Requirements:

Font: Times New Roman

Size: Font size 12

Spacing: Single

12 APA Style reference and In-text citation

Minimum of 1500 words (References are not included in the 1500 words, but only the content of the written report)

Minimum of 1500 words (References are not included in the 1500 words, but only the content of the written report)

NOTE!!! This is a continuation of the assignment that I posted here https://www.homeworkmarket.com/questions/t1-catherine-owens

BSBFIM501 – Manage Budgets and Financial Plans

ASSESSMENT 2: WRITTEN REPORT

First page only is for Executive Summary:

EXECUTIVE SUMMARY (100 words)

In this section, this is a summary containing all the main findings and conclusions. This is what a person will think of what the report is saying and decide if that person will read it all. It is not to be confused with introduction. You need to explain in brief about the whole report in here.

INTRODUCTION (100 words)

Explain in brief about the background of the organisation

REPORT ANALYSIS (1200 words)

Give overall review of the report which you are going to discuss in here.

Note* in the body section, please paraphrase the question and make a header for each question

For the all the questions, please answer the question and make a subheading to the answers

I provided you the samples below

1. Monitor and Control Finances

Answer

a. Answer

b. Answer

c. Answer

d. Answer

e. Answer

2. Review Variances

Answer

a. Answer

3 Areas of accounts less than originally planned

Note: (Don’t Copy Accounting fees, choose something else, must be 3 areas)

Formula Actual Value-Budgeted Value X 100 = Percentage of Variance

Budgeted Value

Accounting Fees (Sample Only)

15,000 – 20,000

X 100= 25%

20, 000

5 Areas of accounts overruns than originally planned

Note: (Don’t Copy Rent, choose something else, must be 5 areas)

b. Answer – You need to list all the 8 variances (3 Areas of accounts less than originally planned and 5 Areas of accounts overruns than originally planned) that you chose and show all the calculations of each variances

Sample below

Accounting Fees

15,000-20,000

____________ X 100= 25%

20, 000

Etc. . . . . .

YOU MUST THEN PROCEED TO “YOU MUST UPDATE THIS TABLE.docx” to update the table

c. Answer

d. Answer

e. Answer

3. Review and Evaluate Processes

Answer

a. Answer

b. Answer

c. Answer

d. Answer

e. Answer

CONCLUSION (100 words)

Explain conclusion here.

REFERENCE LIST

Give minimum 12 references (must be in APA Style referencing format) and In-text citations.

QUESTIONS

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TASK 2 – WRITTEN REPORT

Assessment Task 2 is also a written report. For this assessment task, you are required to read the “Case Study.docx” provided and develop a written report on monitor and control finances, review variances, and review and evaluate processes using the guidelines provided. The report should be detailed and well-structured and must include answers to the following:

1. Monitor and Control Finances

After the implementation of a budget/financial plan it is essential that you monitor actual expenditure and control costs across the financial activities of the work team.

Using the team budget/financial plan from the previous task, explain the following:

a. The organisational processes used to monitor the work team’s reports on actual expenses incurred in a performance of their financial functions.

b. The processes available to control costs incurred by the work team in performance of their financial function.

c. The processes used to monitor and modify contingency plans.

d. The steps and organisational processes available to provide feedback on the team’s expenses and costs incurred in performance of their financial functions.

e. Explain the steps involved in using a spreadsheet as the tool to identify the variances and overruns.

2. Review Variances

a. Develop a scenario where there have been 3 areas of account variances (values less than originally planned) and 5 areas of account overruns (values over the original plan)

b. List the 8 accounts that are under and over the planned values, the original planned value, the actual (scenario under and over) values, and calculate the under and over variance difference and percentages of each variance

c. Explain the contingency adjustments that you would need to implement in order to maintain the financial objectives. to assist in your explanation, you may need to attach a copy of the original budget/financial plan that is to be adjusted

d. Describe the monitoring process you would then undertake to ensure the modification were sufficient or if further adjustment modifications may be necessary in order to achieve the financial objectives of the original budget/financial plan. If further modifications may be required, explain how you would identify and implement them

e. Explain the organisational procedures and protocols to report on the team’s budget/financial plan variances, the modifications and contingency plans implemented and the process to gain approval from the appropriate personnel

3. Review and Evaluate Processes

As part of an organisation’s continuous improvement process, a manager needs to ensure the organisation’s policies, procedures; systems and processes are effective, efficient, reliable and are used appropriately by staff. Explain the following:

a. Explain the financial management processes that are used to monitor the effectiveness and reliability of financial activities of the work team