Activities 1A:
Complete the following activities individually or in a group (as applicable to the specific activity and the assessment environment).
Objective: To provide you with an opportunity to identify how to allocate funds according to budget and agreed priorities.
1. What do you need to do before you can allocate funds to budgets?
2. Explain why it is important to agree on organisational priorities before allocating funds. Give three examples of agreed priorities in budgets that you have been involved with.
Activity 1B:
Objective: To provide you with an opportunity to discuss changes to income and expenditure priorities with appropriate colleagues prior to implementation.
This activity will need to be observed for assessment.
As a simulated workplace activity as directed by the assessor; you will be given information on the current income and expenditure for one work area/project (as relevant to your organisation or area of work). You should read this through, looking for where any changes may be required.
With the person acting as the finance manager, discuss whether this needs to be changed, identifying at least one change and your reason for this.
Write down the outcome of your meeting in your workbook, and the change(s) you have recommended with your reason(s) why.
Activity 1C:
Objective: To provide you with an opportunity to consult with and inform relevant personnel about resource decisions.
This activity will need to be observed for assessment.
Following on from Activity 1B; as a simulated workplace activity, consult with the work area/project manager to discuss your identified change(s) regarding the income and expenditure they have. You should inform them of the reason for the change(s) that you have found.
Note to the assessor:
You must ensure the learner has an appropriate simulated work environment to perform this activity, with a person representing the work area/project manager. The learner should be observed to ensure they communicate professionally with the other person and to make sure they provide clear information and reasoning for their change(s). This activity does not require a two-way exchange, although the person acting as the manager can ask questions or provide comments that are applicable to the discussions.
Activity 1D:
Objective: To provide you with an opportunity to identify how to promote awareness of the importance of budget control.
When promoting awareness of budget control, what points should you make as a priority? Provide three examples.
Activity 1E:
Objective: To provide you with an opportunity to identify how to maintain detailed records of resource allocation according to organisational control systems.
1. Give four examples of different records of resource allocation that you use within your organisation (or business industry). For one of these, explain what information you will need to fill out and keep for financial recordkeeping.
2. Why it is important to maintain this information for business?
Activity 2A:
Objective: To provide you with an opportunity to use financial records to regularly check actual income and expenditure against budgets.
As a real or simulated work activity as directed by the assessor; you must check three records relating to income and expenditure for the previous month. These records will be allocated to you.
Identify the actual income and expenditure that took place and assess these against the budgets they relate to.
You must answer the following questions:
- Do the income and expenditure match the budget(s)?
- If there are variations, where are these found?
Write up your conclusions as a report, providing clear details about your assessment and relevant findings. If produced separately, attach this to your workbook. (No word count specified; this can be as long or short as needed. However, reports must include all the relevant details.)
Activity 2B:
Objective: To provide you with an opportunity to include financial commitments in all documentation to ensure accurate monitoring.
Explain what a financial commitment is and give three examples of regular financial commitments that will need to be made at your organisation or in your area of work.
Activity 2C:
Objective: To provide you with an opportunity to identify and report deviations according to significance of deviation.
This spoken communication in this activity will need to be observed for assessment.
As a real or simulated work activity as directed by the assessor; you will be given one financial record with two deviations.
Read this record and identify the two deviations that are present and their level of significance for reporting.
Report these deviations according to the level of importance; one will be minor and only need to be reported as an email correspondence, and one is more urgent and must be reported in a face-to-face meeting with the finance manager (or the person acting as the finance manager).
For the one deviation that is to be reported by email, write an email script in your workbook.
For the deviation that must be reported in a spoken communication, you must carry out this communication, making sure you report what the deviation is and where it is found.
Activity 2D:
Objective: To provide you with an opportunity to identify how to investigate appropriate options for more effective management of deviations.
1. From your own thinking, identify three options that you could take to investigate deviations.
2. Suggest three actions you could take to manage deviations.
Activity 2E:
Objective: To provide you with an opportunity to identify how to advise appropriate colleagues of budget status in relation to targets.
When advising colleagues of the budget status in relation to targets, what should you advise the following personnel of?
- Senior and mid-level management
- The accounts department
- A budget committee.
Activity 3A:
Objective: To provide you with an opportunity to assess existing costs and resources and proactively identify areas for improvement.
As a simulated work activity as directed by the assessor; you will be given information on five main costs for an example organisation and their associated budgets.
Assess this information and determine where improvements can be made in spending and use of resources. You should identify two improvements; write down your findings.
Activity 3B:
Objective: To provide you with an opportunity to discuss desired budget outcomes with relevant colleagues.
This activity will need to be observed for assessment.
As a simulated work activity as directed by the assessor, and following on from Activity 3A; discuss your findings regarding the five main costs and the associated budget(s), with the persons representing the finance manager and organisational management (a total of two to three persons).
In collaboration, identify the desired budget outcomes and how these can be achieved.
Activity 3C:
Objective: To provide you with an opportunity to identify how to undertake appropriate research to investigate new approaches to budget management.
Describe two research methods you can use to investigate new approaches to budget management.
Activity 3D:
Objective: To provide you with an opportunity to identify how to define and communicate the benefits and disadvantages of new approaches.
How can you define new approaches for the benefit of your colleagues? What information should you provide them with?
Activity 3E:
Objective: To provide you with an opportunity to take account of impacts on customer service levels and colleagues in developing new approaches.
How can new approaches to managing finances affect the customer experience? Give at least three examples.
Activity 3F:
Objective: To provide you with an opportunity to present clear and logical recommendations for budget management.
This activity will need to be observed for assessment.
As a simulated work activity as directed by the assessor, and following on from Activity 3B; you must develop three recommendations to manage the budget more appropriately. In a meeting with the finance manager and organisation's manager, present your recommendations in a spoken communication.
Activity 4A:
Objective: To provide you with an opportunity to complete financial and statistical reports within designated timelines.
As a real or simulated workplace activity as directed by the assessor; you must complete one financial report and one statistical report. You should be provided with the information that needs to be put into these reports.
When completed, print out these reports and attach these to your workbook.
Activity 4B:
Objective: To provide you with an opportunity to prepare and present clear and concise information to enable informed decision making.
Following on from Activity 4A; for one of your reports, assess how the information is presented and make two changes to this to help make the report clearer and easier to read; for example, you can introduce a graph to illustrate data, or you may want to change the layout in some way.
When completed, re-print your report and attach this to your workbook. Note down in your workbook the changes that you have made.
Section A: Skills activity
The skills activity is designed to be a series of demonstrative tasks that should be assessed by observation (by the assessor or third party, depending on the circumstances).
It will demonstrate all of the skills required for this unit of competency - your assessor will provide further instructions to you, if necessary.
Section B: Knowledge activity
The knowledge activity is designed to be a verbal questionnaire where the assessor asks you a series of questions to confirm your competency for all of the required knowledge in the unit of competency.
Section C: Performance activity
The performance activity is designed to be a practical activity performed either in the workplace or a simulated environment. You should demonstrate the required practical tasks for the unit of competency and be observed by the assessor and/or third party, as applicable to the situation. If the third party is required to observe you, you will need to make the required arrangements with them.
If necessary for the activities, you should attached completed written answers, portfolios or any evidence of competency to this workbook.
Section A: Skills activity
Objective: To provide you with an opportunity to show you have the required skills for this unit.
A signed observation by either an approved third party or the assessor will need to be included in this activity as proof of completion.
This activity will enable you to demonstrate the following skills:
- Reading skills
- Writing skills
- Oral communication
- Numeracy skills
- Problem-solving skills
- Teamwork skills
- Technology skills
Answer the activity in as much detail as possible, considering your organisational requirements. As a workplace activity or simulated workplace activity (as directed by the assessor):
1. Obtain a copy of an expenditure report from a past budget, and thoroughly read this document to identify and analyze any examples of wastage.
2. Using your organization's computer software (financial/accounting and/or layout software), write up a mock purchase summary report for a recent order.
3. Organise a meeting with any staff who have financial decision-making authority, in order to discuss the setting of priorities for an upcoming budget. Lead this meeting, using your oral communication skills to make sure that details of priorities are communicated and understood by everyone.
4. Use your numeracy skills to estimate expenditure for an upcoming project; this may be done with the aid of financial/accounting software. Don't forget to check previous budgets to check the likely costs involved.
5. Use your problem-solving skills to develop a contingency plan for use in the event of a significant deviation from the planned budget in question four.
6. Organise a meeting with those involved in the creation of the budget from question four and five. Use teamwork skills to lead discussions and come to decisions on the desired outcomes of the budget. Make sure everyone knows what part they play in budget control, and how they can contribute to agreed outcomes.
7. Using your organisation's financial/accounting software on computer, create a graph or chart which shows overall levels of expenditure over the course of the budgetary period (using the budget you created in the previous three questions).
Section B: Knowledge activity
Objective: To provide you with an opportunity to show you have the required knowledge for this unit.
The answers to the following questions will enable you to demonstrate your knowledge of:
- Types of financial records:
o bank deposit documentation
o bank statements
o banking summaries
o business activity statements
o cheque books
o credit card transaction statements
o invoices
o journal entries
o labour and wages reports
o merchant statements
o merchant summaries
o transaction reports
o cash budgets
o cash flow budgets
o departmental budgets
o event budgets
o project budgets
o purchasing budgets
o sales budgets
o wage budgets
o whole of organisation budgets
- Factors for consideration in the preparation of financial and statistical reports:
o cash flow
o commercial account activity
o commission earnings
o covers and financial return
o daily, weekly and monthly transactions
o expenditure
o income
o occupancy rates and financial return
o performance of department, project and/or products and services
o sales performance
o sales returns
o staff costs
o stock levels
o variance in income and/or expenditure
o wastage
o yield
- Use, contents of and formats for:
o budgets
o financial reports
o statistical reports
- Budget terminology
- Specific industry sector and organisation:
o use of budgets to control costs and enhance profitability
o importance of budget control
o techniques for maximising budget performance
o financial reporting procedures and cycles
o features and functions of accounting software programs used to manage budgets
Answer each question in as much detail as possible, considering your organisational requirements for each one.
1. In your own words, explain what each of the following financial records show:
- Labour/wage reports
- Credit card transaction statements.
2. Explain why having dedicated budgets for specific departments and projects can be useful (as opposed to only relying on a budget for the whole organisation).
3. Why is it important to consider sales performance when monitoring budgets and preparing financial reports?
4. What information is contained in the following document types:
- Budgets
- Financial reports
- Statistical reports?
5. Explain what the following budgetary terminology means:
- Revenue
- Financial commitment
- Debt.
6. Why is it important to promote budget control, and how can this enhance the overall profitability of your organisation?
Section C: Performance activity
Objective: To provide you with an opportunity to demonstrate the required performance elements for this unit.
A signed observation by either an approved third party or the assessor will need to be included in this activity as proof of completion.
This activity will enable you to demonstrate the following performance evidence:
- Manage a budget for a business over a three-month period that meets the specific business' needs
- Undertake at least two of the following to inform management of the above budget:
o discussions with existing suppliers
o evaluation of staffing and rostering requirements
o evaluation of impact of potential roster changes
o review of operating procedures
o sourcing new suppliers
- Monitor income and expenditure and evaluate budgetary performance over the above budgetary life cycle
- Complete financial reports related to the above budget within designated timelines and using correct budget terminology
Answer the activity in as much detail as possible, considering your organisational requirements. As a workplace activity or simulated workplace activity (as directed by the assessor):
1. Create a budget for an event or project that will last for three months. Throughout this period, you must show that you can create, monitor, and control the budget by doing the following:
- Show that you can work with colleagues to establish requirements and priorities (including staffing requirements and stock requirements)
- Use financial records to monitor expenditure and income on a regular basis
- Identify any variances and deviations, and react to them - you may need to adapt the budget
- Complete financial reports to ensure control of finances, and to update others on the budget's status; this must be performed at scheduled points (as agreed with management) and using the appropriate budget terminology.
All the tutors associated with our Manage Finances within Budget Assignment Help service are highly apt and competent and can provide the completed work within the deadline.
Tags: Manage Finances within Budget Assignment Help, Manage Finances within Budget Homework Help, Manage Finances within Budget Coursework, Manage Finances within Budget Solved Assignments
Attachment:- Manage finances within a budget.rar