BSBFIM601: Manage finances - Benefits of Using Accounting Software - Finance Assignment Help

Assignment Task:

Task:

a) Explain the relevant legislation and Australian Tax office (ATO) requirements for business reporting. Outline how the business needs to comply with ATO reporting and the frequency of these reports

b) Create a report for management, analysing the financial performance and financial position of the organisation using relevant ratios to assess the profitability and the financial viability of the company. Use graphic representations wherever necessary.

c) Explain how bias, errors or material misstatement is to be avoided and how to ensure that the reports are checked for accuracy prior to release.
d) What is an audit trail? How does companies maintain an audit trail to ensure diligence in financial reporting?

e) Explain the benefits of using Accounting software available to businesses for the management of their financial operations.
f) Using the information available from your trainer, develop a financial budget for the business. Explain why it is important to communicate with different departments with regard to the budget. Also explain how you would communicate this budget information to other departments as well. A Contingency plan needs to be developed for any uncertain items.

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