BSBFIM601 Manage Finances Assessment 1 :
BSBFIM601 Manage Finances Assessment 1
What methods would you use to plan for financial management including:
BSBFIM601 Managing Finances Assessment 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
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
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:
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
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