BSBFIN601 Manage Organisational Finances

BSBFIN601 Manage Organisational Finances :

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Assessment Details
Qualification Code/Title
Assessment Type	Assessment Task 2		Time allowed
Due Date		Location	SCCM	Term / Year

Unit of Competency
National Code/Title	BSBFIN601 Manage organisational finances

Student Details
Student Name				Student ID
Student Declaration:  I declare that the work submitted is my own and has not been copied or plagiarised from any person or source.			Signature: ____________________________ Date:         _____/_/_________
Assessor Details
Assessor’s Name
RESULTS (Please Circle)	☐SATISFACTORY				☐NOT SATISFACTORY
Feedback to student:

*If Student is Not Satisfactory Reassessment Required                ☐   Yes           ☐  No

Assessor Declaration:  I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback. Signature:    ________________________ Date:           ______/_______/___________

Instructions to the Candidates This assessment is to be completed according to the instructions given below in this document.Should you not answer the tasks correctly, you will be given feedback on the results and gaps in knowledge. You will be entitled to one (1) resubmit in showing your competence with this unit.If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.  Please refer to the College re-submission and re-sit policy for more information. If you have questions and other concerns that may affect your performance in the Assessment, please inform the assessor immediately.Please read the Tasks carefully then complete all Tasks.To be deemed competent for this unit you must achieve a satisfactory result with tasks of this Assessment along with a satisfactory result for another Assessment.This is an Open book assessment which you will do in your own time but complete in the time designated by your assessor. Remember, that it must be your own work and if you use other sources then you must reference these appropriatelySubmitted document must follow the given criteria. Font must be Times New Roman, Font size need to be 12, line spacing has to be Single line and Footer of submitted document must include Student ID, Student Name and Page Number. Document must be printed double sided.This is Individual Assessments. Once you have completed the assessment, please provide the Hard copy of the Assessments to your Trainer/ Assessor.Plagiarism is copying someone else’s work and submitting it as your own. Any Plagiarism will result in a mark of Not Satisfactory. SCCM uses Safe Assign Plagiarism Checker to check the originality of the student assessment. Student must be aware of and understand the SCCM’s policy on plagiarism and certify that this assignment is their own work, except where indicated by referencing, and that student have followed the good academic practices noted above.

Introduction

The assessment tasks for BSBFIN601 Manage organisational finances are outlined in the assessment plan below. These tasks have been designed to help you demonstrate the skills and knowledge that you have learnt during your course.

Please ensure that you read the instructions provided with these tasks carefully. You should also follow the advice provided in the Business Works Student User Guide. The Student User Guide provides important information for you relating to completing assessment successfully.

Assessment for this unit

BSBFIN601 Manage organisational finances describes the performance outcomes, skills and knowledge required to undertake budgeting, financial forecasting and reporting. This unit also describes the skills and knowledge required to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to reviewing financial information, analysing financial risks, preparing a budget and reporting on financial activity.

For you to be assessed as competent, you must successfully complete two assessment tasks:

• Assessment Task 1: Knowledge questions – You must answer all questions correctly.
• Assessment Task 2: Project – You must work through a range of activities and complete a project portfolio. 

Assessment Task 2: Project Portfolio

Information for students

In this task, you are required to demonstrate your skills and knowledge by working through a number of activities and completing and submitting a project portfolio.

You will need access to:

• a suitable place to complete activities that replicates a business environment including a meeting space and computer and internet access
• BSBFIN601 Simulation Pack or, if you are using your own workplace, access to financial data, statements, the business plan, financial management policies and procedures and financial management software
• your learning resources and other information for reference
• Project Portfolio template
• Budget template
• Financial Reports.

Ensure that you:

• review the advice to students regarding responding to written tasks in the Business Works Student User Guide
• comply with the due date for assessment which your assessor will provide.
• adhere with your RTO’s submission guidelines.
• answer all questions completely and correctly
• submit work which is original and, where necessary, properly referenced
• submit a completed cover sheet with your work
• avoid sharing your answers with other students.

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Assessment information

Information about how you should complete this assessment can be found in Appendix A of the Business Works Student User Guide.Refer to the appendix for information on: where this task should be completedhow your assessment should be submitted. Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix B of the Student User Guide. However, if your RTO has provided you with an assessment cover sheet, please ensure that you use that.

Activities

Complete the following activities:

1. Carefully read the following:

This assessment requires you to demonstrate your skills and knowledge in managing finances. This project can be based on the case study business in the BSBFIN601 Simulation Pack or you may like to base this on your own business, or a business you are currently working for or are familiar with. Speak to your assessor to get approval if you want to base this on your own business or one you work for. You must have access to relevant business documents and financial information to complete the Project Portfolio requirements. Read through the steps in this assessment to make sure you have appropriate information. You will be collecting evidence for this unit in a Project Portfolio. The steps you need to take are outlined below.

• Preparation

Make sure you are familiar with the business you are basing this assessment on and have read through the necessary background information and policies and procedures. For the case study business, this is all of the documents included in the BSBFIN601 Simulation Pack. If it’s your own business or a business where you are working or are familiar with, it’s important at this step that you have your business or case study approved by your assessor. Complete Page 4 of your Project Portfolio for this unit. Read through the requirements of Section 1, 2 and 3 of your Project Portfolio which include detailed guidance relevant to all the assessment activities.

Start working on Section 1 of your Project Portfolio. Step 3 forms part of Section 1. If you are using the case study, refer to the Simulation Pack for the information required to complete this Section. If you are using your own business or a business you work for, you will need access to financial statements (profit/loss statements, ageing summaries and cash flow statements), the business plan, relevant workplace policies and procedures, as well as software currently used for financial management.

• Review financial information to prepare for financial management

	You are required to prepare for financial management for the next reporting period. This involves: reviewing the business plan to identify and report on initiatives relevant to developing a budget (including the timing of initiatives)reviewing and reporting on statutory requirements relevant to compliance with financial requirements and tax liabilities. reviewing the policies and procedures relevant to financial management and reporting, including:the processes that must be followed to ensure that funds are not misappropriatedthe reporting requirements and financial delegations that apply to financial managementeffectiveness of:systems to record transactionsmaintenance of audit trailsdue diligence compliance.accessing previous or current financial reports (profit and loss statements, cash flows, ageing summaries etc.) to:identify profits and losses provide the reasons for the profits and lossesassess and report on cash flow trendsidentify at least one risk (or potential risk) in the existing financial information where funds can be misappropriated.Using digital information sources to do research on:the key initiatives in the business plan that will need to be factored into budget the software currently used for financial management by the business at least one other financial management software that you believe could also be suitable.comparing your organisation’s existing software to the software identified in your research, to choose the most appropriate one.
i	If you are completing this for the case study business, you will answer all the questions in your Portfolio based on your Simulation Pack and the financial reports for FY 2019/2020. If you are using your own business, the financial reports should cover at least one reporting period which should ideally be for one year.  The following links may be useful when summarising legislative requirements: https://asic.gov.au/regulatory-resources/financial-reporting-and-audit/ https://www.austrade.gov.au/international/invest/guide-to-investing/running-a-business/understanding-australian-business-regulation/financial-reporting-in-australia https://www.legislation.gov.au/Details/F2021C00369 https://www.aasb.gov.au/admin/file/content102/c3/AASB_RR10_09-19_Legislative_Requirements_2ndEdn.pdf
	Complete Section 1 of your Project Portfolio. Submit your Portfolio to your assessor.
	Start working on Section 2 of your Project Portfolio. Steps 4 and 5 form part of Section 2.

• Establish a budget

	Now that you have prepared for financial management, you are to establish a budget and allocate funds for the next reporting period. This involves developing a budget for the next reporting period that: considers the business plan requirements and organisational and statutory complianceaddresses the risk for misappropriation (identified in Section 1)does not misappropriate funds.
i	If you are completing this for the case study business, prepare a budget for FY 2020/2021 and use the 2019/2020 financial reports to inform your 2020/2021 budget. If it is for your own business or workplace, you will need to access previous financial data to prepare the budget.  The budget can be for the organisation as a whole or a specific work area. You may use financial software of your choice to create the budget. For example, Excel or a financial software system of your choice. If you would like to use the Budget Forecast template included in the Simulation Pack you may or you can develop your own.
	Once you’ve created your budget, develop a presentation to: present the budget to management for approvaldescribe the processes in place to ensure funds are not misappropriatedensure that reporting requirements and financial delegations (as per the policies and procedures summarised in Section 1) are clearly understood .
i	You will be presenting this presentation in step 5.
	Circulate the budget to at least one superior or appropriate manager (via draft email) prior to meeting with them.
i	Your email should be addressed to the superior(s) and other managers who are associated with the budget. Use appropriate email conventions and protocols (e.g. professional greeting and sign-off). You will be assessed on this.
	Complete Section 2 of your Project Portfolio. Submit your Portfolio to your assessor. Your assessor will then advise you of the date and time of your presentation, as well as the students who will be participating.

Start working on Section 3 of your Project Portfolio. Steps 5 and 6 form part of Section 3.

• Financial management presentation

	In a group round-table style discussion with a student group of approximately two or three, you will provide your presentation. Each person will have a turn (15 minutes per person) to present their work. The other students and/or your assessor will attend the discussion in the capacity of role-play managers or superiors. At the discussion, you should: present your presentation (prepared in Section 2).seek input to identify (and generate ideas to resolve) any issues with the budgetagree on the budget information, reporting processes and financial delegation requirements. Your assessor will be looking to see that you can: demonstrate effective communication skills including:speaking clearly and concisely asking questions to identify required information using active listening techniques to confirm understanding.use language that your audience can understand.
i	Your presentation will last for approximately 15 minutes. This can either be viewed in person by your assessor or you may like to video record the session for your assessor to watch later. Your assessor can provide you with more details at this step. Make sure you follow the instructions above and meet the timeframes allocated.
	Assume that a period of time has passed and information is available to review the financial performance of your business. This should include financial reports for the reporting period for which you created the budget. If you are using the case study, refer to the Simulation Pack for the information required to complete this Section.

• Reporting on finances

	You are to assess the overall financial performance of the forecasted budget against actual results. Include: a review of overall performance and total income, expenses and profit margins.calculation of variation in actual versus budgeted amounts for each income source. calculation of variation in actual versus budgeted costs. the discrepancies between agreed budget allocations and the actual data (for the conference if you are using the case study) Make sure you include an audit trail for one of the discrepancies.
i	If you are using the case study, review the profit and loss statements as well as the cash flow statements for both FY 2019/2020 and 2020/2021. If you are using your own business and you do not have access to sufficient information, review the information in the Simulation Pack and complete this step as set out in the portfolio for the case study information. You may make assumptions to create an audit trail (e.g. document assumed invoices).
	Once you’ve assessed the financial performance, revise any financial reports (profit/loss statements, ageing report or budget) for the current reporting period to manage inconsistencies (if relevant).
	Then provide recommendations on financial performance and management for future reporting cycles, including: recommended revisions to the budget you prepared in order to deal with contingencies (consider revisions to the conference if you are using the case study)at least one proposed future cost for the next reporting period (if you are using the case study, estimate the conference fee for 2021/2022 conference assuming attendance of 70 people and to make a profit of at least 20%). Make sure you show your calculations.
	Draft an email to your superior/manager to make the recommendations for future improvements.
i	Your email should be addressed to the superior(s) and other managers who are associated with the budget. Use appropriate email conventions and protocols. You will be assessed on this.

• Submit your completed Project Portfolio 

Make sure you have completed all sections of your Project Portfolio, answered all questions, provided enough detail as indicated and proofread for spelling and grammar as necessary. Submit to your assessor for marking.

Assessment Task 2: Checklist

Student’s name:
Did the student:		Completed successfully?			Comments
		Yes	No
Review financial information to prepare for financial management, including: reviewing the business plan to identify and report on initiatives relevant to developing a budget (including timing of initiatives)reviewing and reporting on statutory requirements relevant to compliance with financial requirements and tax liabilitiesreviewing the policies and procedures relevant to financial management and reporting, including:the processes that must be followed to ensure that funds are not misappropriatedthe reporting requirements and financial delegations that apply to financial managementeffectiveness of:systems to record transactionsmaintenance of audit trailsdue diligence complianceaccessing previous or current financial reports (profit and loss statements, cash flows, ageing summaries etc.) to:identify profits and losses provide the reasons for the profits and lossesassess and report on cash flow trendsidentify at least one risk (or potential risk) in the existing financial information where funds can be misappropriateddoing research using digital sources on:the key initiatives in the business plan the software currently used for financial management at least one other financial management software that they believe could also be suitablecomparing their organisation’s existing financial management software to the software identified in their research, to choose the most appropriate one?
Establish a budget based on prior financial information including: developing (using financial software) a budget for the next reporting period that:considers the business plan requirements and organisational and statutory complianceaddresses the risk for misappropriation does not misappropriate funds.circulating the budget to relevant management (via email)developing a presentation to:present the budget to management for approvaldescribe the processes in place to ensure funds are not misappropriatedensure that reporting requirements and financial delegations are clearly understood?
Implement and review financial management by: presenting their budget to relevant superior(s) and/or manager(s), including seeking input to identify and resolve any issues with the budgetagreeing on the budget information, reporting processes and financial delegation requirementsreporting on finances including:a review of overall performance and total income, expenses and profit marginscalculation of variation in actual versus budgeted amounts for each income sourcecalculation of variation in actual versus budgeted coststhe discrepancies between agreed budget allocations and the actual data (with an audit trail)revising any financial reports (profit/loss statements, ageing report or budget) for the current reporting period to manage inconsistencies (if relevant)providing recommendations to financial performance and management for future reporting cycles, including:recommended revisions to the budget to deal with contingenciesat least one proposed future cost for the next reporting period communicating the recommendations via email to relevant management?
During the presentation, demonstrate effective communication skills including: speaking clearly and concisely asking questions to identify required information responding to questions as required using active listening techniques to confirm understanding?
Task outcome:	Satisfactory			Not satisfactory
Assessor signature:
Assessor name:
Date:

Student Overall Assessment Record Sheet This form is to be completed by the assessor and used a final record of student competency. All student submissions including any associated checklists (outlined below) are to be attached to this cover sheet before placing on the students file. Student results are not to be entered onto the Student Database unless all relevant paperwork is completed and attached to this form.
Qualification Code and Title
Student Name:
Student ID No:
Final Completion Date:
Unit Code and Title		BSBFIN601 MANAGE ORGANISATIONAL FINANCES
Term Year				Date Assessed
Please attach the following documentation to this form						Result
Assessment 1	☐Knowledge questions					☐S  ☐NYS ☐DNS
Assessment 2	☐Project					☐S  ☐NYS ☐DNS
Final Assessment Result for this unit						☐C ☐ NYC
C=Competent       NYC= Not Yet Competent S= Satisfactory   NYS= Not Yet Satisfactory   DNS= Did Not Submit
Feedback:
Any Adjustment Made to The Assessment:

Student Declaration: I declare that this work has been completed by me honestly and with integrity and that I have been assessed in a fair and flexible manner. I understand that the Institute’s Student Assessment, Reassessment and Repeating Units of Competency Guidelines apply to these assessment tasks. Name: ____________________________________________ Signature: _________________________________________           Date: ____/_____/_____

Assessor Declaration:  I declare that I have conducted a fair, valid, reliable, and flexible assessment with this student, and I have provided appropriate feedback. Name: _________________________________ Signature: ______________________________ Date: ____/_____/_____

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