ASSESSMENT TASK 3 - Finance Management Using the ABC Realty Balance Sheet and ABC Realty Profit & Loss Statement, provided in your assessment tab, you are required to review the financial management of that business. You must do this to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for the business unit. Your objective is to: plan for financial management read and review balance sheet and profit and loss statements prepare, implement, and revise a budget which aligns with the business plan, is based on research and analysis of previous financial data and cash flow trends, and meets all compliance requirements contribute to financial bids and estimates establish a budget and allocate funds in accordance with statutory and organisational requirements communicate with other people including: reporting on financial activity and making recommendations identifying and prioritising significant issues ensuring managers and supervisors are clear about budgets. analyse the effectiveness of existing financial management approaches including reviewing financial management software, managing risks of misappropriation of funds, ensuring systems are in place to record all transactions, maintaining an audit trail and complying with due diligence. You will need to access the business's financial data, relevant legislation and Australian Tax Office requirements and the business's business