BSBFIM501 | Manage budgets and financial plans | Management

Home Recent Questions BSBFIM501 | Manage budgets and financial plans | Management

Project 1.
Conduct research on your agency or use an organisation that you know of, get a copy of an Annual Report.

Answer the following questions:
1. To whom is this report disseminated and how is this done?
2. Why do these people need the information contained in the Annual Report?
3. What financial information does the report offer? Describe the contents of the report and explain what it tells you about the business' activities—successes and non-successes—during the year.
4. Examine the financial summaries for information about the fiscal condition of the company. Did the company show a profit?
S. What sorts of recommendations are made and what suggestions are made regarding business activities for the upcoming year?

From the Annual report you have chosen write a contingency plan and explain how you would implement and the reasons you would modify the plan.

Your plan should include:
• Organisational structure including staff levels
• Identify organisational threats and opportunities
• strategies for reducing costs, wastage, stock or consumables
• developing strategies to increase sale or production
• identify cost variations and budget overruns
• explain details of strategies to communicate, advise, support and implement your plan to staff
• strategies to implement and monitor changes

Project 3.
1. This assessment requires you to prepare a basic budget. The scenario on which to base the budget is as follows:
Power Realty (PR)
PR is a recently opened agency in Port Adelaide.

Over the previous financial year the agency has achieved the following:
• An average of 6 properties a month during Winter
• An average of 15 properties a month during Spring
• An average of 10 properties a month during Summer
• An average of 8 properties a month during Autumn
• The average commission received for each sale is $10,000

PR intends to implement a new marketing campaign for spring and expect sales to top 20 per month during those months.
The agency also operates a rent roll of 50 executive properties returning an average commission of $100 per month for each property. PR has no intention of increasing the current rent roll as to do so may require employing a dedicated property manager.

PR's expenses include:
• Rent at Electricity and Gas at an average of $700 per quarter
• Salaries for 5 staff members each earning $5,000 per month
•  rinting costs at an average of $500 per month
• Advertising at $2,000 per month with the exception of Spring where the new marketing campaign will see advertising increase to $4,000 for each of those months
• Professional fees of $5,000 in July to take account of end of FY reports, and $500 in October for BAS preparation
• Interest a fixed rate of $5,000 per month
• on an overdraft averaging $1,000 per month

Use the blank budget sheet on the following page, prepare a budget for Port Realty for the next financial year in light of the information outlined above.

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