Task 2 Guideline
- Establish the capacity of existing financial systems, and document this in a report
http://accioneduca.org/admin/archivos/clases/material/financial-analysis-in-vertical_1564010300.pdf
- Forecast and document the data and business system requirements
https://www.bpmpartners.com/wp-content/uploads/2018/11/BudgetingRequirements.pdf
- Analyse the forecasted requirements. Provide the analysis
https://corporatefinanceinstitute.com/resources/knowledge/modeling/forecasting-methods/
- Prepare and plan a comprehensive financial plan of the budget forecasts over the full planning-cycle according to organisational and statutory requirements
https://www2.deloitte.com/content/dam/Deloitte/au/Documents/technology/deloitte-au-tech-plan-budget-forecast-050514.pdf
- Prepare, document and present your recommendations for budget expenditure or for modification of the existing projections
Analyse the current asset performance and capacity by performing the following steps:
- Using standard accounting techniques, conduct a balance sheet analysis analyse the costs of assets and liabilities, and the returns from them, to identify the extent of debt and equity financing
https://www.investopedia.com/articles/04/031004.asp
- In consultation with relevant organisational staff, establish and document the management responsibilities and legal requirements for reporting
https://www.education.vic.gov.au/school/teachers/health/childprotection/Pages/reportobligations.aspx
- Analyse and interpret the financial reports and key information. Document this analysis
https://www.cpaaustralia.com.au/~/media/corporate/allfiles/document/professional-resources/reporting/guide-to-understanding-annual-reporting.pdf?la=en
- Analyse and evaluate the effects of the financial decisions on the organisational ability to meet planned outcomes. Document this analysis
Perform the following steps to set the business targets and compliance mechanisms:
- Collect comparative and trend information, and use this to confirm and document needs for future budget and associated resources
https://wlf.com.au/importance-budgeting-business/
- Complete negotiations to secure resources in accordance with relevant short-term and long-term needs. Document the outcomes of these negotiations
- Maximise the organisation’s performance by allocating the required resources against the budget. Document this resource allocation, and maintain accurate and up-to-date records of the resource allocation and usage throughout the cycle according to organisational and legislative requirements
https://training.gov.au/Training/Details/CSCORG503A
- Develop, review and document the management systems which enable timely collection, management and processing of information
- Accurately complete the records of the budget performance and expenditure, ensuring to report these in accordance with organisational procedures and statutory requirements
https://mingenew.wa.gov.au/wp-content/uploads/2018/08/2.-2018-19-Statutory-Budget-DLGSC.pdf
- As required, evaluate and the improve budget audit mechanisms and compliance requirements. Document all evaluations and provide the updated and improved mechanisms and compliance requirements
Manage the financial risk over the full planning-cycle by completing the following steps:
- Identify and analyse the financial risk factors. Provide the analysis
- Manage and document the financial risks as they arise, according to organisational policies and procedures
https://www.financialexecutives.org/FEI-Daily/June-2018/Why-It%E2%80%99s-Important-to-Document-the-Needs-of-Risk-M.aspx
- Develop and implement procedures to regularly review the financial risk management activities. Provide the procedures and document and document the regular reviews conduced
https://core.ac.uk/download/pdf/6504644.pdf
Perform the following steps to monitor compliance with the financial projections:
- Identify and document the deviations from budgets that generate an adverse effect on the budget objectives
https://www.business-case-analysis.com/budget.html
- Promptly develop and document action plans to remedy significant deviations from budget objectives and projections
https://smartaccounting.com.au/fix-budget-variances/
- Monitor and review the financial documentation against organisational objectives, revising and renewing the budget priorities as required to meet the operational contingencies and risk management, and managing the costs to targets set in the budget. Document the monitoring, managing and reviewing activities, and provide all the revised/reviewed budget priorities
https://www.praxisframework.org/en/knowledge/budgeting-and-cost-control