financial management approaches

financial management approaches

report on the

planning and implementation of financial management approaches,

monitoring/controlling finances and reviewing/evaluating financial

management processes in your organisation or any other organisation

(approved by the trainer). You need to provide details of the organisation

in task 1.

This organisation can’t be a very small size organisation with less than 20

staff members and annual revenue has to be more than a million. The

organisation also needs to be operated in Australia and organisation must

have a website for referencing and need to be referred by students.

You must provide references and website details of the chosen

organisation.

This will include the following:

  1. Provide an overview of the organisation and your business unit
  2. Identify the internal strategic goals for this organisation and the

external stakeholders, and discuss their influence on the financial

decisions in to your organisation

  1. Discuss the different types of budgets your organisation is required to

prepare and provide an explanation on how each budget is developed

  1. List the people, their roles and responsibilities in the organisation

who are involved in the budget process (from planning to

implementation). List the specific budget they are interested in.

  1. Discuss the process of negotiating budget funding after they have

been allocated? How would you relate budget changes to your

strategic and business goals

  1. Develop a contingency plan to cover changed circumstances and

variations to budgets/financial plans

  1. Discuss reports which are required to show an analysis of actual versus budgeted outcomes (variances). How do these reports assist with improving variances and achieving financial objectives?
  2. What documentation do you need to manage the expenses and costs in

your organisation? How do you use this to calculate estimates and

develop cost management plans?

BSBFIM501 Assessment Tasks 4 | P a g e Revised: January 2016

  1. How would you collect and analyse data and feedback on the

effectiveness of your financial management processes and make

recommendations to make improvement

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