BSBFIM501 Manage budgets and financial plans - Assessment 2 Task B

Task B

You have determined that one team member, Bill Goodale, will be responsible for tracking expenses and petty cash throughout the financial year. To meet organizational needs, this duty will need to be performed in accordance with policies and procedures.
You have determined that expenses will need to be divided equally and tracked by quarter, Bill will need to develop a spreadsheet to keep track of actual expenditure by account. To help control expenses, the spreadsheet will need to provide an ongoing tally of expense by account.
Bill's skills include basic accounting. Bill needs to be informed of Big Red Bicycle policies and procedures for petty cash. Bill is familiar with Microsoft Excel but does not know how to use formula and functions to sum columns or rows of figures.
Consider part of this process is the way organisations maintain business records.
Think about computer based systems like excel that can be used effectively instead of the manual system The spreadsheet used is important and what sort of training is required to help the team members as if not used correctly there may be underlying errors that affect the accuracy of the accounts.
Think why organizations need correct and timely information.