Assessment Task 3: Project

Scenario

The financial year has ended. Management wants the Finance Manager of the workplace to: 

• Review financial information

• Analyse financial risks

• Prepare, implement and review a budget

• Report on financial activity.

Job responsibilities:

You are working as Finance Manager in ‘Online Media Solutions’. As part of your job role, you have the following responsibilities: 

• Analyse critical dates and initiatives in the business plan and cash flow trends 

• Assess reasons for losses or profits identified in previous financial reports 

• Examine statutory compliance requirements and tax liabilities

• Examine existing software to determine its suitability for financial management

• Create a budget based on previous financial data in accordance with compliance, organisational, and statutory requirements

• Distribute budgets and ensure managers and supervisors are aware of budgets, reporting requirements, and financial delegations

• Ensure that there are no opportunities for funds to be misappropriated

• Examine and revise profit and loss statements, cash flows, and ageing summaries as needed

• Using audit trails, identify discrepancies between agreed-upon and actual allocations

• Determine the requirements for organisational and statutory financial reporting

• Identify and prioritise key issues in statements for review and decision-making

• Make financial recommendations

• Examine the efficiency of financial management processes.

Project:

This assessment task requires you to take on the role of Finance Manager 

In this assessment task, you will be required to demonstrate your skills and knowledge to manage finances in a workplace setting or a simulated environment set up by your training organisation. 

This includes: 

• Reviewing previous financial statements 

• Preparing, implementing and revising a budget 

• Contribute to financial bids and estimates

• Communicating with the stakeholders to ensure they are clear about the budget and its requirements. 

• Analysing the effectiveness of existing financial management approaches

Supervisor roles and responsibilities: The Supervisor is the individual who supervises or is in charge of the organisation. They belong to a higher rank or status. Their job role and responsibilities are:

• Assist you in understanding the task requirements. 

• Provide you with information about job roles and responsibilities. 

• Provide you with the required information to complete the assessment activities.

• Supervise you in completing the assessment task and requirements. 

• Provide feedback based on the outcomes of assessment activities.

Task requirements 

• You will be assessed on your technical knowledge and skills to complete this work placement task. 

• You will be assessed on meeting your job role and responsibilities

• You must follow the instructions provided by the Supervisor. 

• The task must be completed in the specified timeframe.  

Activity 3.1: Analyse previous financial statements of the workplace.

This activity requires you to analyse previous financial statements of the workplace to prepare for the financial management of the workplace. 

To do so, you are required to follow the steps given in Checklist 1 and complete the templates associated with each step. 

The Supervisor or trainer/assessor will: 

• Supervise and observe the student performing this activity. 

• Place a tick mark against each step given in the checklist after the student performs/implements the step. 

• Sign off the checklist and ask the student for the submission of templates associated with each step. 

For trainer/assessor: For the simulated environment 

• The trainer/assessor or supervisor must ensure that the student is made familiar with the existing financial management practices. 

• The trainer/assessor or supervisor must ensure that the student has access to the following workplace resources.

 Computers 

 Internet 

 MS Word 

 Printer 

 Financial data and reports of the workplace, including: 

 Profit and loss statements

 Cash flows 

 Ageing summaries

 Relevant legislation and Australian Tax Office requirements

https://business.gov.au/finance/taxation/income-tax-for-business 

 Organisational financial policies and procedures

 Financial management software such as MYOB or QuickBooks.  

Checklist 1: Analyse previous financial statements of the workplace

Step 1: Document the following details regarding your workplace in template 1

• Name of the organisation.

• Contact details

• Department or work area of operation.

Step 2: Evaluate reasons for profits identified from the financial reports of the previous year. 

• Analyse the financial statements of the workplace given in the case study.

• Determine and document reasons for profits identified from the financial reports. 

• Document the following using Template 2. 

 Profits in the last two (2) years. 

 Two (2) reasons for profits earned. 

 An explanation of each reason. 

Step 3: Analyse critical dates and initiatives in the business plan and cash flow trends. 

• Analyse the financial statements and business plan summary of the workplace.

• Determine the critical dates and initiatives requiring or generating resources for the workplace in the next financial cycle and document using Template 2.

Step 4: Assess the operations of the workplace, conduct online research, examine and document the following using Template 2.

• Statutory requirements

• Compliance requirements 

• Tax liabilities

Step 5: Examine existing software to determine its suitability for financial management. 

• Determine the financial operations of the workplace. 

• Identify the existing financial management software used by the workplace. 

• Determine the suitability of the existing software to its suitability for financial management.

• Document the following using Template 2. 

 Financial operations of the workplace. 

 Existing financial management software used by the workplace. 

 Suitability of the existing software to its suitability for financial management.

Template 1: Workplace details 

Workplace details

Name of the organisation.

Contact details

Department or work area of operation.

Template 2: Prepare for financial management

Prepare for financial management

Reasons for the profits identified from the financial reports of the previous year

• Profits in the last two (2) years. 

• Two (2) reasons for profits earned 

• An explanation of each reason.

Critical dates and initiatives that will require or generate resources for the organisation in the next financial cycle

Statutory compliance requirements and tax liabilities

Examination of existing software

• Financial operations of the workplace. 

• Existing financial management software used by the workplace. 

• Suitability of the existing software to its suitability for financial management.