FNS60217: Advanced Diploma of Accounting - Fly Me High Travels International - Accounting Assignment Help

Assignment Task:

Carefully read the following: 

A company’s board of directors are responsible for maintaining good corporate governance. There are important policy and performance elements to these responsibilities. The board of directors is the guardian of fairness, transparency and accountability in all of the major financial and business dealings of the company, defending the interests of investors and wider stakeholders.
 
Fly Me High Travels International launched its operations on 1 January under the name of Fly Me High Travels Australia. The agency specialises in providing cheap tickets to customers via its one national store located in Sydney and an online store. It also deals in selling wholesale tickets to other agencies. 

The company has set the following KPIs for its operations:
•    Increase total sales by 10% every month
•    Advertising expenses to remain the same for next 6 months
•    Wages and salaries to be decreased by 5% every quarter
•    Online sales to be increased by 15% each month
Open stores in all capital cities in Australia within the next 3 years

Complete the following activities:

1.    Write a budget report.
You are required to plan a report that can presented to the directors of the company by the end of August. The objective of the report is to assist the directors in making further decisions on the business expansion and meeting business compliance requirements.
The report should be in clear and concise English to facilitate understanding by the Directors.

Review the case study information provided above and the Fly High Budget and develop a report that addresses the following points:
•    What are the outcomes of the budgets for the first six months’ operation in Australia?
•    Was the company able to achieve its KPIs? Explain why or why not.  
•    Is the business complying with ATO requirements and reporting in a timely and an efficient manner?
•    What appropriate recommendations would you make for meeting ATO and other legal requirements? Prepare a plan for lodging and meeting those requirements within the required timeframes.
•    Based on all of the information you have reviewed what recommendations would you make to see an overall improvement of the financial process and internal controls systems of the business?

Use the Budget Report Template to guide your work.
 

2.    Write an email to your assessor.
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should summarise the contents of the attachment.
 
Attach your budget report to the email.

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