Essay BSBFIM 501: Manage Budgets and Financial Plan – Management Assignment Help

Assignment Task:

Task:

Task 1: Plan financial management approaches
For task one you will be required to discuss your business’s budget/financial plans with your supervisor or the appropriate finance manager, and discuss the expectations within. The outcome must be a confirmation that expected outcomes are achievable, correct and can be understood by your team.
If there are any changes required, you are to discuss this with your supervisor and negotiate to make sure the budget and financial management approach you are planning will work for the business.
Next, prepare a contingency plan for your budget using spreadsheet software (e.g. Excel or Google Sheets). This should be set in place in case a variation is required.
Please include a copy of your financial plan/budget and contingency spreadsheet for your assessor to mark your performance against.

Task 2: Implement financial management approaches
For task two, you will be required to plan a meeting with your team members advising them about the financial plan (only share details that are relevant to your team) and their role in its implementation. The objective of the meeting is to discuss what is expected from everyone. Draft an agenda and outline each person’s role in your written agenda to share with the team.

Ensure you record the minutes during the meeting and write a reflection on how you have shared the information and supported your team.
After the meeting develop an implementation report/plan that includes a resource plan to help you implement, monitor and control your financial management plan. This plan must outline systems and physical resources required (e.g. software) to help with this implementation as well as how you will be monitoring budget vs actuals.
When complete provide your meeting agenda and minutes, and your resource plan to your assessor as evidence.

Task 3: Monitor and control finances
For task three, you will be required to implement your monitoring plan. During the implementation process, you will need to monitor business expenditure and costs to identify cost variations and expenditure overruns. Gather evidence that you have monitored budget and costs in your business on a regular basis (e.g. monthly or quarterly cycles) and discuss with this your assessor.