Assessment Templates

BSBFIM501 Manage budgets and financial plans

ASSESSMENT COVER SHEET

Student ID Student Name

First Name: Christian

 
Last Name: Gonzalez

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☒ as required.
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TASK 2: Knowledge Questions Template

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Please provide answers to the following 17 questions.

1. Describe each of the six (6) steps of the accounting process required to record all of the
transactions that take place, and to organise and collate this information before finally
producing financial reports that are analysed and used in decision making.
Provide a description of each of the 6 steps:
• Transactions
• Journals
• General ledger
• Trial balance
• Balance day adjustments
• Accounting reports
Transactions: Generally speaking it is a exchange. As an example the transaction refers a exchange
between services and money.

Journals: The journal records every transaction. In this element its important refer that every
income and outside must be recorded.

General ledger: A general ledger is a set of numbered accounts a business uses to keep track or
supervise of its financial transactions and to prepare financial reports. Each account is a unique
record summarizing each type of asset, liability, equity, revenue and expense.
Source:https://searcherp.techtarget.com/definition/general-ledger-

Trial balance : A trial balance is a bookkeeping worksheet in which the balance of all ledgers are
compiled into debit and credit account column totals that are equal. A company prepares a trial
balance periodically, usually at the end of every reporting period. Its important to refers that the
end of the financial year in Australia is on 31 of June.
Source: https://www.investopedia.com/terms/t/trial

Balance day adjustments: It is basically a photo of what the business looks like as a day. In detail,
is an adjustment you need to make at the end of the reporting period. These adjustments are
made to certain accounts so that you can correctly show the health of the business.
Source:  https://study.com/academy/lesson/making

An Accounting report compells of financial information that are derived from

the accounting records of a business. These can be brief, custom-made reports that are intended
for specific purposes, such as a detailed analysis of sales by region, or the profitability of a specific
product line
Source: https://www.accountingtools.com

2. In 50 words or more, explain how a revenue-received transaction with a credit balance has a
corresponding debit against an asset or liability account.
It refers to the double entry accounting operation. As an example, when a employer pay to a
employee a salary it has a debit in his account whereas the worker has a entry or positive
income. For that reason its crucial understand the balance as a doble entry in order to include

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 the proper information.

3. In 50 words or more, describe the difference between cash basis and accrual basis
accounting when recording transactions, producing financial reports.
Accrual accounting refers that accounting transactions should be all recorded during
accounting periods when they occur. Instead of, cash basis is associated with the periods when
there are cash flows associated with them. The former concept is essential for the accuracy  of
accounting and also is important for the construction of financial reports that show what actually
happened in an accounting period.
Source: Student Book.

4. Explain in 50 words or more the difference between the profit calculated in the trading
account compared with the profit calculated in the profit and loss account.
Both profits separately identify the gross profit and the net profit, the profit of the trading
account determines the gross profit and the other one is used to determine the net profit of
the business.
Trading account is better used for business involved in buying and selling finished products.
The gross profit is determined by deducting the cost of goods sold from the net sales.
On the other hand, profit and loss account shows the net profit determined by deducting the
expenses of the business from the trading account profit, meaning the starting point for the
profit and loss account is the balance from the trading account.

5. List at least four (4) of the financial regulatory requirements including the relevant
legislation that businesses must comply with.
1. Business Activity Statement (BAS)
2. Fringe Benefits Tax (FBT)
3. Goods and Services Tax
4. PAYG withholding
Income Tax Assestment Act 1997
Corporation Law – Australian Accounting Standars.

6. Describe at least four (4) functions of the Australian Taxation Office in terms of the
financial management requirements of a business and in 50 words or more explain the
Good and Services Tax.

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 In general the ATO manage tax and superannuation services for Australians, including some of the
following functions:

1. Collecting revenue
2. Administering the goods and services tax (GST) on behalf of the Australian states and
territories
3. Administering a range of programs that provide transfers and benefits to the community
4. Administering the major aspects of Australia’s superannuation system
5. Being custodian of the Australian Business Register.

Goods and Services Tax : It is a sub-category of a broad-based tax of 10% on most goods, services
and other items sold or consumed in Australia. It is usually called by the abbreviature (GST) and is
a requirement of the Australian Tax Office.

7. In 50 words or more, describe the purpose of an audit in financial records management.

The main purpose of an audit is obtain accuracy honestly, traceability, authenticity and
meeting standards. An audit is the way to obtain an examination of financial statements. The
main idea is gain data of the business and the context or environment where the business
operates and with this information, identify the areas where might be financial risks, meaning,
risks that could impact the financial statements. The audit has several steps as planning, internal
control, analysis and reporting.

8. In 50 words or more, explain why it is important when monitoring budgets to make balance-
day adjustments at the close of an accounting period, before preparing financial statements.
The budget needs to be monitored frequently to understand if it is is necessary make changes to a
budget in order to increase the company's financial standing. Also, it is important to analyse how
the business Budget is currently functioning, after that, it is important to identify the troubled
area, these can be found in both the spending and earning categories.

9. Give at least three (3) reasons why work teams need access to budgets and financial plans
and in 50 words or less, outline the ways financial information can be shared effectively with
relevant stakeholders.
Reasons:

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 1. It is necessary to identify unknown expenses as is the case of unexpended travel or
luxurious items.
2. It is relevant to know and select known expenses as it the case of rent or phone bills
(usually necessary of usual operation).
3. Its important have a ‘educated guess’ which refers to income and expenses. The term is the
next 12 months (from 1st of July to 31 of June)

Financial information is essential in order to be redistributed in the AGM (Annual General

Meeting) in the case that we were referring on a Public company. Usually, the managers give
a printed report after the end of the financial year. In addition, in the private sector is crucial
to corporate meetings as is the case of the Board of Directors meeting.

10. Identify at least five (5) signs that team members are under-performing and may need
support in their role to manage finances for the organisation.

1.Workers do not know what to do. This situation is usually because there are skills
shortage and they must be trained.
2.Low motivation
3.Poor attitude.
4.Companies dropped reputation.
5. Poor performance
6. Laziness

11. In 50 words or more, describe the process of monitoring actual expenditure, variance and
costs controls to avoid budget over runs.

The budget usually is on a monthly basis. When you create a budget you create a baseline
data for next months. By the end of June (31) you will point out details for month 1 to 12 by
dollar and percentage sub-categories. The idea is to identify internal reasons as is the case of
many staff and control external reasons as is the case of COVID 19.
A good idea to control over runs is investigate and correct actions and identify efficiencies and
inefficiencies, this must guarantee enough money.

12. In 50 words or less for each, provide a description for the following types of resource data
commonly used by the work team for managing budgets and financial plans.

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 As is data resource, is essential for a company to keep record of their
Bank account records income and expenses, it is also a daily business reflect of
transactions.

Goods and services tax (GST) is a broad-based tax of 10% on most goods,
services and other items sold or consumed in Australia. On any GST
GST calculations and
transaction paid for business purposes, this is recorded as an input
any credits
credit. When GST is received for services or products it is recorded in the
ledger account as an output credit. GST is worked out that way to avoid
double counting and the way to calculate it is dividing and amount by 11.

Wages and salaries books are design to keep record of payment,

Wages/salaries books bonuses, and others, it helps to keep everything organised and each
(including PAYG, component should be reviewed weekly or fortnightly.
superannuation, etc.) Example: PAYG, Pay as you go tax is a system for making payments to
employees according to their annual income liability.

Is a method that keeps records of the cost of a manufacturing job. A

manager can keep this information to know the cost of each activity
Job costing or operation of the company.

13. Using 50 words or less, outline the process of analysing and documenting resource data, and
making recommendations for improvement.
This process must be factual and valid up to date. Also, it should be measure and control.
Balance cash and cards and register and EFTPOS machine. You should create a
recommendation action or corrective action. As an example, the technology could help the
businesses and create an improvement in the system. It is mandatory create a proof to
change. The idea is creating a cause and effect, identifying what is wrong and why is my new
idea better.

14. Outline at least four (4) advantages of using software programs or electronic spreadsheets
when monitoring and analysing budgets.
-Technology and software are better thank the manual bookkeeping, avoiding grammar
mistakes.
- You can share de documents on a cloud. It means that you can send to a person far away
from the company.

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 - MYOB: Mind your own business.
-Record a stock for the things that are happening.

15. In 50 words or more, explain how planning, implementation and modifying contingency
plans is used to control financial risks for a business.
Planning helps to avoid underestimate their income and overestimate their costs. The person
should write an action plan in order to follow an operational plan. After that, implementation
witch essentially involves a program to know what is happening in order to develop the
business idea and be proactive avoiding reaction planning’s. Finally, modifying process is vital
to implement contingency that essentially are different plans in order to obtain a financial
source. Financial Risk: Business Success or failure.
As is the case of CIRQUE DU SOLEIL, this company did not control its budget problems and at
this moment is in bankruptcy process in France.

16. In 50 words or less, outline the advantages of regular reporting of budgets and financial
plans.
Is positive because with this analysis managers can compare different kind of income in every
store. Also, the managers can know where the proper targets are to put cost or price of sales.
As an example, in wealthy areas the supermarkets modify prices in order to obtain higher
profits. In other cases, is useful to know the number of positions in order to manager the
labour budget. They idea is develop flexibility and adopt and adapt to new circumstances.

17. In 50 words or less describe the budgeting process of analysing and managing cash flow.

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 The business manage the cash in and cash out by the time. Usually is on a weekly basis to
know where money can go. As an example, paying different kind of suppliers.
In order to guarantee that both the budget and cash flow are being realistic, is important to
anticipate what will be the business GST obligation.

End of questioning - 17 questions in total.

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 TASK 3: Project
Portfolio of
Financial Information

Template Instructions: Format your portfolio of financial information before submission. Remove all
red instructions and update the table of contents. You may save as PDF before submission.
File name: Add your student number and first name to the beginning of the file name and add SUB1
at the end. For subsequent attempts change to SUB2 etc.

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Table of Contents
Budget Report..............................................................................................................................3
Briefing: Retail Outlet Managers.................................................................................................4
Briefing: Sales Staff......................................................................................................................4
Short Report................................................................................................................................5
Blog Post......................................................................................................................................6
Staff email:...................................................................................................................................7
Plan: Monitoring revenue and expenditure................................................................................8
Proposal submission: Board of Directors.....................................................................................9
Executive briefing......................................................................................................................10
Revised Budgeting and Financial Planning Procedures.............................................................11

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Budget Report

BizOps business plan (5 years)

300,000,000

250,000,000

200,000,000

150,000,000

100,000,000

50,000,000

0
2018-19 2019-20 2020-21 2021-22 2022-23

Income Expenditure Profit Reinvest

As a senior manager, the main purpose is guide to BizOps as a Financial Stability scenario.
According to that the idea is to increase the company income at the end of every June 31 by
15%. The same trend, has been occurred with the profit level, maintaining 15% of revenue for
all the stock. In the case of income and profits, every indicator should be obtained at the end of
Financial year (June 31).

Looking to reinvest, the idea is using the 75% percentage of profit again in the core company. As
an example, the goals will be pointed on has a good marketing plan based on be the top one
organization into the industry and investigate customers habits. This relevant characteristic will
differentiate from our competitors essentially creating a value-added element.
Finally, the most important goal is our human capital, providing to our employees training and
education in order to transmit knowledge around our green services. For that reason, the
company has been investing part of our reinvest faceable in sources, trainings and material on
our employees.

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Briefing: Retail Outlet Managers

The budget on this plan is based on an estimation of the production and sales volume, its
effectiveness is related to the accuracy of the estimation mentioned above.

As a senior manager, it has been decided to apply a 15% increase on sales volume in the next
financial year with a fixed budget. This decision will guide the retail outlet managers to adapt
activities of any nature on an appropriate scale for the whole company.

According to that, the main purpose is challenging our management capacity in order to obtain
a new goal every year. The income obtained on this strategy will represent the 75% required to
pay the marketing strategy that will help the managers to get better results in every store and
facilitate their capability. Is important to remind that marketing strategy will investigate and
research our customers in order to understand their preferences. In consequence, we will
obtain an added-value witch also will contribute product & brand positioning against
competitors. Also, this is a good motivation towards achieve education for our staff because
other part of this 75% will invest on workshops and education time to our employees. According
to that, is vital to monitor the 15% indicator in order to obtain this kind of benefits and positive
elements that will facilitate our job daily. In addition, it is important to use Communication
systems in order to decrease travel and time commitments of outlet managers.

Therefore, a sales budget founded on customer demand is even more accurate due to its nature
of being based on sales, in this case, if our sales have an increase behaviour our expenses will be
the same but if there is a sales decrease it is easier to control our spending.

Briefing: Sales Staff

For BizOps, it is important to have the staff understanding the relevance of achieving
organisational budget goals. It is essential then that specially the sales staff know the range of
exclusive products that the company offers in Australia, its quality and innovation, always
highlighting that what we offer is a “green” solution for our customers.

Despite the fact that all of BizOps staff have been through and internal product and service
knowledge training, their main job is to ensure that customers know the benefits and existence
of what we offer leading our products and brand to a good positioning on the market.

According to that BizOps will provide a full range of exclusive products in very store to give the
opportunity for sales staff to learn and fully demonstrate their advantages to costumers. This
new strategy will provide time-efficient and cost-effective development processes and will help
facilitate the time that every salesperson spends on every costumer. Also, it is important that
the range of time that spend every salesperson should be less than the old method. In the same
way, is vital empasise that BiZops wants to maintain the full employees for sales, so its crucial at
this moment a calm message for positions and enjoy the work.

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BizOps employs multiskilled retail sales staff capable of providing after sales product support to
customers. It is also crucial to remind the staff how promotion is used in the company, on this
case is to motivate customers to buy our products and services by convincing them that ours is
better than the others. For that reason, the company will guide sales-staff on the results that
investigation gives to understand customer habits. The salesperson should emphasize with key
words in oder to reinforce the positive elements that people want to hear.

Also, BizOps will subcontract a third party in order to training sales-staff in new methods of sales
as is the case of coaching, speaking skills in Portuguese and Spanish classes in order to increase
the sales trough Latin community in Australia. BiZOPs will provide new tablets and Ipads in oder
to facilitate this education process as well that proper and flexible time towards to learn into the
company roaster. The main idea of this training process its not affect the personal life and family
life to employees.

As Hools sells are falling behind and the company is planning to start promotional activities,
some of the ones that could be considered are:

 Discounts on social media: offer one month off discounts of up to 30% on Hools on any
amount of sales.
 Free samples: send free samples to new customers.
 Supporting a charity: donate 1c for each $10 to a charity.
 Free delivery on orders above $150: people get motivated to buy more when they can
save some money on delivery.
 Customer referral incentive program: $30 off for a friend and for yourself when they buy
first time.
 Hanging Out flyers around the city.
 Paying a better rating in searchers or browsers at web in order to attract potentially
costumers.
 Sub contract a third party in order to advertise by calls and refers.

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Short Report
Topics
 Managing the budgeting process
 Managing cashflow
 Interpreting profit and loss statements.

- Managing the budgeting process
Budgeting process is a related to create a plan to spend money, it involves assigning the
income and the expenses to make sure the money is being distributed in accordance to a
plan. It is recommendable to make a whole plan for the budget as it will facilitate
monitoring and control of finances.
An easy way to track the budget is summarizing the expenses by projecting a budget, this
will help to control and evaluate how money is getting expended.
- Managing cash flow
Cash flow is a method of creating a management plan in order to control the liquidity of
incomes and outcomes.
The way to determine cash flow is pretty similar to the budgeting, we need to allocate our
incomes and expenses to check how the money is being distributed, with that done, first
thing is to check our expenses following up and comparing this value with our projections.
This allows us to monitor and control our finances.
A way to track our cash flow expenditure is by following the income and projecting the
deficit by supervising cash in and cash out.
- Interpreting profit and loss statements
Companies are required to manage their profit and loss statements; the reason is due to its
nature of helping them to keep good incomes and manage their expenses.
A way to calculate the account profit to determine profit and loss by:
1. Adding up all your income for the month.
2. Adding up all your expenses for the month.
3. Calculating the difference by subtracting total expenses away from total income.
Tracking this stamen could be done by creating an income statement is the crucial first step
for managing profit and loss. Doing so lays out your gains and losses clearly and should give
you some clear starting points for where to trim costs.

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Blog Post
Topics:
 Cost accounting: This concept will help you to determining the costs of products or process
due to report the correct amount on a company's financial statements. As an example, if
BizOps buy 10 tons of metal per 1 dollar, this cost (1 dollar) should be reported on our
financial statement as a financial cost. The main purpose to compel this data is reflect a
clear information to accountants and understand the origin of the budget.

 The difference between income, expenses, assets, liabilities and equity

Income: is the money received on a regular basis through a transaction, investment or

others. As is the case of an employee from BizOps that works 20 hours.

Expenses: is the cost acquired or required in order to develop something; COGS and
operating expenses.

Assets: is related to when a person or a company own something. A good example could
be the land where BizOps has its factory or the brand that is well known into the market.

Liabilities: is a legal financial debt or obligation required by a company in course

of business operation. As an example, BizOps could hace financial liabilities with
different Financial Institutions as Banks or Trusts.

Equity: process of raising capitals through the sale of shares. As an illustration, the
basic accounting equation Assets = Liabilities + Owner's Equity can be restated to
be Assets = Equities.
Source : www.couchaccounting.com

Concept of a double entry financial system where every credit has a matching debit:
This principle refers to the double entry accounting operation. As an example,
when a company pay to an employee a salary it has a debit in his account
whereas the worker has an entry. For that reason it is crucial understand the
balance as a doble entry in order to include that always affects in a double way.

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 Petty cash: System used to monitor for expenditure on small items.

Accrual accounting: is related to a method that keep records on revenues and expenses
when they are incurred.

Staff email:
Topics
 Australian Taxation Office requirements for assessing revenue
 GST collection, payment and reconciliation
 Audit and record-keeping requirements for financial records
 Pay as you go (PAYG) tax

Recipient: All Managers.

Subject: Bullets To understand ATO Requirements.

Dear Staff:

In order to understand the legislation and our authorities requirements, please fin
attached bullets and a handy brochure of different procedures:

 Australian Taxation Office requirements for assessing revenue:

1. Verify that the document is intended to be a tax invoice
2. Refer the seller's identity
3. Refer seller's Australian business number (ABN)
4. The date the invoice was issued
5. A short description of the items sold, including the quantity (if applicable) and the
price
6. The GST amount (if any) payable – this can be shown separately or, if the GST
amount is exactly one-eleventh of the total price, such as a statement which says
'Total price includes GST'
7. The extent to which each sale on the invoice is a taxable sale (that is, the extent to
which each sale includes GST).  
Source: www.ato.gov.co

GST collection, payment and reconciliation:

 The first step is register for GST. Then work out whether sales are taxable (that is,
subject to GST, and not exempted because they are GST-free or input-taxed) and
include GST in the price of taxable sales.
 Issue tax invoices for taxable sales and obtain tax invoices for business purchases.

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  Claim GST credits for GST included in the price of business purchases.
 Account for GST on either a cash or non-cash basis and put aside the GST
collected so on that way BIZops can pay it to ATO when is done.
 Finally, lodge activity statements or annual returns to report BIZoP sales and
purchases, and pay GST to ATO or receive a GST refund.
Source: www.ato.gov.co

 Audit and record-keeping requirements for financial records:

Record keeping is an essential part of running our responsibility as a company. Keeping

good records helps us to:

 Understand how is business is going.

 Supervise and track of our income and expenses.
 Show banks or lenders how business is going.
Records we need to keep include as a Company:

 Receipts and other evidence of all sales and purchases you made for your
business.
 Tax invoices, wage and salary records.
 All documents about GST.
 Records of the purchase, sale and other costs of any business assets, such as land,
buildings or office equipment.
 All records relating to tax returns, activity statements, fringe benefits tax (FBT)
returns, and contributions to employee super.

The records should be keeped during five (5) years  - as a general rule -from the
date you lodge your tax return.

 Pay as you go (PAYG) tax :

As an employer company, we have a role to play in helping payees meet end-of-year tax
liabilities. You do this by collecting pay as you go (PAYG) withholding amounts from
payments you make to:

 Our employees
 Other workers, such as contractors, that you have voluntary agreements with
businesses that don't quote their Australian business number (ABN).

It’s also important keep the right records.

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 Plan: Monitoring revenue and expenditure

Monitoring actions Responsible Priority Deadline Start End

Preparing budget variance reports

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Prepare worksheets for Finance 29th
High 30th March 1st March
department budgets. Manager March.

Prepare Assumptions and Departmental

Forecasts High 30th April 15th April 30 April.
Heads

Produce Functional and Departmental

High 15th May 1st May 14th May
Subsidiary Budgets Heads

Collect all Department Budget

High 20th May 15 May 24th May
Budgets. Committee

Senior
Finalise Board Papers with
Managers / V. High 15th of June 25th May 14th June
budget.
CFO/ CEO

Board Approval Board/CEO Essential 30th June 15th June 30th June.

Proposal submission: Board of Directors

With regards to the new management, it is crucial set up the innovation process inside the
company. First, it is necessary move all the process online using cloud-based accounting.

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is the case of casual wages and stock purchases and obtain modern printers. On the other hand,
it is mandatory start to create QR Codes in order to facilitate the sells process and eliminate the
use of cash and secure boxes that are obsolete nowadays.

In addition , in terms of processes it will be created new deadlines to the finance department,
that will take place every end of the month. It is important to highlights that it will be a change
of policy to dollars instead of percentage.

As senior managers, we understand that branch managers review on a daily basis a huge
number of items, that is why we have propose some mock up tables that can be seen bellow
and they are alienated depending on its level of impact, it is important to us to consider minor
expenses but as they do not cause any relevant risk or issue we recommend to the branch
manager board to focus on the ones classified as major expenses revenues as their variation is
higher.

Mock-up examples:

Minor expense variances:

Expense item Actual Budget Variance

Lease Printers. 500+ 250+ +100%

Major expense examples:

Expense item Actual Budget Variance

Casual Wages 60,000 65,000 +6,5%
Stock purchases 120000 100000 -20%

Major sales revenue example:

Income item Actual Budget Variance

Sales revenue 150,000 125,000 -17%

Executive briefing 11.

Refer to Step 11 of the assessment project for further instructions. In 50 words or less for each, provide
recommendations for each issue using discussion notes from your budget committee meeting – TASK 4

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Observation assessment. In 150 words or more write your executive briefing for senior management to
understand the issues and to make your recommendations.

Hay que planear la meeting. Lo que le vamos a decir al man.

Reccomendattions on point.

Lo que neale quiere escuchar en la meeting:

1.En el punto 9 se hace un plan y se cogen de ahi para hacer recomendaciones. Temenos que empezar la
reunion con las recomendaciones y lueg hablamos del los puntos anteriores ( 9 y 10)

2.Crear un deadline con fechas para estas cosas:

 Give them training

 Give them a template

 Allow time as needed but not too much

 Have aschedule/plan and share it.

 Si o si something electronic – es coherente con nuestro punto 9.

 Go cashless. More ATM.

Budgeting issues Recommendations

One way to get budget projections on time is by
The department managers rarely have their
having a clear communication between parts
preliminary budget projections submitted to
that are usually involved. In other words, if
the Budget Committee on time. Consequently,
most of the departments get to know the
the Budget Committee usually has to delay its
process, any issue or delay could be avoided
review of all of the subsidiary budgets by about
before hand or if so other departments can
two weeks.
informed in advance to the Budget Committee.
This could be done as mentioned before,
keeping information on a cloud where most
departments can have access to it. Also, there
are several datelines and schedules based on
the Monitoring revenue and expenditure plan.

The two-week delay puts enormous pressure
on the finance department as the production of
the master budget overlaps with other
scheduled finance department tasks such as
GST activity reporting, payroll preparation and
asset register updates.
Follow up tasks that involved responsibilities
with the GST, payroll and assets, this to avoid
overlapping from other activities.
It should be noted that every activity that
involves the preparation of the schedule for the
finance department should not be left behind
as they can affect the regular flow of results.
Another way to avoid delays and one task
affecting the other, is making a brainstorm or a
meeting where departments can expose the

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The finance staff feel that the budget cycle
should commence two weeks earlier, but if this
were implemented it would clash with the
stocktake period in the retail outlets.
The budget consolidation is performed
manually by entering information from hard
copy forms into a database. It would require a
major financial systems upgrade to provide
department managers with the ability to enter
this information directly. You do some research
and find that if the department managers
entered their forecast budget data into a
standard spreadsheet template, it would then
be relatively simple to export data from this
format into the financial system for budget
consolidation. This approach would require
resources for setting up the spreadsheet
templates and training department managers in
using the spreadsheet templates.
Greystone College Australia
possible scenarios that are likely to occur with
ideas to prevent them. Overall, the main idea is
generate a schedule witch was shared before
define the real datelines.
Companies should always be looking towards
making efficient decisions and this can only be
done if every change is effectively
communicating with other departments before
even starting. It is important then to update
information on the cloud and have a
productivity plan to prevent this kind of
conflicts. In addition, could be the possibility to
allow additional periods of time but not
exceeding 1 week.
Management should be able to keep track of
changes and how they affect the regular
functioning of the company, having a good
source of information where everything is
detailed could help to make decisions in
advance and avoid unnecessary expenses. Also,
management can facilitate a template in order
to achieve easier deadlines. Nevertheless, the
main recommendation is give them training in
order to have efficient process.
Finally, it is essential go cashless and allow
more payments terminals to create efficient
processes. The time means economical
resources in this improvement.
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Revised Budgeting and Financial Planning
Procedures12.
Refer to Step 12 of the assessment project for further instructions. Develop your revised
budgeting and financial planning procedures using approximately 300 words or more.

Se debe hacer con la mismas recomedaciones.pero ya en una version mas parafraseada. Se debe
tuilizar frases como “ se van ahorrar tiempo”

 Give them training

 Give them a template

 Allow time as needed but not too much

 Have aschedule/plan and share it.

In BizOps, the budgeting plan help the company and all departments to manage their
actions, know their stock levels, have a contingency plan, GST and plan commitments, etc.

Financial: reports to show the expenditure and its variations, compare with the budget,
show increases and decreases.
I there are changes show recommendations and their impact.
If approved the new budget will start to get on track.

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Task 4: Observation – Assessment Grade
Your assessor will record the result of your observation assessment in this section according to
your performance of the following assessment criteria. This grade will contribute to your overall
assessment outcome.

1. Presenting information on budgets and financial issues in line with BizOps policies and
procedures
a. matching a communication style to suit the meeting environment and budget
committee members

b. speaking in different vocal registers and tone

c. using words suitable to a professional environment

2. Clarifying budget information with Managing Director of financial operations and budget
committee members

3. Using open and closed questioning to confirm understanding

a. speaking clearly and directly

4. Using active listening skills

a. using good eye contact

b. summarising what has been heard

5. Negotiating changes to budget and financial plans with Mike Booth, Managing Director of
financial operations and budget committee members

a. stating the desired outcomes of BizOps financial goals and objectives

b. using reasoning to verify facts

c. working with other committee members and the director to reach an agreeable
solution
Assessor – Student’s record of outcome
(Assessor only to update)
Assessor’s Name:

Date of assessment:

(Assessor only to update the assessment outcome)

All observation criteria must be satisfactorily demonstrated by the student.

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The observation assessment has been graded:
Satisfactory ☐

Not satisfactory ☐

Overall Assessor’s feedback:

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