GBS003: Managing Financial Resources - The Key Cost Elements in the Budget - Accounting and Finance Assignment Help

Assignment Task:

Task description 

This task requires you to examine and analyse a selected budget within your organisation (or  business unit) to draw conclusions and recommendations regarding its effectiveness as a  mechanism for monitoring costs and performance within your organisation.  

As part of this examination you are required to analyse the cost elements within the budget  so as to understand the cost structure of the organisation (or business unit) and key factors  influencing it.  

Instructions: 

1. Select a budget from your work unit, department or the whole organisation, and  develop an understanding of the budget composition, including key cost (and  revenue) elements and the factors that drive those elements.  

In addition, develop an understanding of the preparation and the monitoring process  for this budget. You may wish to meet with the individuals who are responsible for  preparing, authorising, managing or implementing the budget and /or access relevant  organisational documentation.  

2. Prepare a report in which you describe, analyse and critique the budget preparation  and monitoring process.  

In your discussion, identify any pitfalls associated with the budget process, and  actions which you recommend could be taken to improve the either the budget  process or performance against the budget.  

Also comment on the cost structure and any recommendations you may have in  relation to it. 

In the discussion and analysis of the chosen budget, ensure that you include a discussion of the following aspects: 

1. How the budget aligns to broader organisational planning, strategies and goals. 

2. The budget development process, including; timing and timeframes, key stakeholders  involved, signoffs, tools and systems used, communications. 

3. The key cost elements (and revenues) in the budget. In discussing these, describe  whether the key costs elements and revenues are regarded as fixed or variable, and  what factors ‘drive’ the them.  

4. Any indirect costs that are allocated into this budget and on what basis the allocation  is done. 

5. Reflection on the costs and the cost structure reflected in the budget and the  implications of this structure in cost management. 

6. How information is gathered to support the budget and budget assumptions, including  any costing models or costing systems that are used to generate information for the  budget. 

7. How performance against the budget is measured and monitored. 

8. Consideration of how the use of data analytics could impact the budget development  or monitoring processes.  

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