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Big red bicycle pty ltd scenario

31/12/2020 Client: saad24vbs Deadline: 3 days

01 - Requirements.docx

Requirements:


Font: Times New Roman


Size: Font size 12


Spacing: Single


12 APA Style reference and In-text citation


Minimum of 1100 words (References are not included in the 1100 words, but only the content of the written report)


PLEASE READ THE “Case Study.docx” AND THEN READ THE “YOU MUST READ THIS BEFORE ANSWERING THE WRITTEN REPORT - Checklist.docx”



++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++


ASSESSMENT 1: WRITTEN REPORT

First page only is for Executive Summary:

EXECUTIVE SUMMARY (100 words)

In this section, this is a summary containing all the main findings and conclusions. This is what a person will think of what the report is saying and decide if that person will read it all. It is not to be confused with introduction. You need to explain in brief about the whole report in here.


INTRODUCTION (100 words)

Explain in brief about the background of the organisation


REPORT ANALYSIS (800 words)

Give overall review of the report which you are going to discuss in here.


Note* in the body section, please paraphrase the question and make a header for each question



CONCLUSION (100 words)

Explain conclusion here.


REFERENCE LIST

Give minimum 12 references (must be in APA Style referencing format) and In-text citations.


QUESTIONS


++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++


For this assessment task, you are required to read the case study provided in the Case Study.docx and develop a written report of about 1100 words on team budgets or financial plans, making changes to team budgets or financial plans, contingency planning and financial management approaches using the guidelines provided. Students can use the given template for written report and contingency plan and are allocated with a week’s time to complete this assessment. The report should be detailed and well-structured and must include answers to the following:


1. Team budgets or financial plans

Provide the background to the budgets and financial plans you are responsible for by answering the following:


a. What is the name of your organisation (Big Red Bicycle) and describe the type of activities it conducts?


b. What is the name of the team that you manage (assume myself as Sam Gellar - Sales General Manager from the Case Study.docx) and describe the activities the team undertakes?


c. What team budgets or financial plans are you responsible for implementing and monitoring? Examples of budgets/financial plans may include:


· Cash flow projections


· Long-term budgets/plans


· Operational plans


· Short term budgets/plans


· Targets or KPI for production, productivity, wastage, sales, income and expenditure


2. Making Changes to Team Budgets or Financial Plans

Select one of the budget and answer the following:


a. Explain the purpose of the team budget or financial plan


b. Explain the team budget/financial plan you selected in terms of:


i. Is it achievable? Explain the reason for your response.


ii. Is it accurate? Explain the reason for your response.


iii. Is it comprehensive? Explain the reason for your response.


c. Identify the areas that could be adjusted in order to make improvements in the team budget/financial plan selected and the reasons why adjustments need to be made.


d. Identify the role of the person within the organisation who you would approach to discuss and clarify the team budget/financial plan.


3. Contingency Planning

A large part of a manager’s function is planning. Planning includes preparing contingency plans in the event the initial plans need to be varied. Using the team budget/financial plan in the previous part, give an example of a situation or event that would cause a problem/issue during the implementation phase of the team budget/financial plan.


a. Explain the contingency plan you would implement. Your contingency plan should include:


i. The consequences if the situation or event occurred


ii. The steps you would take and the records you would consult in order to identify the required adjustments to the budget/financial plan.


iii. The budget/financial plan adjustments that you would make


iv. The way that you would align the adjustments to achieve the original plan in task 2


v. The expected outcome if the contingency plan was implemented.


4. Financial Management Approaches


Before implementation of a budget/financial plan it is important that all members of the team who are impacted be the plan are involved in its formation and implementation.


Using the team budget/financial plan from previous tasks, explain the following:


a. The organisational process required to disseminate the relevant details of the agreed plan (not the contingency plan)


b. The steps taken to disseminate the information. Examples may include meetings, emails etc.


c. The methods you would use to communicate and gain agreements on the details of the plan


d. The team responsibilities that you would allocate to your team before implementation of the budget/financial plan


e. The feedback process you would use to ensure that members of your team understand their roles, responsibilities and the objectives of the budget/financial plan


f. The support methods or organisational processes you would use to ensure the team members are able to perform the financial management roles they are allocated


g. The identified resources and organisational systems you would access and how you would use them to manage the financial processes within the work team


Case Study.docx

BSBFIM501 Manage Budgets and Financial Plans


Case Study / Case Scenario


Big Red Bicycle Pty. Ltd.


Big Red Bicycle (BRB) is a bicycle manufacturer based in Bendigo, Victoria. The company produces bicycles which are sold to retailers in the Australian market.


The senior management structure of the company is given below:


Person Position


Michelle Yeo CEO


Tom Copeland Managing Director


John Black CFO


Stuart LaRoux Operations General Manager


Pat Roberts Senior Accountant


Sam Gellar Sales General Manager


Charles Pierce Production Manager


Holly Burke HR Manager


According to company strategic plans, the company aims to achieve a net profit before tax of $1,000,000. The major risks to this goal are:


· poor sales due to economic downturn (like COVID-19)


· increase in expenses such as wages


In addition to Australian operations, the company is considering manufacturing overseas to take advantage of reduced costs. The company is also considering diversifying its product range to reduce poor sales of one product.


Note: Just choose to consider manufacturing overseas


Budgeting and finance policy


Budget preparations


· The business plan will set the key parameters for all financial budgeting.


· Variations to the business plan must be approved by the CEO and senior management strategic committee.


· Prior results are to be analysed in order to identify the profit level of cost centres, identify relationship between financial statistics and set key performance indicators and benchmarks for future budgets.


· The budget planning committee will meet prior to budgets being developed and agree on budget parameters. The committee will consist of all department managers plus the CEO and finance manager.


· A Capital Expenditure (CAPEX) budget will be developed from the approved business plan.


· A detailed sales budget must be completed before completing the profit budget for the year.


· A cash-flow budget covering the first three months will be prepared after the profit budget is completed.


· A master budget including profit projections will be completed. From this master budget, cost centre allocations will be made.


· Budget notes that contain all the assumptions used in the budgets should accompany the master budget or be made available on a separate document. Where possible, the notes should justify the basis on which the estimates were made.


· Overheads (non-direct expenses) will be apportioned across the cost centres equally. Exceptions need to be negotiated with relevant authorities.


· All expenses and income will be spread equally throughout the year unless otherwise required by business needs or business environment.


· The financial cycle for budgeting purposes will be yearly, ending on 30 June.


Reporting requirements


Software applications to be used in reporting:


· Software environment – Windows


· Accounting Information System – BRB will use MYOB Account Right plus


· Data analysis – BRB will use Microsoft Excel


Actual results will be produced monthly by the MYOB accounting system. Actual variances to budget will be performed by Excel with a report prepared for senior management for significant variances.


Financial delegations


· Each manager is responsible for achieving the revenue budgets agreed to in the budget committee.


· Each manager is responsible to approve, by signing the necessary paperwork, all expenditures that fall within their area of responsibility.


· Expenditures must be within the budget guidelines for the individual departments.


Format for budgets and reports


All budgets must include the following details:


· name of the person who prepared it


· cost centre (if applicable)


· name of the budget/report, i.e. sales, expenses, CAPEX, cash flow, budget variation report


· period of the budget


Master budget with profit projections


Big Red Bicycle Pty Ltd


Master Budget FY 2019-2020 (figures in AUD)


FY


Q1


Q2


Q3


Q4


REVENUE


Commissions (2% sales)


60,000


15,000


15,000


15,000


15,000


Direct wages fixed


200,000


50,000


50,000


50,000


50,000


Sales


3,000,000


750,000


750,000


750,000


750,000


Cost of goods sold


400,000


100,000


100,000


100,000


100,000


Gross Profit


2,340,000


585,000


585,000


585,000


585,000


EXPENSES


General & Administrative


Expenses


Accounting fees


20,000


5,000


5,000


5,000


5,000


Legal fees


5,000


1,250


1,250


1,250


1,250


Bank charges


600


150


150


150


150


Office supplies


5,000


1,250


1,250


1,250


1,250


Postage & printing


400


100


100


100


100


Dues & subscriptions


500


125


125


125


125


Telephone


10,000


2,500


2,500


2,500


2,500


Repairs & maintenance


50,000


12,500


12,500


12,500


12,500


Payroll tax


25,000


6,250


6,250


6,250


6,250


Marketing Expenses


Advertising


200,000


50,000


50,000


50,000


50,000


Employment Expenses


Superannuation


45,000


11,250


11,250


11,250


11,250


Wages & salaries


500,000


125,000


125,000


125,000


125,000


Staff amenities


20,000


5,000


5,000


5,000


5,000


Occupancy Costs


Electricity


40,000


10,000


10,000


10,000


10,000


Insurance


100,000


25,000


25,000


25,000


25,000


Rates


100,000


25,000


25,000


25,000


25,000


Rent


200,000


50,000


50,000


50,000


50,000


Water


30,000


7,500


7,500


7,500


7,500


Waste removal


50,000


12,500


12,500


12,500


12,500


TOTAL EXPENSES


1,401,500


350,375


350,375


350,375


350,375


NET PROFIT (BEFORE


INTEREST & TAX)


938,500


234,625


234,625


234,625


234,625


Income Tax Expense (25%Net)


234,625


58,656


58,656


58,656


58,656


NET PROFIT AFTER TAX


703,875


175,969


175,969


175,969


175,969


Sales cost centre expense budget


Sales Centre A


Sales Centre B


Sales Centre C


Commissions


$20,000


$20,000


$20,000


Wages


$100,000


$100,000


$100,000


Telephone


$3,000


$3,000


$3,000


Office supplies


$1,000


$1,000


$1,000


YOU MUST READ THIS BEFORE ANSWERING THE WRITTEN REPORT - Checklist.docx

NOTE! THIS IS JUST A GUIDE TO CORRECTLY ANSWER THE WRITTEN REPORT! PLEASE CHECK THIS ASSESSORS CHECKLIST BECAUSE THIS IS WHAT MY TEACHER WILL LOOK AT ON MY REPORT IF I ANSWER ALL THE QUESTIONS CORRECTLY. PLEASE ADDRESS ALL THESE CHECKLIST IF YOU HAVE MADE THE CORRECT WRITTEN REPORT!


Assessors Checklist


Did the Student provide evidence of their ability to:


Yes


No


Monitor and Control Finances


Explain the organisational processes used to monitor the work


team’s reports on actual expenses incurred in a performance of their financial functions.






Explain the processes available to control costs incurred by the


work team in performance of their financial function






Explain the processes used to monitor and modify contingency


plans.






Explain the steps and organisational processes available to provide


feedback on the team’s expenses and costs incurred in performance of their financial functions.






Explain the steps involved in using a spreadsheet as the tool to


identify the variances and overruns.






Review Variances


Develop a scenario where there have been 3 areas of account variances (values less than originally planned) and 5 areas of


account overruns (values over the original plan)






List the 8 accounts that are under and over the planned values, the original planned value, the actual (scenario under and over) values, and calculate the under and over variance difference and


percentages of each variance






Explain the contingency adjustments that you would need to implement in order to maintain the financial objectives. to assist in your explanation, you may need to attach a copy of the original


budget/financial plan that is to be adjusted






Describe the monitoring process you would then undertake to ensure the modification were sufficient or if further adjustment modifications may be necessary in order to achieve the financial objectives of the original budget/financial plan. If further modifications may be required, explain how you would identify and

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