Implementation of a budget and report on the variances

Assignment Help Finance Basics
Reference no: EM131456378

Manage finances Assessment Task - Monitor and Review Budget

Performance objective -

This assessment task requires you to monitor the implementation of a budget and report on the variances, trends and performance of the established budget for a fictional business and provide recommendations for ongoing financial viability.

Assessment description -

You will need to review the provided current case study information and compare it to the budget you established in Assessment Task 1.After evaluating these you will need to report on the following:

  • significant issues
  • variances from budget
  • comparative performances
  • recommendations for ongoing financial viability
  • evaluation of financial management processes.

Procedure

1. Read the case study.

2. Develop a variance report based on the format and template provided by Houzit.

3. Complete a cash flow analysis on the average length of time it takes Houzit to collect funds from its debtors to determine the trend based on the financial reports in Assessment Task 1.

4. Examine the sales budget, profit budget, cash flow budget and debtor ageing summary to identify the following in a report:

a. Issues:

i. Identify, describe and prioritise significant issues that are evidenced in the provided case study information and describe reasons or causes of these issues. Include in this issues of financial probity that you have identified or considered when monitoring these budgets.

b. Variances:

i. Complete an actual-to-budget variance report, using the template provided in the case study.

ii. Identify variances by comparing actual results with the established budget, and provide reasons why these variances may have occurred.

c. Performance:

i. Compare financial performance of the organisation (according to financial information provided) to industry benchmarks for this organisation in line with the retail trade sector.

ii. Respond to the performance questions provided by the CEO, as provided by the board of Houzit,

iii. Determine a trend of the average debtor days and the impact to the cash flow of Houzit.

d. Recommendations:

i. Outline your recommendations for ongoing financial viability for the organisation, based on your assessment of the issues, reasons for variances and organisational performance you have identified (Steps 1-3).

ii. Include in this section your plans for a revised budget, effectively managing contingencies and issues that have been identified in feedback and monitoring of the budgets.

e. Evaluation:

i. Provide a summary review of the financial management processes in place for the organisation, in light of your assessment of the issues, reasons for variances and organisational performance you have identified. Include in this section any recommendations you have for modifying management processes.

5. Prepare for and undertake the role-play presentation:

a. Arrange a time with Jim Schnieder, CEO of Houzit Pty Ltd (your assessor), to present an oral explanation of your variance report. Ensure that your assessor has copies of or access to documents you will be referring to.

b. Deliver the presentation of your variance report

i. Summarise your findings (issues, variances, financial performance)

ii. Prioritise and present your recommendations.

c. Ask for questions, either during or at the end of the presentation, to:

i. demonstrate your oral communication skills

ii. use questioning and listening techniques

iii. demonstrate competent exchange of information

iv. use appropriate conventions and protocols

v. ensure the manager/CEO is clear about budgets

d. Seek approval (or discuss as required) of your recommendations in the report.

Attachment:- Assignment Files.rar

Reference no: EM131456378

Questions Cloud

Does the article make the point the author intended : Was the article logically organized and clearly presented? If so, what was effective about it, and if not, what problems were there?
What is the depreciable basis of an asset : What is the depreciable basis of an asset? What role does depreciable basis play in determining the annual cost recovery on a depreciable asset?
Article reports about the presentation : Monitoring expenses, and supervising all operational aspects of the company.
What is the margin of error : The 92 million Americans of age 50 and over control 50 percent of all discretionary income (AARP Bulletin. March 2008).
Implementation of a budget and report on the variances : BSBFIM601 Manage finances Assessment Task - Monitor and Review Budget. Monitor the implementation of a budget and report on the variances
Individual uses non-verbal communication : Third, listen to the presentation several times, paying close attention to how the individual uses non-verbal communication, composes sentences, and organizes.
What is a point estimate of the proportion of companies : Many stock market observers say that when the P/E ratio for stocks gets over 20 the market is overvalued. The PIE ratio is the stock price divided by the most.
Why is the type of technology necessary in the united states : Why is this type of technology necessary in the United States? Would the implementation / testing be permissible for the private sector?
Urgent need to improve healthcare quality : This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

Reviews

len1456378

4/10/2017 1:07:51 AM

Can you complete assessment in two days? I am attaching previous solution for your reference. The previous solution is just for your guidance. The figures may not be same. You must submit: a complete actual-to-budget variance report and a completed report detailing the issues, variances, performance, recommendations and evaluations identified from the financial information for Houzit Pty Ltd. Your assessor will be looking for: Evidence that you reviewed the provided case study information to develop an evaluative report concerning the progress of the budget. Adjustment for distance-based learners. No changes to the task are required.

Write a Review

Finance Basics Questions & Answers

  Financial reporting and analysis

Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..

  A report on financial accounting

This report is specific for a core understanding for Financial Accounting and its relevant factors.

  Describe the types of financial ratios

Describe the types of financial ratios and other financial performance measures that are used during venture's successful life cycle.

  Differences between sole proprietorship and corporation

Briefly describe the major differences between a sole proprietorship and a corporation

  Prepare a cash budget statement

Calculate the expected value of the apartment in 20 years' time. What is the mortgage loan repayment at the beginning of each month

  What are the implied interest rates

What are the implied interest rates in Europe and the U.S.?

  State pricing theory and no-arbitrage pricing theory

State pricing theory and no-arbitrage pricing theory

  Small business administration

Identify the likely stage for each venture and describe the type of financing each venture is likely to be seeking and identify potential sources for that financing.

  Effect of financial leverage

The Effect of Financial Leverage and working capital management

  Evaluate the basis for the payment to the lender

Evaluate the basis for the payment to the lender and basis for the payment to the company-counterparty.

  Importance of opps, ipps, mpfs and dmepos

Research and discuss the differences and importance of : OPPS, IPPS, MPFS and DMEPOS.

  Time value of money

Time Value of Money project

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd