SITXFIN002: Manage Finances within a Budget - Accounting and Finance Assignment Help

Assignment Task

Performance objective

Performance objective

Demonstrate skills required to take responsibility for budget management where others may have developed the budget. You need to demonstrate ability to interpret budgetary requirements, allocate resources, monitor actual income and expenditure, and report on budgetary deviations.

For detailed information about providing assessor feedback, resubmission, reassessment requirements, please refer to AAIC-P6 Assessment Policy.

Assessment description

The assessment is divided into two parts.

Part A: You are required to review and communicate yearly and quarterly budget, budget priorities and importance to budget control to relevant staff.

Part B: You will be required to review the quarterly budget vs actuals and communicate it to relevant staff and identify further measures to control budget and new approaches to meet budget.

Procedure (Steps)

Part A:

1. Review the Scenario provided in Appendix 1: Email from Paula
2. Analyze and review the FY2019 budget and budget allocation % for each expenditure.
3. You must now allocate funds for Jul 2019, Aug 2019 and Sep 2019 according to budget and agreed priorities of reducing stock & wage cost. Maintain detailed records of resource allocation according to Coffeeville’s control systems using Appendix 2: Fund Allocation.
4. Review the Scenario provided in Appendix 3: Communicate Budget. You are now required to conduct a meeting with the front of house manager and Cook with a team as organized by your assessor. Use the minutes of meeting in Appendix 4: Budget Meeting - Minutes of Meeting to record items discussed and actions items generated. During meeting you must
5. Discuss 2018 budget and actuals.
6. Discuss 2019 forecast revenue and expenditure budgeted.
7. Discuss changes to budget between 2018 and 2019 budget.
8. Discuss desired budget outcomes.
9. Share and discuss fund allocation for Jun’2019, Jul’2019 and Aug’2019 prepared earlier using Appendix 2: Coffeeville Fund Allocation.
10. Address any resentment/ concerns/questions around budget allocation/ resource decisions that staff may have.
11. Discuss and Promote awareness of the importance of cost saving budget control.
12. Update detailed records of budget & resource allocation in B&B Budget system given in Appendix 8: Budget System.

Part B:

6. Review the Scenario provided in Appendix 5: Budget Review.
7. Review B&B’s existing policies and procedure around stock (Appendix 9) and workforce management (appendix 10). Research for an opportunity for new approaches to budget management.
8. Enter actual income, expenditure and other information received into the B&B Budget system given in Appendix 8: Budget System.
9. Assess and Analyse the performance as to how did B&B actual did against its set budget targets. Identify and Analyse any significant deviation from the budget. Enter notes in Appendix 8: Budget System against each budget item.
10. You are now required to conduct a meeting with the front of house manager and Cook. Use Appendix 6: Budget Review Meeting - Minutes of Meeting to record items discussed and actions items generated. Liaise with you assessor who arrange simulated team for you to conduct the meeting with Cook & Front of House manager. During the meeting you must:
11. Share with staff the Budget vs Actual figures for each expenditure items.
12. Discuss reasons for deviations and appropriate measures for more effective management of deviations. Update notes in Appendix 8: Budget System against each budget item if applicable.
13. Brainstorm ideas to reduce the costs across stock and wages without impacting level of customer service and the B&Bs reputation for exquisite breakfasts.
14. Assess existing costs and resources and proactively identify areas for improvement.
15. Share your resource research for an opportunity for new approaches to budget management.
16. Discuss pros and cons (Benefits/advantages/disadvantages/risks) of new approaches including impacts on customers service and staff. Use Appendix 7: New Approach to capture this information.
17. Present clear and logical recommendations for budget management using Appendix 7: New Approach.
18. Set budget targets for next quarter in consultation with staff.
19. Draft an email to CEO Paula, provide at least three recommendations for changes to the budget that will satisfy Paula’s request to control cost. In your communication include the advantages and disadvantages of accepting your changes. Use information from Appendix 7: New Approach.
20. Produce a final budget report in spreadsheet provided in Appendix 8: Budget Summary Report and include it in your email to the CEO.

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