BSBFIM601 Manage Finances - Assessment Task 2

Task 2

PART C: PREPARE TO IMPLEMENT THE BUDGET

1. You must now prepare to implement the budget by developing any required systems and templates to effectively implement and monitor the budget and ensure all team members are clear about their responsibilities.

2. Make updates to the Financial Management Policies and Procedures to ensure:

1. Risks for misappropriation of funds are managed
2. Procedures around the management and monitoring of the budget, including responsibilities, are included.
3. Expenses are monitored in order to approve expenses and purchase orders so that budgets are not exceeded
4. Financial transactions are tracked against consistent income and expense accounts in line with the budget.
5. They include a policy and procedure for dealing with aged debtors and debt recovery.

3. Develop a proforma template that can be used for expenses and purchase orders to be approved, showing that the approver has checked the budget before approving.

4. Develop a proforma template that can be used by anyone submitting an expense claim or invoice for the conference or e-book where a staff member can select the relevant income or expense account.

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