Financial Management Approaches - Budget Plans - Management Assignment Help

Assignment Task:

Submission details
The assessment task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor.

Submit this document with any required evidence attached. See specifications below for details.

Performance objective
The candidate will demonstrate the ability to plan financial management approaches.

Assessment description
In response to the scenario provided, you will clarify budget plans with your manager and negotiate changes to the budget. You will then identify and analyse a risk to the budget and prepare a contingency plan to prevent or minimise the risk.

Procedure
1. Read the scenario provided in Appendix 1 to this assessment task and tasks A and B.

2. Prepare to meet with your manager (assessor) to clarify budget and negotiate changes:
a. identify areas of the budget that are not achievable, inaccurate or unclear
b. prepare to negotiate necessary changes to the budget

3. set up a time with your manager to meet. Meet with your manager(assessor) to clarify budget and negotiate changes:
a. identify at least two issues for clarification
b. negotiate at least two changes
c. include discussion of basic accounting principles
d. refer to relevant legislation and ATO requirements
e. refer to principles and techniques of managing budget items
f. take and keep notes of agreed changes.

4. Use the template provided in Appendix 3 to this assessment task to prepare a contingency plan document for persistent risks after budget changes

5. Submit all documents required in the specifications below to your assessor. Ensure you keep a copy of all work submitted for your records

Task A
The Sales General Manager, Sam Gellar, has asked you to review the master budget and cost centre budgets prepared by the Senior Accountant. She would like you to meet with her to discuss whether the budget projections are achievable, accurate, understandable and fair.
 
She would like you to look closely at the budget for your cost centre, note any changes you think are necessary, develop an argument for the changes and negotiate those changes with her.

Information you are aware of includes:

• Sales in the first quarter (Q1), third quarter (Q3), and the fourth quarter (Q4) are generally 30% less than the second quarter (Q2).
• Sales in Q2 depend on completion of 90% of repair and maintenance.
• Sales for Q2 have been estimated to be $1,000,000.
• Commission negotiated with members of the sales team is now at 2.5%.

Task B
It has come to the attention of the Managing Director, Tom Copeland, that due to the current economic climate, sales volume may be 20% below target this financial year. Tom is worried that this may severely impact profit projections. The company can accept as much as a 10% variance in profit projections; however, more than this could severely affect the company’s ability to pay obligations and invest. Reliable data to determine whether the risk has eventuated should be available by mid Q2, when sales data for the company’s product are in.

As a special project, the Managing Director has asked you to perform a risk assessment and develop a contingency plan to manage the risk of sales falling 20%.
As per organisational policy, you should use the contingency plan template provided.

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