BSBFIN601 Manage Organisational Finances

Assessment Task 2: Project

This assessment task requires you to take on the role of Finance Manager in Online Media Solutions.

This assessment task requires you to demonstrate the skills and knowledge required to manage the finances of the organisation given in the case study. It includes contributing to the review of financial information, analysing financial risks, preparing a budget, and reporting on financial activity.

To do so, you are required to complete the following activities:

• Activity 1: Prepare for financial management
• Activity 2: Develop budget from previous financial data and notes from the accountant
• Activity 3: Circulate budgets
• Activity 4: Prepare budget variance report
• Activity 5: Prepare a report on the effectiveness of existing financial-management approaches

Case study:

Introduction

“Online Media Solutions” is a marketing and web development business based in Melbourne, Australia. The business started in operations in 2015 and has seen exponential growth since its establishment.

The business operates in the web service industry to offer superior and unique services to small businesses and institutions (B2B business model). Our experience and expertise in web sales and e-commerce give us the backing to provide solutions that are currently lacking in the market.

There is an all-time high demand for web development and marketing for small businesses, with signs of rising further. Interestingly, few web developers have taken advantage of this opportunity, leaving the industry with no dominant participants.

The projects’ high costs and the focus on more prominent companies and institutions could contribute to why this market remains untapped. We will have a system that will reduce the project costs dramatically, allowing us to offer quality services at reduced costs.