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Assessment Task 2 BSBFIM601 Manage finances Monitor and review budget

Assessment Task 2 BSBFIM601 Manage finances Monitor and review budget

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Assessment Task 2 BSBFIM601 Manage finances Monitor and review budget BSBFIM601 Manage finances© 2015 Innovation and Business Industry Skills Council Ltd 1st edition version: 1Page 1 of 11 Assessment Task 2 BSBFIM601 Manage finances Submission detailsCandidate’s name Phone no. Assessor’s name Phone no. Assessment siteAssessmentdate/s Time/s The assessment task is due on the date specified by your assessor. Anyvariations to this arrangement must be approved in writing by yourassessor.Submit this document with any required evidence attached. Seespecifications below for details. BSBFIM601 Manage finances© 2015 Innovation and Business Industry Skills Council Ltd 1st edition version: 1Page 2 of 11 Assessment Task 2 BSBFIM601 Manage finances Performance objectiveThis assessment task requires you to monitor the implementation of abudget and report on the variances, trends and performance of theestablished budget for a fictional business and provide recommendationsfor ongoing financial viability. BSBFIM601 Manage finances© 2015 Innovation and Business Industry Skills Council Ltd 1st edition version: 1Page 3 of 11 Assessment Task 2 BSBFIM601 Manage finances Assessment descriptionYou will need to review the provided current case study information andcompare it to the budget you established in Assessment Task 1. Afterevaluating these you will need to report on the following:● significant issues● variances from budget● comparative performances● recommendations for ongoing financial viability● evaluation of financial management processes. BSBFIM601 Manage finances© 2015 Innovation and Business Industry Skills Council Ltd 1st edition version: 1Page 4 of 11 Assessment Task 2 BSBFIM601 Manage finances Procedure1. Read the case study.2. Develop a variance report based on the format and templateprovided by Houzit.3. Complete a cash flow analysis on the average length of time it takesHouzit to collect funds from its debtors to determine the trend basedon the financial reports in Assessment Task 1.4. Examine the sales budget, profit budget, cash flow budget and debtorageing summary to identify the following in a report:a. Issues:i. Identify, describe and prioritise significant issues that areevidenced in the provided case study information anddescribe reasons or causes of these issues. Include in thisissues of financial probity that you have identified orconsidered when monitoring these budgets.b. Variances:i. Complete an actual-to-budget variance report, using thetemplate provided in the case study.ii. Identify variances by comparing actual results with theestablished budget, and provide reasons why thesevariances may have occurred.c. Performance:i. Compare financial performance of the organisation(according to financial information provided) to industrybenchmarks for this organisation in line with the retailtrade sector.ii. Respond to the performance questions provided by theCEO, as provided by the board of Houzit,iii. Determine a trend of the average debtor days and theimpact to the cash flow of Houzit.d. Recommendations:i. Outline your recommendations for ongoing financialviability for the organisation, based on your assessment ofthe issues, reasons for variances and organisationalperformance you have identified (Steps 1–3).ii. Include in this section your plans for a revised budget,effectively managing contingencies and issues that havebeen identified in feedback and monitoring of the budgets.e. Evaluation: BSBFIM601 Manage finances© 2015 Innovation and Business Industry Skills Council Ltd 1st edition version: 1Page 5 of 11 Assessment Task 2 BSBFIM601 Manage finances i. Provide a summary review of the financial managementprocesses in place for the organisation, in light of yourassessment of the issues, reasons for variances andorganisational performance you have identified. Include inthis section any recommendations you have for modifyingmanagement processes. BSBFIM601 Manage finances© 2015 Innovation and Business Industry Skills Council Ltd 1st edition version: 1Page 6 of 11 Assessment Task 2 BSBFIM601 Manage finances SpecificationsYou must submit:


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