Maintaining Budgets and Financial Forecasting - Budget to Control Expenditure - Finance Assignment Help

Assignment Task :

Introduction

This Finance unit provides knowledge of financial management, setting and maintaining budgets and financial forecasting and is assessed through a portfolio of evidence.

Working with your Assessor you will now plan how to evidence all the learning outcomes and assessment criteria below. The evidence created will count towards your final unit assessment.

Assessment

This unit is assessed through a portfolio of evidence. The evidence that you present for assessment must demonstrate that you have met the required standard specified in the learning outcomes and assessment criteria above.

Before you start to collate your evidence, you will agree with your Assessor appropriate evidence which reflects your role and responsibility. You can use one piece of evidence to prove your skills across different assessment criteria and/or across different units. It is not necessary for you to have each assessment criterion assessed with a separate piece of evidence.

Evidence for this unit is likely to come from naturally occurring activities from the workplace and may include (but is not restricted to):

• • Written Assignment
  • Case Study
  • Critical Incident Analysis
  • Oral Presentation
  • Report
  • Online discussion board
  • Seminar paper
  • Learning log
  • Reflective diary
  • Blog
  • Professional discussion

Learning Outcomes :

1. Understand the purpose of financial management within an organisation    
1.1 Assess the importance of sound financial management practices
1.2 Explain the governance and compliance requirements relating to financial management

2. Know how to set a budget    
2.1 Explain the process of setting a budget
2.2 Identify the information needed to set a realistic budget
2.3 Explain how to set contingencies within a budget
2.4 Analyse the factors to be taken into account to secure the support of stakeholders

3. Know how to manage a budget    
3.1 Explain how to use a budget to control expenditure
3.2 Explain the actions to be taken to manage varianc in a budget
3.3 Describe budget reporting requirements including:
• Information to be included in the report
• How often reports are required
• Who the reports should be sent to
 

4. Understand methods of financial forecasting    
4.1 Explain the importance of accurate financial forecasting
4.2 Describe the challenges in creating accurate financial forecasts
4.3 Evaluate methods of financial forecasting

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