Develop and implement procedures to regularly review

Assignment Help Financial Management

Reference no: EM132888435

Project Assessment Task

PART A
Prepare for the task by completing the following steps to forecast the future financial resource needs:
• Search and take account of the current financial systems and documents of the entity (the company you have chosen and the industry)
• Do a forecast and prepare an analysis on current financial data, systems requirements and write a short report
• Following the analysis prepare a complete financial plan which include budget forecasts following the organisational and statutory requirements.
• Prepare a brief report to the management making recommendations on budgeted expenses or any changes which need to be made to the budgeted projections.

PART B
Analyse the current asset performance and capacity by performing the following steps:

• Using standard accounting techniques, conduct a balance sheet analysis analyse the costs of assets and liabilities, and the returns from them, to identify and document the extent of debt and equity financing

• Consult your organisation staff or trainer and students if done as a simulated workplace task to find out the responsibilities of the management and legal requirements for financial reporting.

Legal requirements for Financial Reporting

• Carry out an analysis on the financial reports and supporting notes, then write a short report on the findings.
• Do an evaluation and present in a report on the impact that financial decisions made by the management will have on the organisation's ability to meet its planned goals and objectives.

PART C
Perform the following steps to set the business targets and compliance mechanisms:
• Collect comparative and trend information from the industry and computer systems, then use this to confirm and document needs for future budget and associated resources

Use the above information to tailor it to your company and comment on some of the following:
availability of external funding sources, benchmarks as agreed, business activity, brand value, expenses, liquidity, profitability, return on equity, sales and wages

• Complete negotiations to secure resources in accordance with relevant short-term and long-term needs. Document the outcomes of these negotiations

• Maximise the organisation's performance by allocating the required resources against the budget. Document this resource allocation, and maintain accurate and up-to-date records of the resource allocation and usage throughout the cycle according to organisational and legislative requirements

• Develop, review and document the management systems which enable timely collection, management and processing of information

• Accurately complete the records of the budget performance and expenditure, ensuring to report these in accordance with organisational procedures and statutory requirements.

• As required, evaluate and improve budget audit mechanisms and compliance requirements. Document all evaluations and provide the updated and improved mechanisms and compliance requirements

PART D
Manage the financial risk over the full planning-cycle by completing the following steps:
• Identify and analyse financial risk factors. Provide the findings of the analysis

• Manage and document the financial risks as they arise, according to organisational policies and procedures.

• Develop and implement procedures to regularly review the financial risk management activities. Provide the procedures and document the regular reviews conducted

PART E
Perform the following steps to monitor compliance with the financial projections:
• Identify and document the deviations from budgets that generate an adverse effect on the budget objectives.
• Promptly develop and document action plans to remedy significant deviations from budget objectives and projections
• Monitor and review the financial documentation against organisational objectives, revising and renewing the budget priorities as required to meet the operational contingencies and risk management, and managing the costs to targets set in the budget. Document the monitoring, managing, and reviewing activities, and provide all the revised/reviewed budget priorities

Attachment:- Template Tasks.rar

Reference no: EM132888435

Questions Cloud

Example of information being collected and synthesized : What is an example of information being collected and synthesized within a formal human resource planning system?

What are the ways a project time schedule can be compressed : What are the ways a project time schedule can be compressed? What is EVM, earned value management? Explain it

Organizational design and structure : You have recently been hired as the Director of Human Resources for Wilson Brothers Canada and have HR responsibility for all of the company's Canadian

How the creator of representation attempts to convey : How the creator of representation attempts to convey meaning about the space (i.e. are they representing it as romantic, futuristic)

Develop and implement procedures to regularly review : Develop and implement procedures to regularly review the financial risk management activities. Provide the procedures and document the regular reviews conducted

Discuss the offense : Consider the type of rehabilitation program that would best serve that type of offender, analyze if the rehabilitative processes would be effective or not.

Define what integrity means for you : Define what integrity means for you. hat do you see as the reason for the unique role of integrity within the academic community?

Define the ego according to jung : Define the ego according to Jung. Compare and contrast the two views, showing at least two similarities and at least two differences.

Active reading and remembering strategies : Provide at least 2 personal examples on how you will apply active reading and remembering strategies.

User Account

All Pages