BSBFIM601 : Describe the Principles of Accounting and Financial Systems – Management Assignment Help

Assignment Task:

TASK:

ASSESSMENT 1Theory questions

• What will be assessed:
• The purpose of his assignment is to assess the underpinning knowledge requirements for the unit BSBFIM601 Manage finances relating to the following aspects:
• Identify the requirements for financial probity
• Describe the principles of accounting and financial systems
• Explain Australian, international, and local legislation and conventions that are relevant to financial management in the organisation
• Outline the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, Pay As You Go.

Q1: What are the requirements for financial probity?
Your response needs to provide an overview (in your own words) what financial probity entails and what this typically would require from you as an employee and an organisation for various business activities like e.g., tenders, procurement etc.
Q2: Describe in your own words the concepts and principles of accounting:
Accounting Entity Concept
The Reliability Principle
The Going Concern Principle
Q3: Describe in your own words the principles of and provisions for effective financial systems:
An overview of the common procedures and systems and what these entails:
(each procedure must be thoroughly explained)
Transaction recording
Reconciliation Processes
Invoicing
Accounts payable
Account receivable
Cash management
Security measures
Banking procedures
Revenue systems
Financial management systems
Q4: Explain in your own words the following Australian, international and local legislation and conventions that are relevant to financial management in the organisation. Where these are not relevant to your organisation, provide a detailed example for each of these applied to a suitable business activity.
Australian Consumer Law (ACL)
International Commercial Terms (INCOTERMS)
Warsaw Convention
Trade Agreements
World Trade Organization determinations
Q5. Outline the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, Pay As You Go. Your response needs to include details for amounts, calculating these, due dates and provisions relevant to different business models e.g. partnership/sole trader or company.
ASSESSMENT 2Background information:
The purpose of this task portfolio is to assess the following performance requirements outline for the unit of competency BSBFIM601:
plan for financial management
read and review profit and loss statements, cash flows and aging summaries
prepare, implement and revise a budget which aligns with the business plan, is based on research and analysis of previous financial data and cash flow trends, and meets all compliance requirementscontribute to financial bids and estimates
establish a budget and allocate funds in accordance with statutory and organisational requirements
communicate with other people including:
reporting on financial activity and making recommendations
identifying and prioritising significant issues
ensuring managers and supervisors are clear about budgets.
analyse the effectiveness of existing financial management approaches including reviewing financial management software, managing risks of misappropriation of funds, ensuring systems are in place to record all transactions, maintaining an audit trail and complying with due diligence.
Instructions for assessment
Read the following tasks and address each criteria.
There are spreadsheets relevant for each task which form the basis to identify, evaluate or amend data as outlined for each task.
You are required to submit the completed spreadsheet with all details outlined for each task.
Task 1
Go to the Spreadsheet Activity 1 Support Material and calculate each of the following values in the orange boxes using the correct formulae:
Net Cash Flow from Operations
Net Cash Flow from Investing Activities
Net Cash Flow from Financing Activities
Net Increase in Cash
Cash at End of Year
Assessment 1
Support Material Activity 2
Support material

Task 2Go to the Spreadsheet Activity 2 Support Material. On the first tab “Departments” you will find an overview of the existing budget figures for the 2020/21 financial year.
Use the template “Draft Budget” on the second tab of the spreadsheet and perform the calculations below using basic formulas.
Your forecast needs to include the Dollar Figures and the % values for all areas affected by changes outlined below.
The % values must be listed for each expenses item shown in the Expenses Analysis for each department.
You have met with the department heads of Hotel Futura and the following details have been discussed to prepare your draft budget for 2021/22:
Rooms Division:
Due to renovations the rooms available have been reduced to 90%.
The forecasted occupancy rate has been adjusted to 78%.
The revenue per available room needs to be increased to $178.00
The COGS will decrease to 13%
Staff costs need to be increased to 22% to allow for increases in superannuation and awards.
Other Expenses need to increase to 9% to cover electricity price rises.
Catering:
The food revenue will be increased by 15% due to a new marketing campaign and specialty menus
The beverage revenue will increase by 8%.
Staff costs need to be adjusted to 34% of the food budget.
Other Expenses will need to be increased to 7%.
Banquet:
The banquet Division will be directly affected by the new marketing campaign which has been directed at daytime seminars and corporate functions. For this purpose, the kitchen has received specialized equipment including multiple combi steamers, hold-o-mats and sous-vide equipment.
The new food revenue budget was set at $1,600,000.00 (1.6 Million) and the beverage revenue was increased by 55%.
The COGS will increase to 29%.
The staff costs have been reduced to 19%.
Other Expenses will need to increase by 14%.
Room Service:
The room service revenue from food needs to be increased by 15%.
Due to a different system to clear floors and organize delivery, the staff costs will be reduced to 34%.
Mini Bar:
The mini bar budget remains unchanged and increased staff costs are absorbed through different processes.
Bar Budget:
The food revenue budget has been increased by 25% with the implementation of a Tapas Menu.
The Beverage Revenue budget has been increased 20% with the introduction of a new cocktail bar and happy hour specials.
Staff costs will need to be adjusted to 32%.
Other Expenses need to be increased to 11%.
Task 3Go to the Spreadsheet Activity 2 Support Material.
Collate the totals for the actual 2020/21 and the draft budget 2021/2022 in the tab “comparison”.
Answer the following questions:
How do the figures compare overall? Give a brief explanation
Which areas would need to be investigated? Why?
1)
2)
Go to the tab “Draft Budget”, create a copy, and move this copy to the end.
Rename and label this copy “Future Potential” and manipulate the scenario below:
Due to renovations for your 2021/22 budget as outlined in Task 2, the number of available rooms had been limited to 90%. Discuss how will your budget for 2022/23 be affected once the number of available rooms will be 100%. Consider the following
The occupancy rate will increase to 84%
The average room rate increases to $185.00 per room
“Other Expenses” increases to 14%

Task 4Part 1
Given the suggested changes in the operation for the 2021/2022 as set out in Task 2, discuss which departments you will need to liaise with in terms of financial and HR impacts and which details will you need to discuss for a successful implementation of the budget?
1)
2)
Which factors need to be considered when the hotel reaches full accommodation capacity based on the future forecast for 2022/23?
Part 2
Given the modernization of the operation, the director in conjunction with the F&B director have approached you to prepare for the purchase and implementation of a new stock control system linked to a POS to enhance security provisions and prevent theft. Research a suitable system and provide details for the features and a cost estimate including ongoing costs for maintenance or subscriptions.
Your task is to research at least 3 options of a suitable system and put together a Report. Include the systems features, the cost estimate (outlining ongoing maintenance or/and any subscriptions costs) and staff training plan. Conclude the Report with your personal recommendation. Use the template provided below.
Control System Report Template Submit your Control System Report
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Task 5 PresentationPart 1
You now have a tentative upcoming meeting with the CEO (your assessor) and the board of directors (your class) the Forecasted Budget 2021 – 2022. Pending confirmation of this meeting you need to send an email to the CEO (your assessor) regarding the points you are going to address the board of directors (your class). The email should be addressed to the CEO and titled Forecasted Budget 2021 – 2022.
The email should be at least 250 words and should provide an analysis regarding:
Total overall Forecasted budget vs Previous budget*
Expense’s variance*
Future expectations of the business due to renovations*
A short analysis of the current, short term and long-term business environment*
Introduction and selection of the new stock control system. **
A conclusion of your opinion based on the above facts.
*When you are referring to your figures make sure to mention the ($) figure followed by the (%). You can insert a worksheet as evidence of your findings.
** Back your opinion with evidence from your research from Assessment 2_Task 4_Question 4
Email Template Submit your Email here
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Part 2
The meeting is now confirmed, and the CEO (your trainer) has requested you to prepare a power point presentation and to present an explanation of your findings to the board of directors (your class). The power point should be (Minimum 6 slides). You can insert a worksheet in the slides as evidence of your findings.
You should be prepared to answer questions on your findings and ensure that all involved are clear about the budgets.
Power Point Presentation Assessor Checklist