Implement Financial Management Approaches - Alpha Tennis Coaching Academy Case Study

Assignment Task

Implement Financial Management Approaches - Alpha Tennis Coaching Academy Case Study

You are a manager at Alpha Tennis Coaching Academy. The academy is currently examining its cost structure. Its managers are concerned with the lack of control over the costs that relate directly to the activities of the academy. 
 
The local council's court hire fees are directly related to the academy's activities. Also Alpha pays coaches who are hired to coach beginner's classes. This group loses many tennis balls. 
 
Alpha Tennis wonders if its approach to hiring coaches on a needs basis is effective. Alpha Tennis is considering the erection of a temporary barrier around the courts used by beginners to limit the loss of balls. Supplies, including tennis equipment and refreshments, are kept in the centre shop for sale to players. However, some refreshments go out of date, whereas the turnover of others is high. 
 
Identify the costs the organisation might have some control over and the costs over which they have no control.  
 
How may the control over the controllable costs be improved? 
 
You are required to record the processes and steps you would take to carry out this task by working through the performance criteria listed for this unit. 
 
You are to supply at least one example of the evidence of the ability to: 
 
· Use financial skills to work with and interpret budgets, ageing summaries, cash flow, petty cash, Goods and Services Tax (GST), and profit and loss statements 
 
· Communicate with relevant people to clarify budget/financial plans, negotiate changes and disseminate information 
 
· Prepare, implement and modify financial contingency plans 
 
· Monitor expenditure and control costs 
 
· Support and monitor team members  
 
· Report on budget and expenditure 
 
· Review and make recommendations for improvements to financial processes 

 · Meet record keeping requirements for the Australian Taxation Office (ATO) and for auditing purposes.