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BSBFIM601 Manage Finances Assignment

Assessment tasks

This unit is assessed in the following ways:

Assessment Task	Overview
Assessment Task 1: Written questions	Students must correctly answer all 15 questions to show that you understand the knowledge required of this unit.
Assessment Task 2: Financial analysis and Budgeting	This task includes four parts. For Part A, students are required to complete a financial analysis and then prepare a report for the Principal Consultant of Grow Management Consultants. In Part B, students must prepare a budget for the upcoming financial year. In Part C, students are required to prepare for implementing the budget by reviewing financial policies, procedures and systems. Part D is a role play (Presentation & email), where students will deliver a presentation to managers and supervisors from Grow Management Consultants (their classmates and assessor) explaining the budget they have prepared, the systems and procedures they have set up and ensure managers know what is expected of them.
Assessment Task 3: Budget monitoring	This task requires the student to make adjustments to the budget based on a number of changes that have occurred within the business.
Assessment Task 4: Review project	This assessment task requires the student to review and analyse the draft Profit and Loss Statement and associated account ledgers for Grow Management Consultants for the 2018 – 2019 year, identify and fix any errors they find, keeping an audit trail of their changes and then compare financial results with the budgeted amounts. They must then prepare a report to summarise their analysis and make recommendations and comments on the effectiveness of financial management systems.

Expert's Answer

EMAIL Task 3

Dear all,

I am writing to let you know I wanted some adjustments to the budget this year. Changes were required to compensate for any unforeseen expenditure in relation to the meeting due to personnel attrition and other extra costs. I've had some costs to re-budget. The costs budgeted below have been adjusted.

It is based on an annual Consultancy revenue of $108,600 a month that represents this year's estimate over the last five months.

Rent costs are reduced by $759 per month after November

Office supplies costs reduced by $150 per month after November

Also note that you adhere to the above-mentioned costs with these monthly schedules, moving forward. If you have any questions, please let me know.

Kind Regards,

General Manager