For this assessment, you are to utilise the data in the Appendices 1— 6 Australian Hardware. Your assessor can role-play the part of Holden Greenwright regarding , the proprietor and will give any additional information req g y policies anduired, includin company procedures, milestones etc. Students are to undertake the following: • List all personnel you would consult with in order to gain adequate advice prior to commencing your reports. • Consult with your instructor to determine management requirements • Prepare a 1 ear budget & projected financial statement including: – — Sales forecast, to ing into account additional information in (Appendix 5) Estimated expenses/ inventory costs Estimated profits Ensure report layout and format comply with management information requirements, are clear and error-free
Note: Students must use appropriate spreadsheet or accounting software to undertake this task.
Students must ensure that estimates of future cash flow, costs and revenues are realistic in context of the available information at the time of creating the budget. Changes in circumstances should be anticipated as best as possible with particular emphasis on financial risks and creating protection strategies in accordance with organisational procedures. Any liaison with the proprietor of the business to determine milestones, policies, goals etc. should be carried out with your instructor, who will role play the relevant parts.
PART B – Now you are to take your completed budget and arrange an appointment with your assessor, who will role-play a finance specialist. In this meeting, you are to • Manage the meeting direction and progress • Discuss with the finance specialist the aspects of your budgets / financial plans (the package) • Have your package reviewed, ensuring you validate your reasons and proposals • Amend / revise your package as appropriate
Your assessor will use the observation checklist to assess this section of the assessment
You must now in report format: • Detail in writing all delegations and budget accountabilities for implementation and management of your package • Develop a written procedure that details the recording systems and documentation process you will follow for monitoring and controlling all activities against your plans. fi nancial plans; along • Develop a risk management and contingency plan for all your proposed with a policy and procedure to be followed when implementing these plans
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