Manage Finances Assignment
Task 1 -
You are been asked to present the entire financial reports and current and proposed scenarios in front of senior management and board members. Answer the following questions in the meeting, assuming them as queries/concerns raised by attendees.
1. What current statutory and organizational requirements you have considered. Also explain tax compliance the tax liabilities for VTI Homeware Pty Ltd under taxation legislation.
2. Identify the current compliance requirements and liabilities for this organisation under the Corporations Act 2001.
3. Explain the effectiveness and suitability of financial management software (e.g. MYOB).
4. Suggest other commercially available software (any 2) and compare it with its usability, technological requirements and suitability with advantages and limitations.
5. Explain how you can apply the following principles of accounting in developing the budgets required for this task:
a. Matching principle
b. Account groups
c. Time periods.
6. Explain the implications of probity when preparing and revising budgets.
7. What critical dates and initiatives that will require or generate resources for VTI Homeware Pty Ltd in the next financial cycle.
8. What items you would recommend for inclusion in the budgets for Vii Homeware Pty Ltd.
What new or modified internal controls could improve risk management for VTI Homeware Pty Ltd including maintaining audit trail?
Task 2 -
You were being asked to follow up with VTI Homeware accountant to compare the actual results with the budget you had prepared three months ago. You are required to do the analysis on the reports.
At the board meeting, it was decided to spend money on marketing in the next quarter. The industry benchmark for wages and salaries is close to 11% of sales. You have been provided with the following region on the actual results for the recent quarter ended.
1. Develop a variance report based on the format and template provided by VTI Homeware.
2. Complete a cash flow analysis based on the financial reports in Assessment 1.
3. Examine the sales budget, profit budget, cash flow budget and debtor ageing summary.
4. Identify the issue of financial probity that was identified or considered when monitoring these budgets.
5. Develop an actual-to-budget variance report using the template provided.
6. Determine variances by comparing actual results with the established budget provide suggestions to board members why these variances may have occurred.
7. Compare financial performance of the organisation and respond to the board about gross profit margins and financial viability.
8. Outline your recommendations for ongoing financial viability based on variance report and provide suggestions about effectively managing contingencies.
9. Provide a summary of the financial management processes in place for the organisation and reasons for variances. Include in this section any recommendations you have for modifying management processes.
Attachment:- Assignment File.rar