Manage Budgets and Financial Plans: Task 3 Portfolio Guide

BSBFIN501 Manage budgets and financial plans Task 3 Portfolio: Manage budgets and financial plans at BizOps Enterprises Assessment Templates Student ID Student Name First Name: Last Name: Submitting your assessment: Complete all assessment tasks, upload the Assessment Templates, and submit in Moodle for grading. Document naming convention: Before you submit this document to Moodle, save it using the following document naming convention:  Student ID - Full Name - Unit Code - Task Number - Submission Number o Example: MV09001 - Robert Dejanovic – BSBFIN501 - Task 3 - Submission 1 Once your assessment is graded, you will receive an email notification. Check your grades and submission feedback on Moodle. Assessor’s acknowledgement: Please verify each of the following principles of assessment by placing a tick in each box. Refer to the assessor's handbook for further information if required. ☐ Authentic : I am assured that the evidence presented for assessment is the learner’s own work ☐ Valid: I am assured that the learner has the skills, knowledge and attributes as described in the module or unit of competency and associated assessment requirements ☐ Current: I am assured that the assessment evidence demonstrates current competency. This requires the assessment evidence to be from the present or the very recent past ☐ Sufficient: I am assured that the quality, quantity and relevance of the assessment evidence enable a judgement to be made of a learner’s competency Greystone College Australia BSBFIN501 Assessment Templates V2.1123 Page 1 of 8

Table of Contents Budget Report template .............................................................................................................. 3 Example budget (Excel Spreadsheet template) ........................................................................... 3 Briefing - Retail Outlet Managers template ................................................................................. 3 Contingency Budget (Excel Spreadsheet template) .................................................................... 3 Email: Sales staff template .......................................................................................................... 4 Implementation and Monitoring Plan template .......................................................................... 5 Proposal submission: Board of Directors template ..................................................................... 6 Executive Briefing template ......................................................................................................... 7 Revised Budgeting and Financial Planning Procedures template ................................................ 8 Greystone College Australia BSBFIN501 Assessment Templates V2.1123 Page 2 of 8

Task 3: Activity 1, Step 3 Budget Report template Chart Interpretation and financial direction Task 3: Activity 2, Step 1 Example budget (Excel Spreadsheet template) For Steps 1 and 3 you must complete and submit the BSBFIN501 Task 3 Excel Spreadsheet Templates V2.1123.xlx Task 3: Activity 2, Step 2 Briefing - Retail Outlet Managers template Task 3: Activity 2, Step 3 Contingency Budget (Excel Spreadsheet template) For Steps 1 and 3 you must complete and submit the BSBFIN501 Task 3 Excel Spreadsheet Templates V2.1123.xlx Greystone College Australia BSBFIN501 Assessment Templates V2.1123 Page 3 of 8

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Task 3: Activity 2, Step 4 Email: Sales staff template Recipient: Subject: Greystone College Australia BSBFIN501 Assessment Templates V2.1123 Page 4 of 8

Task 3, Activity 3, Step 1 Implementation and Monitoring Plan template Monitoring Action Responsible Priority Deadline Start End Preparing budget variance reports Receiving feedback from budget managers Prepare variance report and commentary Insert rows as needed Greystone College Australia BSBFIN501 Assessment Templates V2.1123 Page 5 of 8

Task 3: Activity 3, Step 2 Proposal submission: Board of Directors template Proposal: Mock-up examples: Minor expense variances: Expense item Actual Budget Variance Major expense examples: Expense item Actual Budget Variance Casual wages Stock purchases Major sales revenue example: Income item Actual Budget Variance Sales revenue Greystone College Australia BSBFIN501 Assessment Templates V2.1123 Page 6 of 8

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Task 3: Activity 4, Step 1 Executive Briefing template Budgeting issues Recommendations Delayed budget projections: To avoid the two weeks, delay next time, -we can develop an excel template and share to fill up - giving a timeline and sharing the sample projection - offering a preliminary budget projections training -previous meeting to explain the importance and urgency to keep everyone in same page. Over flow: To avoid the pressure, the finance department could - Scheduled a part of finance department tasks during the waiting time or before - Hire external professionals to share the load of doing the master budget -Replace the master budget into automated software. Proposed solution: -Stocktake automation software to do the real time projection -allocate time and calculate the projected value for last two weeks. Operational requirements: To implement the update -develop custom template - train managers Greystone College Australia BSBFIN501 Assessment Templates V2.1123 Page 7 of 8

Task 3: Activity 4, Step 2 Revised Budgeting and Financial Planning Procedures template Overview: Ways success will be measured and evaluated: Important reminder: Remember to upload to Moodle your completed Task 3 Excel Spreadsheet Template with this completed document. Greystone College Australia BSBFIN501 Assessment Templates V2.1123 Page 8 of 8

BSBFIN501 Task 3 Nhat Van Nguyen

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