BSBFIN501 Assessment 3

Assessment Task 3 - Project Case study Online Media Solutions is a marketing and web development business based in Melbourne, Australia. From idea to design, development and marketing, we achieve results for our clients and grow their business. We have ventured into the web service industry to offer our superior and unique services to small businesses and organisations. Our experience and expertise in web sales and e-commerce give us the backing to provide solutions that are currently lacking in the market. There is an all-time high demand for web development and marketing for small businesses with signs of rising further. Interestingly, few web developers have taken advantage of this opportunity, leaving the industry with no dominant provider. The high costs of the projects and the focus on more prominent companies and organisations could be the contributing factor as to why this market remains untapped. We have a system that will reduce the project costs dramatically, giving us the opportunity to offer quality services at reduced prices. Mission Our professional team of specialists with industry expertise deliver solutions not only for leading brands but also for non-profit organisations and innovative start-up businesses. We aim to reach success by providing unique yet creative solutions to our customers that will elevate their online presence. Our vision Quality web solutions with a sound technical foundation that enable our clients to impress their customers and improve their online image worldwide. We want to make our customers stand out in the online environment and become the leading provider of online services for small and medium-sized businesses. Keys to success  We will offer quality web services to small businesses and organisations at affordable prices.  Customised and tailored services.  Establishment of alliances and partnerships with internet service providers and organisations involved in computer consultancy Services offered We offer the following services to our clients:  Interface and Web Design Services o E-commerce o Web development

Total expenses 390,000 380,000 370,000 360,000 350,000 340,000 330,000 320,000 310,000 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total expenses

Office supplies 5,000 1,250 1,250 1,250 1,250 Postage & printing 400 100 100 100 100 Dues & subscriptions 500 125 125 125 125 Telephone 10,000 2,500 2,500 2,500 2,500 Repair & maintenance 50,000 45,000 2,000 2,000 1,000 Payroll tax 25,000 6,250 6,250 6,250 6,250 Marketing Expenses Advertising 200,000 50,000 50,000 50,000 50,000 Employment Expenses Superannuation 47,500 11,875 11,875 11,875 11,875 Wages & salaries 500,000 125,000 125,000 125,000 125,000 Staff amenities 20,000 5,000 5,000 5,000 5,000 Occupancy Costs Electricity 40,000 10,000 10,000 10,000 10,000 Insurance 100,000 25,000 25,000 25,000 25,000 Rates 100,000 25,000 25,000 25,000 25,000 Rent 200,000 50,000 50,000 50,000 50,000 Petty cash 1,000 300 300 200 200 Water 30,000 7,500 7,500 7,500 7,500 Waste removal 50,000 12,500 12,500 12,500 12,500 TOTAL EXPENSES 1,405,000 383,800 340,800 340,700 339,700 NET PROFIT (BEFORE INTEREST & TAX) 1,017,500 148,700 484,200 191,800 192,800 Income Tax Expense (30% Net) 305,250 44,610 145,260 57,540 57,840 NET PROFIT AFTER TAX 712,250 104,090 338,940 134,260 134,960

 The trainer/assessor will assign the roles of team members for each activity.  Each student will be assessed individually for all assessment activities. Timeframe to complete the project: Two weeks (You have two weeks to complete the project) Task requirements  You will be assessed on your technical knowledge and skills to complete this project  You will be assessed on working in a team environment and meeting your job role and responsibilities  You must follow the instructions provided by the Operations Manager.  All individuals must complete their role and assigned responsibilities and meet the specified deadlines  The task must be completed in the specified timeframe

Meeting agenda template: Date/Time: 1/12/2023 Location: Meeting room Chairperson: CEO Meeting Attendees: Full names and roles James Davidson - Operations Manager David Mour - Marketing Manager Micheal Mille - Finance Manager Dewayne bree - IT Manager Agenda Item/Topic Discussion/Outcomes Action Officer Due Date Welcome This meeting was organized because some issues were identified during the implementation of the financial and budget plans for the first quarter and we needed to come up with strategies to address them. General Manager 1/12/2023 ( Agenda item 1) Sales fell 20% due to the recession . Topic? Determine marketing strategies to increase the number of customers and build company awareness to increase potential customers Marketing Manager 3/12/2023 ( Agenda item 2) Government raised the minimum wage by 3%. Topic? Make the necessary changes to payroll because it is a compulsory measure Finance manager 4/12/2023 ( Agenda item 3) Analysis of various strategies that can be used in different areas of the company to reduce costs and reduce the impact the economic downturn has on sales Operational Manager 5/12/2023

Meeting minutes template: Minutes of Meeting Meeting Objective: Establish strategies to reduce the impact of the economic downturn on sales and minimum wage increases. Attendees: James Davidson, David Mour, Micheal Mille, Dewayne bree Date: 7/12/2023 No. Points Discussed Actions Suggested Target Date 1 Assess several approaches from the marketing sector and with the assistance of its manager employing advertising tactics to raise the number of clients. Spend 15% more on advertising and use that money to promote your company's items on social media. 2 Consider a few areas where you might save expenditures; at the moment, maintenance is the best choice. 10% lessen the cost of repairs and upkeep. However, the first quarter costs for repairs and maintenance cannot be altered. 3 The plan needs to be updated in order to continue tracking and managing sales and expenses in accordance with governmental standards and adjustments to financial plans and budgets. Update the budget and financial plans for the company.

Template 1: Revised Master budget/Financial plan with profit projections Revised Master budget/Financial plan with profit projections Online Media Solutions Master Budget FY 2020/2021 FY Var and exp overru n Q1 Var and exp overru n Q2 Var and exp overru n Q3 Var and exp overru n Q4 Var and exp overru n REVENUE Commissions (2.5% sales) 77,500 66,500 17,500 14,000 17,500 17,500 17,500 17,500 17,500 17,500 Direct wages fixed $200,000 $200,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 Sales $3,100,000 $2,960,000 $700,000 $560,000 $1,000,000 $1,000,000 $700,000 $700,000 $700,000 $700,000 Cost of Goods Sold $400,000 $400,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 Gross profit $2,422,500 $2,293,500 $532,500 $396,000 $832,500 $832,500 $532,500 $532,500 $532,500 $532,500 EXPENSES General & Administrative Expenses Accounting fees $20,000 $20,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 Legal fees $5,000 $5,000 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 Bank charges $600 $600 $150 $150 $150 $150 $150 $150 $150 $150 BSBFIN501 Assessment 3 V1 Page 21 of 46

Office supplies $5,000 $5,000 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 Postage & printing $400 $400 $100 $100 $100 $100 $100 $100 $100 $100 Dues & subscriptions $500 $500 $125 $125 $125 $125 $125 $125 $125 $125 Telephone $10,000 $10,000 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 Repair & maintenance $50,000 $49,500 $45,000 $45,000 $2,000 $1,800 $2,000 $1,800 $1,000 $900 Payroll tax $25,000 $25,000 $6,250 $6,250 $6,250 $6,250 $6,250 $6,250 $6,250 $6,250 Marketing Expenses Advertising $200,000 $172,500 $50,000 $50,000 $50,000 $57,500 $50,000 $57,500 $50,000 $57,500 Employment Expenses Superannuation $47,500 $48,212 $11,875 $11,875 $11,875 $11,875 $11,875 $12,231 $11,875 $12,231 Wages & salaries $500,000 $507,500 $125,000 $125,000 $125,000 $125,000 $125,000 $128,750 $125,000 $128,750 Staff amenities $20,000 $20,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 Occupancy Costs Electricity $40,000 $40,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 Insurance $100,000 $100,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 Rates $100,000 $100,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 Rent $200,000 $200,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 BSBFIN501 Assessment 3 V1 Page 22 of 46

Petty cash $1,000 $1,000 $300 $300 $300 $300 $200 $200 $200 $200 BSBFIN501 Assessment 3 V1 Page 23 of 46

Water $30,000 $30,000 $7,500 $7,500 $7,500 $7,500 $7,500 $7,500 $7,500 $7,500 Waste removal $50,000 $50,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 TOTAL EXPENS ES $1,405,400 $1,385,212 $383,800 $333,800 $340,800 $348,100 $340,700 $352,106 $339,700 $351,206 NET PROFIT (BEFORE INTEREST & TAX) $1,017,100. $908,288. $148,700. $62,200. $491,700 $484,400 $191,800 $180,394 $192,800 $181,294 Income Tax Expense (30% Net) $305,130 $272,486. $44,610. $18,660. $147,510 $145,320 $57,540. $54,118. $57,840 $54,388 NET PROFIT AFTER TAX $635,801.6 0 $104,090 $43,540. $338,940 $339,080 $134,260 $126,275 $134,960 $126,905.80

Explain any two (2) processes to monitor actual expenditure and to control costs (100-150 words) Template 2: Processes to monitor actual expenditure and to control costs 1.Accounting records - Accounting records are all entries that concentrate on the review and control of a company's transactions, making it possible to recognize the current financial status in a timely manner. Such records are crucial for taxation purposes, for adhering to legal obligations, and for conducting financial supervision. 2. Regulate the payment and collection cycle - good practice in the first year is to extend payment terms from suppliers and shorten payment periods from customers. To extend the payment period purchases can be made using credit and only the necessary inventory can be purchased to avoid having a full stockpile. For shorter payment terms credit sales may be reduced. They are usually sold in cash or at a discount for quick payments. Important: if we give credit, we need to make sure we don't have bad debts. As a result, we are very demanding to collect overdue invoices. BSBFIN501 Assessment 3 V1 Page 25 of 46

Activity 3: Prepare a contingency plan Activity context : The Operations Manager wants you to prepare a contingency plan based on the revised Master budget/ Financial plan. The contingency plan is to be prepared, taking into consideration the following event into consideration:  The advertising budget has been increased to achieve the desired sales. How will your management the contingencies related to the variations to sales figure? Description of the activity: This activity requires you to prepare contingency plans considering the information given in the activity context. To do so, you need to:  Identify the risks considering the variations to the initial plans (As given in the activity context).  Complete the Contingency plan template.

Contingency Plan Template Contingency plan Company name: Advertising budget increase Person Developing the plan: Online media solutions Name: Daniel Brown Position: Financial Manager Risk identified: Variations in sales Strategies/activities to minimise the risk By when By whom Customer loyalty We have a system to dramatically reduce project costs. This gives us the opportunity to offer quality services at reduced prices. Customer loyalty is a process that consists in developing a positive relationship between the customer and the company to get them to come back and recommend the company. Customers are loyal based on satisfying interactions with the business. In addition to social media marketing strategies finding new customers is important but at the same time, it has to build customer loyalty among existing customers. Marketing manager Saving culture cost and expenditure control is a process that attempts to identify the outflow of money linked to service production (costs) as well as company management and operations (expenses) with the aim of designing a savings strategy. Cost and expense control policies can create a legal framework for:  Planning purchases  Estimate costs  Identify unnecessary purchases  Compare quotes  Design cost-saving strategies  Detect fraud in the purchasing department. As well as establish regulations for efficient use of energy, water, physical resources From Q2 onwards, when advertising budgets start to increase Prevention is always important. Financial Manager

Activity 4: Communicate revised master budget/financial plan and contingency plan to the team members Activity context: Your team has the following team members:  Bookkeeper  Budget Manager The Operations Manager wants you to:  Clarify the revised master budget/financial plan and contingency plan to the team members  Provide the team members with the support by briefing them on their responsibilities for each role and how they can achieve the expected outcomes from the budget.  Determine resources and systems to manage financial management processes within the work team. Description of the activity: This activity requires you to:  Clarify the revised master budget/financial plan and contingency plan to the team members  Provide the team members with the support by briefing them on their responsibilities for each role and how they can achieve the expected outcomes from the budget.  Determine resources and systems to manage financial management processes within the work team. To do so, you are required to arrange a meeting with the team members. Before the meeting, you are required to:  Determine the roles and responsibilities of the team members and how they can achieve the expected outcomes from the budget.  Determine resources and systems to manage financial management processes  Prepare a presentation that includes the following details: o Areas/quarter of the financial budget o Negotiations conducted o Adjustments made to the Master budget/financial plan o Cost variations and expenditure overruns for each quarter o Contingency plan o Roles and responsibilities of the team members o How they can achieve the expected outcomes o Note:  The trainer/assessor will allocate the role of the team members specified in the context to the staff members/students.

o Resources and systems to manage financial management processes  Prepare a meeting agenda. The meeting agenda must be prepared, considering the objectives of the meeting and using the template provided. The meeting agenda must discuss the purpose of the meeting and provide details regarding the place, date and time of the meeting. After preparing the meeting agenda, you are then required to send an e-mail to the meeting participants to invite them to the meeting. After e-mailing the meeting agenda to the participants of the meeting, you are then required to conduct a meeting with them. When conducting the meeting, you must demonstrate effective and communication skills at all times: • Use formal communication style, encouraging and respectful tone • Ask questions to clarify and confirm understanding • Listen actively • Understand the information needs of others • Adapt communication to suit the audience • Answer questions clearly and concisely • Use non-verbal communication skills that encourage discussion and feedback: nodding, smiling, eye contact During the meeting, you must: • Welcome the participants • Provide an introduction to the meeting’s purpose • Deliver the presentation • Clarify the budget details. • Provide the team members with the support by briefing them on their responsibilities for each role and how they can achieve the expected outcomes from the budget. • Determine resources and systems to manage financial management processes within the work team. • Provide an opportunity for discussion. o Listen and comprehend information from a variety of spoken exchanges with the participants of the meeting o Provide an opportunity for the audience to ask questions o Respond to questions. o Acknowledge and respond to differences in opinions. Guidelines for writing the e- mail: • Ensure the text written in the e-mail is grammatically correct and free of errors. • Use business style writing. • The text must provide a summary of the attachment. • Attach meeting agenda to the e-mail.

• Clarify and confirm understanding. During the meeting, the team members will: • Clarify their doubts regarding the financial plan. • Clarify their roles and responsibilities. Close the meeting: • Summarise the agreed outcomes After the meeting, you must provide summary outcomes of the meeting using the meeting minutes template provided. After preparing the meeting minutes, send an e-mail to the attendees of the meeting. Guidelines for writing the e-mail: • Ensure the text written in the e-mail is grammatically correct and free of errors. • Use business style writing. • The text must provide a summary of the attachment. • Attach meeting minutes to the e-mail.

Meeting agenda template: Date/Time: 10/12/2023 Location: Meeting room Chairperson: Nancy Dape - Bookkeeper Manager Mike portnoid - Budget Manager Meeting Attendees: Full names and roles Nancy Dape - Bookkeeper Manager Mike portnoid - Budget Manager Agenda Item/Topic Discussion/Outcomes Action Officer Due Date Welcome The purpose of this meeting is to inform team members about different budget formats. to remind them of the role involved in managing the plan and to define the management system Financial Manager 10/12/2023 ( Agenda item 1) Present and clarify master budget plans/financial plans and revised contingency plans Description of each plan and strategy used in meetings with key line managers Financial Manager 10/12/2023 ( Agenda item 2) Declaration of responsibilities in each role and support to achieve the expected budget results. Assign specific responsibilities for the accountant and budget manager roles. In order not to be too much work and some strategies to achieve the expected results. Financial Manager 10/12/2023

( Agenda item 3) Assign resources and systems to manage the financial management process within the team. Forecast the released resources Estimating external financial needs Find a source of funds. The application of these financial resources includes excess cash Financial Manager 10/01/2024

Summary Overall Summary An overview of the master budget/financial plans and revised contingency plans is presented. Roles and responsibilities are clarified and define actions for the company's resource management and Financial Manager 5/7/23 financial management systems. Decision/s Achieved the expected results in budget management through the company's treasury and budget system. Action/s if any Estimate all possibilities for resource forecasting, strategic application of financial resources and debt collection. Financial Manager 10/01/2024 Next Meeting Time/date 10/12/2023 Meeting closed at: 2:00pm Minutes are a true and accurate record of the meeting Approved/confirmed by whom? Financial Manager Email To: Bookkeeper Manager and Budget Manager Subject: Meeting Agenda Dear all, This email informs you that there will be a meeting in the board of directors meeting to clarify the core budget/financial and revised contingency plans to team members, to support team members by informing them of their responsibilities in each role and how they can achieve expected budget results and to identify resources and systems to manage the financial management process within the team. The meeting was held on 10 /01/2023 , 2:00 PM Location: Meeting room Attached to this email is the meeting agenda, to give everyone the opportunity to review and be clear about the issues that need to be done at the meeting. If you have any questions, please feel free to contact Best regard Financial Manager

Meeting minutes template: Minutes of Meeting Meeting Objective: Communicate the revised master budget/financial and contingency plans to team members. Attendees: Nancy Dape – Bookkeeper Mike Portnoid – Budget Manager Venue: 14/12/2023 Date: 14/12/2023 No. Points Discussed Actions Suggested Target Date 1 Clarify the revised master budget/financial and contingency plans Fixed issues with master budgets/financial plans and contingency plans. 14/12/2023 2 Declaration of responsibilities in each role and support to achieve the expected budget results. Review contracts, clarify roles and responsibilities to ensure no one is overworked. In addition to formulating strategies to achieve expected results from the company's financial and budget management. 15/12/2023 3 Assign resources and systems to manage the financial management process within the team. Forecast the released resources estimating external financial needs find a source of funds. Application of these financial resources including excess cash 16/12/2023

Signature of attendee 1: Nancy Dape Signature of attendee 2: Mike portndoid Signature of attendee 3: Signature of attendee 4: Email To Nancy Dape, Mike Portnoid Subject: Meeting Agenda Dear all, Yesterday there was a meeting where some issues were discussed with reference to variations in your financial plans and budgets, your individual roles and responsibilities, and, of course, strategies for achieving the expected results. Attached to this email are the minutes of the meeting, so that everyone has the opportunity to review and clearly understand the strategies to be implemented as agreed at the meeting. If you have any questions, please feel free to contact me. Best regard, Financial Manager

Activity 5: Implement variations to the financial budgets For the first two-quarters of the financial budget, there were no further variations in the implementation in the budget. However, there are two customers that have bought products from the company, and their payments are still due. As per the company policy and procedures if the debts are not paid for a period of 60 days, then they are to be written as bad debts.  On 21 October 2018, Damsons ltd purchased bicycles and have not made any payments. The total amount on the invoice due is $4,800.  On 29 October 2018, Ping ltd purchased spare parts of the bicycles for $3,200 and have not cleared the invoice. Based on the above-given information, prepare the following financial statements.  Ageing summaries,  Profit and loss statements After preparing the financial statement, you are also required to modify the contingency plan for the next financial year. Ageing summary template: Customer Name Tot al A/R 0-30 Days 31-60 Days 61-90 Days 90+ Days Damsons ltd $4,800 $1,200 $2,400 $3,600 $4,800 Ping ltd $3,200 $800 $1,600 $2,400 $3,200 Profit and loss template: Cash flow Quarter 1 Quarter 2 REVENUE Commissions (2.5% sales) $14,000 $17,500 Direct wages fixed $50,000 $50,000 Sales $560.000 $1.000.000 Cost of Goods Sold $100.000 $100.000 Gross profit $396,000 $832,500 EXPENSES General & Administrative Expenses Accounting fees $5,000 $5,000

Legal fees $1,250 $1,250 Bank charges $150 $150 Office supplies $1,250 $1,250 Postage & printing $100 $100 Dues & subscriptions $125 $125 Telephone $2,500 $2,500 Repair & maintenance $45,000 $1,800 Payroll tax $6,250 $6,250 Marketing Expenses Advertising $50,000 $57,500 Employment Expenses Superannuation $11,875 $11,875 Wages & salaries $125,000 $125,000 Staff amenities $5,000 $5,000 Occupancy Costs Electricity $10,000 $10,000 Insurance $25,000 $25,000 Rates $25,000 $25,000 Rent $50,000 $50,000 Petty cash $300 $300 Water $7,500 $7,500 Waste removal $12,500 $12,500 Bad debt expense $8,000 $8,000

TOTAL EXPENSES $391,800 $355,800 NET PROFIT (BEFORE INTEREST & TAX) $4,200 $476,700 Income Tax Expense (30% Net) $1,260 $143,010 NET PROFIT AFTER TAX $2,940 $333,690

Activity 6: Report on budget and expenditure Activity context: Due to decreasing the budget for maintenance and repair cost, some of the machines were not repaired during the first two quarters. This led to the breakdown in the machinery and occurrence of an extra cost of maintenance of $3000 in the third quarter. Further, the office supplies accounted for an extra $500 in the fourth quarter. Description of the activity: This activity requires you to report on the forested budget and the actual expenses accrued. To do so, you are required:  Calculate the actual expenditure  Analyse variance between the actual and budgeted finances  Document the variances identified. Revised Master budget/Financial plan Online Media Solutions Master Budget FY 2018/2019 Q3 Forecasted Q3 Actual Var and Exp overru n Q4 Forecasted Q4 Actual Var and Exp overru n REVENUE Commissions (2.5% sales) $77,500 $66,500 $17,500 $14,000 $17,500 $14,000 Direct wages fixed $200,000 $50.000 $50.000 $50.000 $50.000 $50.000 Sales $3,100,000 $2,960,000 $700.000 $560,000 $1.000.000 $1.000.000 Cost of Goods Sold $400.000 $400.000 $100.000 $100.000 $100.000 $100.000 Gross profit $2,422,500 $2,293,500 $532.500 $396.000 $832.500 $832.500 EXPENSES General & Administrative Expenses Accounting fees $20,000 $20,000 $5.000 $5.000 $5.000 $5.000 Legal fees $5.000 $5.000 $1,250 $1,250 $1,250 $1,250 Bank charges $600 $600 $150 $150 $150 $150

Office supplies $5,000 $5,000 $1,250 $1,250 $1,250 $1,250 Postage & printing $400 $400 $100 $100 $100 $100 Dues & subscriptions $500 $500 $125 $125 $125 $125 Telephone $10,000 $10,000 $2,500 $2,500 $2,500 $2,500 Repair & maintenance $50,000 $49,500 $45,000 $2.000 $1,800 $2.000 Payroll tax $25,000 $25,000 $6,250 $6,250 $6,250 $6,250 Marketing Expenses Advertising $200,000 $172,500 $50,000 $50,000 $57,500 $50,000 Employment Expenses Superannuation $47,500 $48,212 $11,875 $11,875 $11,875 $11,875 Wages & salaries $500,000 $507,500 $125.000 $125.000 $125.000 $125.000 Staff amenities $20.000 $20.000 $5,000 $5,000 $5,000 $5,000 Occupancy Costs Electricity $40,000 $40,000 $10,000 $10,000 $10,000 $10,000 Insurance $100,000 $100,000 $25,000 $25,000 $25,000 $25,000 Rates $100,000 $100,000 $25,000 $25,000 $25,000 $25,000 Rent $200,000 $200,000 $50,000 $50,000 $50,000 $50,000 Petty cash $1,000 $1,000 $300 $300 $300 $200 Water $30,000 $30,000 $7,500 $7,500 $7,500 $7,500 Waste removal $50,000 $50,000 $12,500 $12,500 $12,500 $12,500 TOTAL EXPENSES $1,405,400 $1,438,712. $383,800 $383,800 $340,800 $340,700 NET PROFIT (BEFORE INTEREST & TAX) $1,017,100 $854,788 $148,700 $12,200 $491,700 $484,400 Income Tax Expense (30% Net) $305,130 $256,436 $44,610 $3,660 $147,510 $145,320 NET PROFIT AFTER TAX $312,250. $598,351 $104,090 $8,540 $338,940 $339,080

Contingency Plan Template Contingency plan Company name: Online media solutions Person Developing the plan: Financial Manager Name: Eric Bree Position: Financial Manager Risk identified: Bad debts Strategies/activities to minimise the risk By when By whom Receivable profile analysis - review in credit bureaus The credit bureau audit includes reports on debt management. Not only from the bank this gives us the opportunity to learn more about a person's ability to pay off their debts and his or her compliance with payment requirements Every time there is an installment Finance manager Legal contract This consists of giving individuals the option to pay in cash for the full amount that the service charges. Provided that the reimbursement will be subject to the rules set forth in the contract Every time there is an installment Finance manager

Activity 7: Recommend improvement to financial processes Activity context: Online Media Solutions currently employ a manual system of accounting. This leads to a certain number of issues. These issues are as follow:  The team miss deadlines or the entries are documented at late intervals  Error rates are very high This affects the morale of the team, causing them to feel as though they are wasting their time, undertaking useless or monotonous tasks, and being criticised for poor performance. The management wants to make improvements to the financial processes. They want you to analyse the existing manual financial management system and recommend improvements. Description of the activity: This activity requires you to review and make recommendations for improvements to financial processes. To do so, you need to:  Analyse the information given in the activity context  Recommend improvements according to financial objectives (Financial processes)  Prepare a plan that outlines the implementation and evaluation of the agreed improvements.  For Activity 1-7, Explain the documents to be kept to meet record-keeping requirements for the Australian Taxation Office (ATO) and for auditing purposes. You must use the template provided to document your response.

Template: Implementation and evaluation Recommended improvements to the financial processes (Any two) 1. Timely monitoring of financial statements Using a system that provides a 360-degree view of your business is the most effective way to reliably know in real-time how your financial resources are being used and your financial health. How are you other processes can also be assessed in your business that directly impacts your resources, such as inventory, supply chain, suppliers, and customer service. It allows you to define a less efficient and more efficient operating model that generates more revenue for you can invest 2. Increase operational efficiency When a company has software that reliably manages its financial resources. Error-free and cloud-based operations the operating efficiency of the whole company will be fully benefited. Employees who previously had to perform manual tasks that cloud-based software performed automatically and remotely. Will be able to use their time to work better this will have a greater impact on the performance of your company. Implementation and evaluation Improvements Action steps Evaluation criteria Target date Resources Software Development for Digital Accounting Meet the its area  Set software features  Software design  Create prototypes for testing  Improve the user experience  Make relevant improvement  Start training employees to use the platform  Launch a new server It will be software that helps in planning the organization's resources. Create and integrate data in a single source. Which serves to better operate the business it not only gathers information from the company's daily operations to provide valuable information and a true picture of business progress becomes a partner of the production, inventory, and customer service areas. Help improve the efficiency and productivity of each area of your company. 20/12/2023 facilities human resources financial resources Digital Accounting Specialist Computer Server Internet Improve working situations with employees to improve work efficiency. Continuous communication with the team  Recognition of the work done well  Collaborative environment  Have an incentive policy Surveys can provide a wealth of insights and information about employee perspectives. Collaborative analysis - this is where individuals identify niche goals and can drive them towards 20/12/2023 facilities human resourcesfinancial resources Digital Accounting Specialist Computer Server Internet BSBFIN501 Assessment 3 V1 Page 43 of 46

 Leaders who care about the team  Flexibility and work- life balance  Compensati0n according to the position success. Social collaboration analysis - when social engagement and interaction are relevant in teams’ collaboration and team links are recorded to achieve the proposed objectives. Improve results and reports BSBFIN501 Assessment 3 V1 Page 44 of 46

Documents to be kept to meet record-keeping requirements for the Australian Taxation Office (ATO) and for auditing purposes. Office (ATO) and for auditing purposes. Generally, for tax purposes, you ought to preserve your statistics in a handy form (both published and electronic) for 5 years. Some of the simple statistics you could want to preserve are: Governing files such as  Constitution  Rules BSBFIN501 Assessment 3 V1 Page 45 of 46

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