Financial Operation of the Program - Principles of Accounting and Financial Systems - Finance Assessment Answer

Finance Assessment Task

1. You know that Vacation Care ran at a loss before and have been told this was due to overstaffing and poor program, however, this fact hasn’t been validated. Consider you have been asked by Ross to review the financial data to analyze reasons for the previous loss. Describe how you will go about this process, for example, what you will look for and what data will you use to make decisions? 

2. How will this information influence your decision making about the current approach to the Vacation Care Program?

3. You need to put in place strategies to manage the financial operation of the program. Describe the principles of accounting and financial systems that will need to be addressed.

4. Describe the strategies you will put in place to manage the financial operation of the vacation care program. Include management of fees received, claiming and compliance of funds, maintenance, and allocation of budgets, contingencies that affect budgets and any other areas of financial responsibility

5. How will you ensure managers/supervisors of the vacation care program are clear about budgets, reporting requirements and financial delegations? Outline what you will do, including the strategies you will use.

Part B – Workplace project

As a part of this assessment, you MUST be working in a role in a community service work where you manage finances. 

Complete the following tasks and report back on how you have managed this.

1. Describe your involvement in planning for the service’s financial management. Such tasks may involve analyzing cash flow trends, reviewing and analysing previous financial data, analysing profit and loss statements and/or aging summaries.

1. Describe a time where you contributed to financial bids and/or estimate

• Describe how you communicate with other people about financial requirements. This may include reporting on financial activity and making recommendations; identifying and prioritising significant issues; ensuring managers and supervisors are clear about budgets

• Undertake an analysis of the effectiveness of existing financial management approaches including:

  • reviewing financial management software

  • managing risks of misappropriation of funds

  • management of budgets

• ensuring systems are in place to record all transactions

• maintaining an audit trail

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