Activity 1A

To provide you with an opportunity to understand how to review and analyse previous financial data to establish areas which have generated a profit or loss.

Identify an area of business and explain how you could use different forms of current and present financial data to ascertain whether the department made a profit or a loss.

You do not have to use actual figures from your business.

Activity 1B

To provide you with an opportunity to understand how to undertake research to review reasons for previous profit and loss.

Using your answer from the previous activity, explain how you would undertake research to review the reasons for the profit or loss.

Activity 1C

To provide you with an opportunity to understand how to review business plans to establish critical dates and initiatives that will require or generate resources in the next financial cycle.

Using your business plan, identify your business’ critical dates in terms of income and resource use and generation.

Activity 1D

To provide you with an opportunity to understand how to analyse cash flow trends.

Explain how and why you would analyse your business’ cash flow trends.

Activity 1E

To provide you with an opportunity to understand how to review statutory requirements for compliance and liabilities for tax.

Which taxes are applied to your business? Explain each one, including the rates and geographical variations, if applicable.

Activity 1F

To provide you with an opportunity to understand how to review existing software and its suitability for financial management.

In reference to your current financial management software, give all of the pros and cons you can think of.

Summarise whether you think the software is suitable for both your current needs and future needs.

Activity 2A

To provide you with an opportunity to use previous financial data to determine allocations for resources.

Give an example of how you could use previous financial data to determine the allocation of resources.

Explain the figures and how you would allocate resources accordingly.

Activity 2B

To provide you with an opportunity to make informed estimates of new items for inclusion in budget.

Identify a new item you could add to the budget in your business. Estimate the costs of the new item and how it would be included in the budget.

You need to estimate both upfront and ongoing costs.

Activity 2C

To provide you with an opportunity to understand how to prepare budgets in accordance with organisational requirements and statutory requirements.

Give an overview of the organisational policies and requirements you need to adhere to when you are preparing budgets.