Activity 7: Recommend improvement to financial processes Activity context: Online Media Solutions currently employ a manual...

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Activity 7: Recommend improvement to financial processes Activity context: Online Media Solutions currently employ a manual system of accounting. This leads to a certain number of issues. These issues are as follow: The team miss deadlines or the entries are documented at late intervals Error rates are very high This affects the morale of the team, causing them to feel as though they are wasting their time, undertaking useless or monotonous tasks, and being criticised for poor performance. The management wants to make improvements to the financial processes. They want you to analyse the existing manual financial management system and recommend improvements. Description of the activity: This activity requires you to review and make recommendations for improvements to financial processes. To do so, you need to: Analyse the information given in the activity context . Recommend improvements according to financial objectives (Financial processes) Prepare a plan that outlines the implementation and evaluation of the agreed improvements. For Activity 1-7, Explain the documents to be kept to meet record-keeping requirements for the Australian Taxation Office (ATO) and for auditing purposes. You must use the template provided to document your response. Activity 7: Recommend improvement to financial processes Activity context: Online Media Solutions currently employ a manual system of accounting. This leads to a certain number of issues. These issues are as follow: The team miss deadlines or the entries are documented at late intervals Error rates are very high This affects the morale of the team, causing them to feel as though they are wasting their time, undertaking useless or monotonous tasks, and being criticised for poor performance. The management wants to make improvements to the financial processes. They want you to analyse the existing manual financial management system and recommend improvements. Description of the activity: This activity requires you to review and make recommendations for improvements to financial processes. To do so, you need to: Analyse the information given in the activity context . Recommend improvements according to financial objectives (Financial processes) Prepare a plan that outlines the implementation and evaluation of the agreed improvements. For Activity 1-7, Explain the documents to be kept to meet record-keeping requirements for the Australian Taxation Office (ATO) and for auditing purposes. You must use the template provided to document your response.