Formulate and implement an action plan of financial services

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Reference no: EM132165059

Provide financial and business performance information

Scenario:

You are working as an accountant and finance officer for "Australian Credit and Finance", please find the organisation website for further information;

David and Clair Taylorown a small business called "Sports Store Pty. Ltd." with massive potential in the market. They have started their own business two financial years ago.

The goals are;
- To expand their own business and increase their sale over one million dollars in a medium term (3 to 5 years).
- To register with ASIC and ASX to raise fund by issuing shares in the Australian market after 8 years.
- To be able to supply all quality sport materials and equipment to Australia wide and New Zealand.
- To develop and maintain internal and external workplace relationship networks
- To implement and use new technologies for better and efficient quality services
- To provide healthy, professional, fun and successful workplace environment for all staff
- To comply and follow Australian regulations, codes of standards, government buddies, ethics, codes of conducts and etc.

To achieve their goals, the company needs to expand their financial activities by raising fund around $150,000.David and Clair came to see you for seeking advices and assisting them how to get the loan.

Procedures:
Please carefully read each question and provide your report below;
Details that must be included in the report:

ASSESSMENT QUESTIONS

Part A

Executive Summary
- A summary of your report and what you will be submitting in the following pages (Min 60 words)
- The top-line findings (Min 4 bullet points)
- The types of information you will need to gather for David and Clair to make the final decision. (including a summary explanation why each piece of information is necessary, 45 words each - at least 4 types of information)

Part B
A 360 Degree Analysis
A brief knowledge about Sports store Pty. Ltd.'s objectives, targets,plans, expertise, experiences. (50 words)

Part C
Main part
Assess client needs
1. Discuss and clarify what are Taylor's financial expectations and objectives for mutual understanding? (40 words)

2. Describe how you explain possibilities of financial options, processes of right financial products with their specific legal and financial requirements to David and Clair according to provision of knowledge? (40 words)

3. Formulate and implement an action plan of financial services between you (financial consultant) and "Sports Store Pty. Ltd." representatives to make, sure high quality customer service will be provided such as agreement, financial requirements and documents, grievance management, financial services fee, costs of loan, deadlines, reviewing and monitoring progress plans and any changes, responsibilities, communication methods and feedbacks etc.(an action plan required, 60 word)

Analysis data

4. Explain how and what authorities you could be in contact that you can prove and reconcile on reliability and accuracy of Sports store Pty. Ltd.'s financial statements to make sure these reports are complying with organisational procedures, statutory requirements and standard financial reporting principals?

5. You are requiredto follow the instructionsbycalculating "Medium term budget (3 years) profit and loss statements" for financial year 2019, 2020 and 2021 and alsocomparing "variance to budget profit and loss ended by June 2018". You can find all data from appendix 1 and 2, also, an excel file has uploaded through Moodle for your convenience which you need to submit the file as part of your assignment. All instructions are below:

(a) Sales will continue to grow at 25% per year from the year 2018 base year.
(b) Gross Profit % will increase and remain at;
1. 47% of sales for year 2019,
2. 52% of sales for year 2020,
3. 58% of sales for year 2021.
(c) Wages and on costs could be increased by 15% each year.
(d) All other costs will increase from now and will be in line with inflation of 10% per year.
(e) Interest rate is 8%. Calculate and compare the simple and compound interest to be paid on $200,000 for each year if the amount is borrowed for 3 years.Explain what would be the financial impact if you add compounded interest expenses to your budget profit and loss statement for next 3 years. Describe, is the company able to pay off its debt annually without any financial crises?

6. Analysis and evaluate the company's financial statements for the year 2017 and 2018 to financial performance and future potentials of "Sports Store Pty. Ltd."in accordance with standard financial analysis techniques, future funding requirements and statutory obligations (formulas required).

Prepare advice
7. Describe how you would include and consider compliance, statutory requirements such as taxations etc. with realistic view of business financial performance in your reports and advices to David and Clair? (50 words)

8. Demonstrate your professional final report in suitable and understandable language to be presented to David and Clair by explaining and interpreting financial analytical performance assessment and evaluation of each ratio? (Min 30 words for each ratio, financial graphs and charts are optional)

9. Demonstrate in your report how you identify financial risks and what are your financial contingency plans and options through customer's rights and obligations. (An action plan required)

Part D
Conclusion
Describe and inform your professional final result in aligned with Sports store Pty. Ltd.'s financial needs and objectives in order to finance their own business expansion. (Min 50 words)

Part E
Recommendations
Provide financial advice to David and Clair on new and/or alternative short-term and long-term financial sources and options to finance their needs in the market by mentioning 4 strength areas of financial performance and also 4 weakness areas that could be improved. (Min 70 words)

Part F
Workplace Evidence
Provide evidences of your workplace such as payslips, ID card, emails or pictures, etc.

Attachment:- Final Assessment.rar

Reference no: EM132165059

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Reviews

len2165059

11/13/2018 12:50:16 AM

Marking and Criteria guide: Assessor and student must read this carefully before assessment. A 75% demonstrated competence in the answers is the benchmark only and students & assessors must note that professionally critical aspects/concepts must be included (e.g. current knowledge of legislation, statutory requirements, local and worldwide current events). All parts (criteria) in the marking guide must be completed successfully for the student to achieve competence in this unit.

len2165059

11/13/2018 12:49:58 AM

Knowledge Evidence To complete the unit requirements safely and effectively, the individual must: • explain the key requirements of taxation legislation relating to deductions, allowances and charges • list the key areas that can cause significant taxation issues • compare and contrast forecasting techniques • identify and explain the key features of government financial policy and secretary’s financial management instructions • explain the key requirements of relevant corporations and consumer legislation • describe a range of methods for presenting and formatting financial data • identify and explain the key principles of cash flow and budgetary control • identify and categorise sources of information on financial products and markets • outline a range of risks and contingencies and risk management options relating to financial and business performance • outline client rights and responsibilities.

len2165059

11/13/2018 12:49:46 AM

Performance Evidence Evidence of the ability to: ? access clients’ needs and analyse their financial data ? prepare and document appropriate advice for clients that: ? complies with financial legislation and accounting standards, practices and principles ? assesses taxation, compliance and business viability issues faced by clients ? assesses risk management options and practices. Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

len2165059

11/13/2018 12:49:34 AM

HINT: Use these questions as subheadings to create a business style report to answer your assessment Your response to each question should aim to provide enough information to answer the question. In most cases, this can be done with just a few paragraphs. Don’t forget to refer to attachments under the heading (question) applicable, e.g. ‘See attached email’. Important: Your assessment must contain this coversheet and your own coversheet (for your “report”) Your answers & assessment submission must professional in style (Business), content and format. Maximum font size 11 points: Font Arial or Times New Roman; single spacing; clear paragraphswith appropriate punctuation, spellchecking and final submission will need to be proof-read. (i.e. few missing words or typo’s) In particular: - Use clear, non-discriminatory language - Avoid the use of jargon - Write clearly using plain English - Consider your target audience - Ensure that your responses meet the needs of the target audience (in this case your trainer or assessor). All of your work must be original.

len2165059

11/13/2018 12:49:27 AM

This assessment must be based on where you work (or have worked most recently). This Assessment is designed to test the knowledge that you have acquired throughout the unit. Use the following tips to help you answer the questions: Read each question carefully. Check with your trainer or assessor if you are not sure what the question is asking.

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