BSBFIM601 Manage Finances Assessment 1

BSBFIM601 Manage Finances Assessment 1 :

1.  What methods would you use to plan for financial management including:

BSBFIM601 Managing Finances Assessment 1

1. How will you review and analyse in order to find information on previous profit and loss account?

BSBFIM601 Managing Finances Assessment 1

• How would investigate the reasons for previous profit/loss?

• How would you review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle?

• How would you analyse cash flow trends?

• What requirements might you have in relation to for compliance and liabilities for tax?

• What types of software might you need for financial management?

BSBFIM601 Managing Finances Assessment 1

2. Then discuss the steps involved in creating a budget including how you will

1. Use previous financial data to determine allocations for resources

• Make informed estimates of new items for inclusion in budget

c. Prepare budgets in accordance with organisational requirements and statutory requirements

BSBFIM601 Managing Finances Assessment 1

3. Then you will need to discuss the methods you will use to implement a budget including

1. Circulation methods, including how you will make managers and supervisors clear about budgets, reporting requirements and financial delegation.

• Risk management and check there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions.

• Reviewing profit and loss statements. cash flows and ageing summaries

• Revising budgets to deal with contingencies

e. Maintaining audit trails to ensure accurate tracking and to identify discrepancies between agreed and actual allocations

BSBFIM601 Managing Finances Assessment 1

4. Then discuss the types of reports you would need to prepare and how you would

prepare them including:

1. Formats for reports so that they are clear and confirm to organisational and statutory requirements?

• How you will Identify and prioritise significant issues in statements, including comparative financial performances for review and decision making?
• How you will Prepare recommendations to ensure financial viability of the organisation?

• How you will Evaluate the effectiveness of financial management processes?

BSBFIM601 Managing Finances Assessment 1

Visit:https://auspali.info/

Also visit:https://www.notesnepal.com/archives/767

For solution:

WhatsApp

+610482078788

+61482073403

+61482072848

[email protected]