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Major Activity This major activity consists of two assessment tasks. For assessment task 1, the student is required to review existing financial information and prepare budgets. What do students need in order to complete this assessment? Computer and Microsoft Office ● Access to the internet for research and to access web sites such as the Australian Tax Office 2019 2020 Profit and Loss Statement • 2019-2020 Cash flow statements Financial performance report template Business Plan Grow Management Consultants Financial Management Policy and procedure ● Conference/e-book costs and income WHAT DO STUDENTS HAVE TO SUBMIT? Financial performance report Completed budgets for 2020 2021 ● ● ● ● Instructions to students: Analyse finances and prepare budgets Grow Management Consultants is a consultancy business specialising in leadership consultancy and has been operational for the last five years. The company offers a range of services to assist companies to assess leadership behaviour of existing managers and performance metrics and to design and implement customised leadership programs based on the assessment. Services are offered Australia-wide. The company employs a General Manager (you), 2 Principal Consultants (who are also Directors), 1 Senior Consultant, an Administration Officer and Receptionist. Over the last two years, the company has diversified and offers regular professional development workshops on all aspects of leading and managing staff. These workshops are conducted approximately every 3 months in all major cities including Sydney, Brisbane and Melbourne. In 2018 - 2019, the company ran a total of 36 workshops. The company has also recently produced an E-book about leadership techniques. J The intention is to replace the workshops with the annual conference in the next financial year as the workshops were not well attended and client feedback indicates a personalised, company focused approach in the form of consulting services is the service of choice. The E-book has had reasonable sales but there needs to be a wider selection of books, as well as more marketing. The plan is to generate $10,000 worth of sales for the e-books during the next financial year and increasing over time. As the General Manager for the company and with responsibility for finances, you are currently completing the financial planning for the year ahead. This involves a review of the company's business plan, previous year's profit and loss statement, the current business plan and strategic directions and cash flow statements. Based on the review, you will be establishing budgets and allocating funds. In developing the budget you are to assume a 5% increase in cost of sales, as well as a 10% increase in sales for consulting services and executive search. As per the business plan, the company plans to run an annual conference starting in 2020. The costs for the conference have been estimated by the Principal Consultant as set out in the Estimated Conference Costs document. Conference attendance is aimed at 100 people paying $750 each. The Principal Consultant has also asked you to review the current accounting software used by the business. The company is currently using MYOB but as it has grown, the Principal Consultant wishes to review whether this is the best accounting software for the business. He has also requested that the software have a cloud feature. Complete the following activities: 1.Conduct research in preparation for your financial performance report. Review the scenario information above and the 2018-2019 Profit and Loss Statements and the 2018-2019 Cash Flow Statements provided to you. Using this information, identify areas of the business that have generated a profit and those that have generated a loss. ● ● ● ● 2.Prepare a financial performance report for the Principal Consultants using the template provided by your assessor that includes an: Overview of the purpose of the report. Analysis of the previous year's (2018-2019) profit and loss statement for Grow Management Consultant, including revenue generated, cost of sales, gross profit/loss margin and net profit/loss margin. ● Conduct research to establish why those areas have made a profit or loss. Your research should include a review of the financial data provided to you, economic conditions and business trends that may have resulted in the profit or loss. You will be required to report on your findings in the financial performance report as outlined below. ● Conduct research on financial software systems as per the scenario information. Make notes for use in your report. Analysis of overall business performance including the performance of each of the income streams for 2019-2020. Outline of reasons for profit or loss based on your analysis of the data and research on economic conditions and business trends. Analysis of the organisation's goals and priorities for the upcoming financial year as documented in the Strategic Business Plan and financial resources required to achieve these goals, as well as key dates. An analysis of cash flow trends as per the cash flow statements. Review and analysis of at least three other financial software packages that the business could use, including the advantages and disadvantages of each, as well as the advantages and disadvantages of MYOB that is currently used. Major Activity This major activity consists of two assessment tasks. For assessment task 1, the student is required to review existing financial information and prepare budgets. What do students need in order to complete this assessment? Computer and Microsoft Office ● Access to the internet for research and to access web sites such as the Australian Tax Office 2019 2020 Profit and Loss Statement • 2019-2020 Cash flow statements Financial performance report template Business Plan Grow Management Consultants Financial Management Policy and procedure ● Conference/e-book costs and income WHAT DO STUDENTS HAVE TO SUBMIT? Financial performance report Completed budgets for 2020 2021 ● ● ● ● Instructions to students: Analyse finances and prepare budgets Grow Management Consultants is a consultancy business specialising in leadership consultancy and has been operational for the last five years. The company offers a range of services to assist companies to assess leadership behaviour of existing managers and performance metrics and to design and implement customised leadership programs based on the assessment. Services are offered Australia-wide. The company employs a General Manager (you), 2 Principal Consultants (who are also Directors), 1 Senior Consultant, an Administration Officer and Receptionist. Over the last two years, the company has diversified and offers regular professional development workshops on all aspects of leading and managing staff. These workshops are conducted approximately every 3 months in all major cities including Sydney, Brisbane and Melbourne. In 2018 - 2019, the company ran a total of 36 workshops. The company has also recently produced an E-book about leadership techniques. J The intention is to replace the workshops with the annual conference in the next financial year as the workshops were not well attended and client feedback indicates a personalised, company focused approach in the form of consulting services is the service of choice. The E-book has had reasonable sales but there needs to be a wider selection of books, as well as more marketing. The plan is to generate $10,000 worth of sales for the e-books during the next financial year and increasing over time. As the General Manager for the company and with responsibility for finances, you are currently completing the financial planning for the year ahead. This involves a review of the company's business plan, previous year's profit and loss statement, the current business plan and strategic directions and cash flow statements. Based on the review, you will be establishing budgets and allocating funds. In developing the budget you are to assume a 5% increase in cost of sales, as well as a 10% increase in sales for consulting services and executive search. As per the business plan, the company plans to run an annual conference starting in 2020. The costs for the conference have been estimated by the Principal Consultant as set out in the Estimated Conference Costs document. Conference attendance is aimed at 100 people paying $750 each. The Principal Consultant has also asked you to review the current accounting software used by the business. The company is currently using MYOB but as it has grown, the Principal Consultant wishes to review whether this is the best accounting software for the business. He has also requested that the software have a cloud feature. Complete the following activities: 1.Conduct research in preparation for your financial performance report. Review the scenario information above and the 2018-2019 Profit and Loss Statements and the 2018-2019 Cash Flow Statements provided to you. Using this information, identify areas of the business that have generated a profit and those that have generated a loss. ● ● ● ● 2.Prepare a financial performance report for the Principal Consultants using the template provided by your assessor that includes an: Overview of the purpose of the report. Analysis of the previous year's (2018-2019) profit and loss statement for Grow Management Consultant, including revenue generated, cost of sales, gross profit/loss margin and net profit/loss margin. ● Conduct research to establish why those areas have made a profit or loss. Your research should include a review of the financial data provided to you, economic conditions and business trends that may have resulted in the profit or loss. You will be required to report on your findings in the financial performance report as outlined below. ● Conduct research on financial software systems as per the scenario information. Make notes for use in your report. Analysis of overall business performance including the performance of each of the income streams for 2019-2020. Outline of reasons for profit or loss based on your analysis of the data and research on economic conditions and business trends. Analysis of the organisation's goals and priorities for the upcoming financial year as documented in the Strategic Business Plan and financial resources required to achieve these goals, as well as key dates. An analysis of cash flow trends as per the cash flow statements. Review and analysis of at least three other financial software packages that the business could use, including the advantages and disadvantages of each, as well as the advantages and disadvantages of MYOB that is currently used.
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2 2 To complete Assessment Task 1 students will need the following Computer and Microsoft Office This is essential for preparing budgets and writing t... View the full answer
Related Book For
International Business and the New Realities
ISBN: 978-0136090984
2nd Edition
Authors: S. Tamer Cavusgil, Gary Knight, John R. Riesenberger
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