BSBFIN601 Project Portfolio
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Project Portfolio
BSBFIN601 Manage Organisational Finances
Table of Contents
Section 1: Financial management review
4
Section 2: Establish budgets and allocate funds
8
Section 3: Financial management monitoring and evaluation
10
Student name:
Assessor:
Date:
Business
this
assessment is based
on:
BSBFIN601 Project Portfolio v1.2 April 2023
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of 10
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Section 1: Financial management review
Business plan review
Describe the overall objectives for the business, including financial objectives. List the key initiatives in the business plan that will need to be factored into budget development. Outline the timelines associated with these initiatives.
Highlight the relevant information in your business plan.
Attach your business plan as proof to this section of your Project portfolio.
Legislative requirements Discuss each of the following as relevant to
the business:
statutory requirements for financial compliance
tax liabilities
legislative financial reporting requirements. Policy and procedure summary
Summarise your organisation’s financial management and reporting policies and procedures including:
a description of the
processes that must be followed to
ensure that funds are not misappropriated.
the reporting requirements and financial delegations that apply to financial management.
Highlight any BSBFIN601 Project Portfolio v1.2 April 2023
Page of
applicable sections of the policies and procedures and attach them to this section of your portfolio.
Policy and procedure review
Analyse the effectiveness of:
the systems to record all transactions
how audit trails are maintained
due diligence compliance.
Use the information you’ve summarised on the legislative requirements and existing policies and procedures to help you answer.
Financial review Access financial reports
for the business for at least one reporting period – ideally over one year. Identify the profit or loss made by the business for that reporting period. Discuss the reasons for
the profit or loss. Assess and report on the cash flow trends.
Identify at least one risk in the existing financial information.
Attach proof of your financial information to
this section of your portfolio.
Financial research
Summarise research on
the key initiatives in the business plan that will need to be factored
into budget development.
Research and report on
at least one other financial management BSBFIN601 Project Portfolio v1.2 April 2023
Page of
software (other than the software currently being used) that you believe could also be suitable. Attach proof of at least two digital sources of information to this section of your portfolio
(e.g., screen shot of internet searches or a voice recording of a Siri
interaction etc.).
Financial software comparison
Indicate the name of the software that is currently utilised for financial management in your organisation. Provide an assessment of the extent to which you believe this financial software is suitable for the business. Compare the current software to the software you researched indicating which you believe would be better. Atta
ch:
Business plan
☐
Policies and procedures
☐
Financial information
☐
Proof of information sources
☐
BSBFIN601 Project Portfolio v1.2 April 2023
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Section 2: Establish budgets and allocate funds
Complete this section prior
to the meeting.
Budget preparation
You are to prepare a budget for the upcoming reporting period (one year). Explain here how your Budget aligns with the business plan.
Also explain how you addressed at least one risk (as identified in Section 1) in the budget.
Confirm that there is no misappropriation of funds.
Attach your budget to your Portfolio.
Meeting preparation
Prepare a presentation in order to communicate
the financial management plans to your team. Your presentation can be in a form of your choice such as a PowerPoint presentation. Your presentation is to include:
Details of the budget.
Information on the processes that will be used to ensure funds are not misappropriated.
Information on reporting requirements and financial delegations.
Attach the presentation to your Portfolio
.
Circulate budget
Prepare a draft email using appropriate conventions and protocols (e.g., BSBFIN601 Project Portfolio v1.2 April 2023
Page of
professional greeting and sign-off) to circulate
the budget to at least one manager or superior who is associated with the budget prior to meeting with them to present the budget information. Attach your draft email to the portfolio.
Attach:
Forecasted budget
☐
Presentation
☐
Draft email to circulate the budget
☐
Section 3: Financial management monitoring and
evaluation
Presentation
If not already viewed in
person by your assessor, attach your recorded presentation to your Portfolio. Budget and financial performance reporting You are required to report on overall financial performance for the business, as well as any variances between the actual and
budgeted amount for the budget. Include:
review of overall performance and total income, expenses, and profit margins.
calculation of variation in actual versus budgeted amounts for each income source.
calculation of variation in actual versus budgeted costs.
the discrepancies between agreed BSBFIN601 Project Portfolio v1.2 April 2023
Page of
budget allocations and the actual data
(for the conference if you are using the
case study).
Attach proof of your audit trail to this section of the portfolio (e.g., you may make assumptions and record details of possible invoices that were paid).
Show your calculations.
Revise financial reports
to manage inconstancies
If relevant, revise the current financial year financial records (e.g., profit/loss statement, ageing summary and/or budget) to rectify any issues.
Attach your rectified financial report to this section of the portfolio.
Financial management processes
Reflect on the financial management processes you have followed. What do you believe could be improved? Recommend revisions to the budget you prepared in order to deal with contingencies
(consider revisions to the conference if you are using the case study).
Propose at least one future cost for the next
reporting period (if you
are using the case study, estimate the conference fee for 2021/2022 conference assuming attendance of 70 people and to make a profit of at BSBFIN601 Project Portfolio v1.2 April 2023
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least 20%). Communicate recommendations
Draft an email to communicate the recommendations you have identified in this Section of the Portfolio to relevant superior and/or manager(s).
Attach your email to this section of your portfolio.
Attac
h:
Recorded presentation (if relevant)
☐
Proof of audit trail
☐
Rectified financial report
☐
Draft email with recommendations
☐
BSBFIN601 Project Portfolio v1.2 April 2023
Page of
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