BSBFIM601 Manage Finances - Assessment Task 2

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Task 2

PART D: BUDGET IMPLEMENTATION MEETING

In this part of the task, you will participate in a role play with your assessor and at least three other students from your class. Your assessor and the other students will play the roles of the other supervisors and managers from Grow Management Consultants.

1. Prepare for your budgetimplementation meeting. Prepare a PowerPoint presentation that you can deliver at the meeting. Your presentation should include:

  1. A high-level overview of the budget you have prepared including:
    i. Key assumptions
    ii. Projected income for each revenue stream
    iii. Budgeted amounts for key expense items
    iv. Overall outcome of the budget
  2. Key responsibilities to ensure budget is adhered to.
  3. Discuss the amounts allocated to each activity, including the conference and the e-book.
  4. Explain any allowances you have made for contingencies.
  5. A summary of the changes you have made to the financial policies and procedures and systems in place to ensure budget control
  6. A discussion of any significant issues that the managers should be aware of in relation to previous financial reports and to help them adhere to the budget.
  7. An explanation of the templates and systems you have developed to help manage the budget and the reason for setting them up in the way you have
  8. Provide an outline of the financial policy and procedure so as to ensure that roles and responsibilities are understood and risks of misappropriation of funds/incorrect recording of financial transactions is minimised.
  9. How risks have been managed to ensure there are no opportunities for misappropriation of funds.
  10. A summary of the venues that you found including the price and features of each, and how the organisation can put forward a proposal to the venue operator to use their facility.
  11. Explain the due diligence measures that you have taken in preparing the budget.

2. Ensure your presentation is clear, presented professionally, and free from spelling and grammatical errors.

3. Participate in the budget meeting at a time negotiated with your assessor. Note the other three students will need to be available to participate in the meeting. Your assessor and the other students may ask you questions during the meeting which you will need to respond to. During the meeting:

  1. Present your slides, explaining each of the points outlined in Point 1 above.
  2. Circulate copies of your budget and a copy of your slides (other students must return these to you at the end of your presentation).
  3. Circulate the changes you made to the financial management policies and procedures (other students must return these to you at the end of your presentation)
  4. Circulate and explain the systems and proformas you have set up (other students must return these to you at the end of your presentation).

4. At the meeting ensure demonstrate effective communication skills and ensure the supervisors and managers know what is expected of them by:

  • Speaking clearly
  • Providing concise information in a language that is appropriate for the audience
  • Ask questions to check that managers and supervisors are clear about the budget.
  • Using active listening techniques to confirm or clarify information
  • Ensure that the participants of the meeting agree that they have understood what’s required of them or clarify any points if needed.

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