MV094836 Nhat Van Nguyen BSBFIN501 TASK 3 Submission 1

BSBFIN501 Manage budgets and financial plans Task 3 Portfolio: Manage budgets and financial plans at BizOps Enterprises Assessment Templates Student ID Student Name Mv094836 First Name: Nhat Van Last Name: Nguyen 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 13

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 13

it is expected to be 39,352,640 much. We can also identify that the Expenditure in 2025 increased more than 40,000,00, coming from 127,500,00 in 2018 to 168,618,750 in 2025. 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 After reviewing the budget of the previous fiscal year and the performance of the numbers and data during the first quarter, it is noteworthy that both revenues and profits have grown exponentially since 2022. The forecast for 2027 looks very encouraging. BizOps is interested in increasing sales by 15% in order to have a much larger profit number, but increasing this budget can be risky if it is not applied to the products and sectors of the company that really need it and can sustain the budget load. Retail managers can add 15% to their respective retail outlets. The director of financial operations, Mike Booth, must give the go-ahead and recognize that the points and arguments exposed are strong enough to initiate the budget change. He has many doubts and questions since he sees this as a risky move for the company, but the interest of the retail managers in this budget increase makes him think about the possibility of doing it. Therefore, in the meeting, the finance manager must be very detailed and careful with the information presented. Data such as the decrease in the demand for certain products that can Greystone College Australia BSBFIN501 Assessment Templates V2.1123 Page 4 of 13

reach 20%, of certain products that are going to be removed from sales and which products can have an increase of up to 50% such as Hools, is information that will allow us to have a clearer picture of how to use the budget, established at $4,542,788, that is a 15% increase. Taking this into account, it is estimated that Widgets will have an increase in sales of $1,355, Zacs $151,322, Nocs $151,322 and Beels $301,309 These products and this forecast are the key to being able to start the budget change. Clearly, all this is an estimate and an objective to be achieved, so the result can vary drastically and not reach the desired numbers, so there is a contingency budget of close to ............. which It will allow to solve and help which product or retail outlet that needs a boost to reach the desired number. But this would be talking only about numbers, the important thing is to communicate the objective and the methods with the staff so that the budgeted goals in sales and profits are achieved. 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 Task 3: Activity 2, Step 4 Email: Sales staff template Greystone College Australia BSBFIN501 Assessment Templates V2.1123 Page 5 of 13

their pay. You then send this tax to ATO. The ATO calls this pay as you go (PAYG) withholding. You withhold this tax on behalf of your employees. They can claim against the amount withheld at the end of the financial year. If you have any doubts, I'll be happy to clarify them. Regards Greystone College Australia BSBFIN501 Assessment Templates V2.1123 Page 7 of 13

Task 3, Activity 3, Step 1 Implementation and Monitoring Plan template Monitoring Action Responsible Priority Deadline Start End Preparing budget variance reports Prepare worksheets for preparing department budget estimates Department Managers High Beginning of budgetary period 1 st July year 1 30 th June year 1 Collect internal & external sources of data Budget Committee High End of budgetary period 1 st July year 2 14 th June year 2 Receiving feedback from budget managers Review and analyse data Budget Committee High End of budgetary period 1 st July year 2 31 st June year 2 Record variances Budget Committee High End of budgetary period 1 st July year 2 31 st June year 2 Assess variation issues Budget Committee High End of budgetary period 1 st July year 2 31 st June year 2 Prepare variance report and commentary Meet with seniors’ management to discuss budget variances Senior management Budget committee High End of budgetary period 1 st August Year 2 2 nd August Year 2 Monitor and modify contingency plans Senior management Budget committee High End of budgetary period 14 th August Year 2 31 st August Year 2 Insert rows as needed Greystone College Australia BSBFIN501 Assessment Templates V2.1123 Page 8 of 13

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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 11 of 13

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 13 of 13