BSBFIN601 – Manage Organisational Finances Assignment Answers

Assessment information
Information about how you should complete this assessment can be found in Appendix A of the Business Works Student User Guide.Refer to the appendix for information on:

·         where this task should be completed

·         how your assessment should be submitted.

Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix B of the Student User Guide.


Complete the following activities:

  1. Carefully read the following:
This assessment requires you to demonstrate your skills and knowledge in managing finances.

This project can be based on the case study business in the BSBFIN601 Simulation Pack.

You will be collecting evidence for this unit in a Project Portfolio. The steps you need to take are outlined below.

  1. Preparation
Make sure you are familiar with the business you are basing this assessment on and have read through the necessary background information and policies and procedures. For the case study business, this is all of the documents included in the BSBFIN601 Simulation Pack.

Complete Page 4 of your Project Portfolio for this unit.

Read through the requirements of Section 1, 2 and 3 of your Project Portfolio which include detailed guidance relevant to all the assessment activities.

Remember to create logical folders for all of your work and in the final assessment task you will submit a screenshot of these folders. This will ensure you follow record keeping requirements.

  1. Prepare for financial management.
You are required to prepare for financial management. This involves:

·         Accessing previous financial reports to identify profits and losses and the reasons for such.

·         Reviewing and reporting on financial statements including profit and loss statements, cash flows, ageing summaries and provide revisions as required.

·         Reviewing the business plan to identify and report on initiatives relevant to developing a budget, as well as timing of initiatives.

·         Reviewing available information to assess and report and cash flow trends.

·         Reviewing and reporting on statutory requirements relevant to compliance with financial requirements, as well as tax liabilities.

·         Analysing the software currently used for financial management by the business and assessing its ongoing suitability.

·         Identifying if any changes need to be made to the budget and financial plans and negotiating these changes.

If you are completing this for the case study business, you will answer all the questions in your Portfolio based on your Simulation Pack.

Complete Section 1 of your Project Portfolio.

Submit your Portfolio to your assessor.

  1. Establish budgets and allocate funds
Now that you have prepared for financial management, you are to establish budgets and allocate funds. This involves:

·         Developing a budget for a specified period (see the instructions in your Portfolio) according to the business plan.

·         Making sure that risk management processes are in place so that funds cannot be misappropriated.

You are also to develop a presentation to in order to present the budget to the management for approval, as well as to ensure that reporting requirements and financial delegations are clearly understood by the team. Prepare your presentation following the guidelines in your Portfolio. Make sure your presentation has a logical structure and is in language that your team can understand. Your presentation will last for approximately 15 minutes and you will need to ensure you provide the opportunity for others (fellow students) to answer questions.

Complete Section 2 of your Project Portfolio.

Submit your Portfolio to your assessor. Your assessor will then advise you of the date and time of your presentation, as well as the students who will be participating.

  1. Financial management presentation.
In a group round-table style discussion with a student group of approximately two or three, you will provide your presentation.

Each person will have a turn (15 minutes per person) to present their work.

Your assessor will be looking to see that you can:

·         demonstrate effective communication skills including:

o    Speaking clearly and concisely

o    Using non-verbal communication to assist with understanding

o    Asking questions to identify required information

o    Responding to questions as required

o    Using active listening techniques to confirm understanding

·         Use language that your audience can understand.

This can either be viewed in person by your assessor or you may like to video record the session for your assessor to watch later. Your assessor can provide you with more details at this step. Make sure you follow the instructions above and meet the timeframes allocated.
  1. Reporting on finances
Carefully review the information in your BSBFIN601 Simulation Pack and the instructions in your Portfolio. You are to assess and report on:

·         Discrepancies between the amounts allocated for the budget and actual amounts.

·         Review of overall financial performance.

·         Effectiveness of the financial management processes.

·         Your recommendations as relevant to financial performance and management.

Work on Section 3 of your Project.

  1. Submit your completed Project Portfolio
Make sure you have completed all sections of your Project Portfolio, answered all questions, provided enough detail as indicated and proofread for spelling and grammar as necessary.

Submit to your assessor for marking.

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