suggest
their level competency.
(b) The bookkeeping responsibilities that have not been listed in the Guide Book involves
effective recording of the accounting transactions, explain the bookkeeping policies and
procedures. It even maintains subsidiary accounts by allocating, verifying, and writing
the transactions.

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CERTIFICATES IV IN BOOKKEEPING
Activity 11
Questionnaire
Q1. What is your age?
 25- 35 years
 35-50 years
 50-60 years
 60-65 years
Q2. What is your gender?
 Male
 Female
Q3. How long have you been working in this organization?
 2-5 years
 5-7 years
 7-10 years
 10 years and above
Q4. What is the department that you supervise?
 Finance
 Marketing
 Logistics
 Operations
Q5. Roles and responsibilities of bookkeeping improve the financial position of the company