BSBFIN501 - Manage budgets and financial plans

Case Study

Case Study BSBFIN501 - Manage budgets and financial plans FINANCIAL PLANNING 3 You (the learner) to manage budget and financial plans Mr. Smith runs a consultancy firm that provides engineering solutions. The company is facing many financial constraints during its operation. You have been given a job to access and evaluate budget and financial plans of the current fiscal year, identify the changes required to be made to budget and financial plans, prepare contingency plans, communicate details of agreed budget and financial plans to relevant team members, implement processes to monitor actual expenditure, control costs and modify contingency plans as required according to financial objectives. Collect information on effectiveness of financial management processes within work team, analyse variance between actual and budgeted finances. You have been advised to submit a report incorporating all above mentioned tasks for the final assessment. Use this template to record details of the process. Learner Name Type of budget Date What other stakeholders will be involved Basic accounting principles used Variance between actual and budgeted finances Were any of the following undertaken? (If so provide details) What principles did you use to manage work team What research did you undertake to assess budget and financial plan of the organisation Communication with stakeholders Using networks Record keeping Compliance with legislative/ATO requirements Provide details of the technique you used for budgeting and preparation of ledgers and financial statements Conclusion What recommendations would you make for the improvement in the current financial management processes? Recommendations: Date Your name Your Signature Case Study BSBFIN501 - Manage budgets and financial plans FINANCIAL PLANNING 3 You (the learner) to manage budget and financial plans Mr. Smith runs a consultancy firm that provides engineering solutions. The company is facing many financial constraints during its operation. You have been given a job to access and evaluate budget and financial plans of the current fiscal year, identify the changes required to be made to budget and financial plans, prepare contingency plans, communicate details of agreed budget and financial plans to relevant team members, implement processes to monitor actual expenditure, control costs and modify contingency plans as required according to financial objectives. Collect information on effectiveness of financial management processes within work team, analyse variance between actual and budgeted finances. You have been advised to submit a report incorporating all above mentioned tasks for the final assessment. Use this template to record details of the process. Learner Name Type of budget Date What other stakeholders will be involved Basic accounting principles used Variance between actual and budgeted finances Were any of the following undertaken? (If so provide details) What principles did you use to manage work team What research did you undertake to assess budget and financial plan of the organisation Communication with stakeholders Using networks Record keeping Compliance with legislative/ATO requirements Provide details of the technique you used for budgeting and preparation of ledgers and financial statements Conclusion What recommendations would you make for the improvement in the current financial management processes? Recommendations: Date Your name Your Signature