SIT60316: Advanced Diploma of Hospitality Management - Report - Management Assignment Help

Assignment Task:

TASK:

Question 1. Planning for financial management. (2 marks) Explain why it is necessary for all business organisations to have effective financial management systems and explaining how the information held in financial management systems contribute to ongoing business performance and business planning.

Question 2. Establishing budgets and allocated funds. (3 marks)
a) What is a Budget?
b) What data might inform a new budget?
c) How does analysis of previous financial data assist projected resource estimates and allocations?

Question 3. Implement Budgets. (4 marks)
a) How do profit and loss statements cash flow and using aging summaries contribute to new budgets?
b) How can you ensure that managers and supervisors in the organisation understand the
budget and understand their reporting requirements with regard to financial management?
c) Budgets are used to identify and track discrepancies between agreed and actual allocations. Explain.
d) How do budgets contribute to analysis of existing financial management approaches?

Question 4. Explain financial probity.

Question 5. List at least 10 forms of legislations and conventions (Australian, international and/or local) that could apply to financial management. (3 marks)

Description

This unit describes the skills and knowledge required to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to financial bids and estimates, allocating funds, managing budgets and reporting on financial activity. It applies to individuals who have managerial responsibilities which include overseeing the management of financial and other resources across a business unit, a series of business units or teams, or an organisation. It covers all areas of broad financial management. In a larger organisation this work would be supported by specialists in financial management.

Invoice Policy
Accounts receivable
?Accounts receivable invoices for sales to catering customers are raised by the relevant manager/sales consultant.
?Accounts receivable invoices may also be raised by the assistant accountant.
?Invoices need to be in the accounting system by the end of each month to provide accurate accounting information.

Accounts payable
ACA Restaurant Cafe’s terms of payment are 30 days from date of invoice. All invoices need to be verified, job numbered and approved by the authorising staff member and the Manager or Finance Manager. The assistant accountant is responsible for inputting all invoices for the month into the ACA Restaurant Café accounting system to ensure accurate accounting information.

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