BSBFIM501 Manage budgets and Financial plans Assessment Task 1

Task Summary:

In this assessment you are taking the role of centre manager at Bounce Fitness.

It is the time of year where you will be analysing the current financial plans of Bounce Fitness

What do I need in order to complete this assessment?

  • Access to a computer and resources assigned in the task
  • Access to Microsoft Xcel

When do I do this task?

  • You will commence this task at the end of Week 1
  • Due Date is: 30th MAY 2020

what do I need to do if I get something wrong?

If your assessor sees that you have not shown the right knowledge or skills through the submission of your assessment, they will give you some feedback and you will need update your assessment and resubmit.

Instructions:

In this project, you will be reviewing the organisations existing financial plan.

The financial plan is provided here:

**insert link**

The financial plan has the following areas outlined in tabs across the bottom of the Xcel spread sheet:

  • Cash flow
  • ageing summary
  • petty cash
  • profit and loss
  • Balance sheet
  • Procurement budget

Complete the following tasks:

ENSURE these interpretations are recorded in the financial plan analysis template provided here:

**insert template**

Ensure that you also read the following document/s and consider any updates to the policy that may be needed after your interpretation of the following:

**insert financial Policy*

 Interpret the following:

  1. a) Ageing Summary:
  • Interpretation may include but is not limited to:
    • How will you address the unpaid invoices?
    • What action must be taken to convert this to cash?
    • Is this covered in the associated policy? Does it need updating or inserting – if so explain how.
  1. b) Petty Cash:
  • Interpretation may include but is not limited to:
    • Will the current petty cash suffice for the organisation?
    • Is the petty cash accounted for in your budget?
    • How is this accounted for in that organisations financial policy?
  1. c) Cash Flow Statement:
  • Interpretation may include but is not limited to:
    • Is the expected income going to be appropriate in a forecasted period of 12 months based on the trends of your cash flow statement?
  1. d) Profit and Loss Statement:
  • Interpretation may include but is not limited to:
    • Will the proposed budgets meet the expected expenses and costs?

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