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Reporting significant issues in financial performances

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Reference no: EM133562996

Fitness Essential is a local sports business that provides personal training services, general exercise and fitness classes, and indoor pool facilities for swimming training. It also sells fitness attire at competitive prices. Staff are employed full and part time, and it contracts some personal trainers.

The business is to undergo its annual internal finance audit. Finance manager Phoebe needs to explain the financial management processes she uses to her newly appointed financial assistant. The information provided by Phoebe will be also used to train new staff in financial management procedures.

List and discuss Phoebe's key points for planning financial management, establishing and implementing a budget (and allocating funds), and reporting processes.

Methods used in reporting significant issues in financial performances, circulating reporting requirements to managers and supervisors ensuring clarity and conformity, and how the financial management process is evaluated for effectiveness.

Reference no: EM133562996

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