Righteous Bean simulated environment

Righteous Bean simulated environment

Assessment Task

This task can be completed in your workplace or using the Righteous Bean simulated environment provided in Appendix A, B and C.

If you are planning to complete this task using your own workplace, you must contact your Assessor to discuss the suitability of your organisational documents and situation.  You may use financial data from your current workplace and a template to complete the financial management plan.

  • Read the scenario below
Scenario
You have just been appointed business unit manager for the Righteous Bean. As part of this role you have been assigned the responsibility of managing the work unit’s budget, including monitoring variances and controlling costs. Your financial management knowledge is limited. The Business Unit Manager has the following responsibilities in relation to financial management: The Righteous Bean organisation has recently changed from AccountsPlus to Xero for its accounting needs, and some admin staff rely on others for help with Excel. You have also been told that your team members have limited financial management skills and knowledge.   To assist you with the financial management tasks you and the team are required to undertake, you need to create a financial manual for you and the team members to follow. The manual will include your financial goals and objectives, roles and responsibilities, and operational processes to follow.  You have been provided with information for the last financial year (budget variance report Excel spreadsheet) as well as financial policies and procedures applicable to some of the roles and responsibilities of the team members you are managing. Your financial manual needs to align to the organisation’s overall Strategic Plan. The Righteous Bean has a template that is used for the creations of Manuals such as this
  • Read the organisational documents contained in Appendix A and the Budget Variance Report in Appendix B
  • Create a Finance Manual for use by yourself and the team. If you are completing this assessment using the simulated environment, you can use the organisational template at Appendix C.

 Your Finance Manual needs to address the following issues:

Administration Details

  • Name of Business Unit
  • Name of Manager

Section 1 – Financial Strategy

1.1  Current State of Business Unit

  • Provide information on the current financial status of the Business Unit, including:
    • Revenue earned in the previous financial year
    • An analysis of 4th Quarter financial data including
      • Net Profit $
      • Net Profit % of sales
      • Gross Profit % of sales
      • Cost of Sales % of sales
      • Indirect (overhead) cost % of sales

For each of the above, comment on

  • Quarterly Variance between the actual and the budget (favourable/unfavourable)
    • Most likely cause of any variances
    • Mitigation Priority

Note – for those students completing this for their own workplace, you should use a table such as the one provided in Appendix B to record your anlaysis  

1.2  Financial Goals

1.3  Contingency Planning

Section 2 – Support strategy

2.1.  Roles and Responsibilities

  • Identify the key roles and responsibilities of team members implementing the financial management approach and/or making financial decisions.
    • Consider responsibilities for purchasing, invoicing, reporting, wages, salaries, recordkeeping etc.

2.2   Consultation and Communication Processes

  • Define the consultation and communication processes that will be utilised concerning the financial plan

2.3  Resource Requirements

2.4  Training and Support

2.5  Strategies for monitoring progress

  • Document the processes you will use to monitor spending and control costs to meet the financial goals for your business unit and the organisation
  • Consider the following:
  • Frequency of reporting on expenditure
  • Consultation and review requirements
  • Key controls that should be in place for accurate, timely, and complete reporting (e.g. of assets, consumables, equipment, expenditure, income, stock, wastage etc.)
  • Information required for monitoring the overall effectiveness of the financial management processes used.

2.6  Recordkeeping

  • Describe the organisational protocols you will follow to ensure the Plan’s performance is recorded accurately and on time.
  • Document at least two systems you use to ensure you can report on budget and expenditure in line with these requirements.
  • Consider any key financial documentation/records you are using (e.g. credit card statements, invoices and receipts, ledgers and journals, electronic records etc.)
  • Identify the key requirements of financial recordkeeping as per the ATO and auditing that you are complying with.
    •  It is expected that you will include requirements relevant to the A New Tax System (Good and Services Tax) Act 1999, and the Corporations Act 2001.

Section 3 – Preparing for Implementation

Detail the processes that will be implemented for the following issues:

  • How will you communicate the toolkit and its content to staff members?.
  • How will you evaluate outcomes with staff members?
  • How would this tool kit support staff members?
  • Upload your completed report to Connect.

Appendix A – Organisational Documents

The following Righteous Bean organisational documents required to complete this assessment are located in a folder on Connect.  The documents are:

  • RB – Finance Policy and procedures
  • RB Strategic_Plan_2017-2022_V2
  • RB068 Mission vision and value statement v2


Appendix B – Budget Variance Report

The Budget Variance Report required to complete this assessment is located in a folder on Connect.  A screen shot is also provided below:

LAST YEAR ACTUAL RESULTS

XY4TH QUART BUDGET VARIANCE

Appendix C – The Righteous Bean Finance Manual Template

Name of Business Unit 
Name of Manager

Section 1 – Financial Strategy

  • Current State of Business Unit
Revenue earned in the previous financial year 
AreaQuarterly Variance between the actual and the budget (favourable/unfavourable).Cause (most likely)Mitigation Priority
Net Profit $   
Net Profit % of sales   
Gross Profit % of sales   
Cost of Sales % of sales   
Indirect (overhead) cost % of sales   
Variances against targets
Areas of good/high PerformanceInclude explanation – what is the variance, what could have attributed to this, how can it be sustained
  
  
  
Areas of ConcernInclude explanation – what is the variance, what could have attributed to this, how could it be improved, reduced
  
  
  
  1. Financial Goals
Instructions: Set financial goals for the Business Unit that are aligned with the organisation’s strategic plan.  Goals should address issues such as: controlling costs in line with budget and financial plan objectivesminimising resource wastagefacilitating productivity gains and increasing profit.
Financial Goal (SMART)KPI 1 KPI 2
   
   
   
   

1.3  Contingency Planning.

Instructions: Identify at least 2 key financial risks associated with the goals above which could impact the achievement of the budget/financial plan outcomes, e.g. overspending, cost variations etc.Develop contingency plans to be put in place for each financial risk.
Financial RiskStrategy to Mitigate
  
  

Section 2 – Support strategy

2.1.  Roles and Responsibilities

Instructions: Identify the key roles and responsibilities of team members implementing the financial management approach and/or making financial decisions. Consider responsibilities for purchasing, invoicing, reporting, wages, salaries, recordkeeping etc. .
RoleResponsibilities
Director  
Finance Manager  
Business Unit Manager  
Senior Managers 
Operational Team Members 

2.2.  Consultation and Communication Processes

Instructions: As listed in the responsibilities table above you will be required to develop and report on the financial budget of the business unit. Complete the table below to detail your team’s consultation process. Consider protocols for communicating sensitive financial information (i.e. budget and financial plans) to the team, negotiating changes to the plan, and reporting on expenditure.
Stakeholder Communication Method Timing Focus
    
    
    
    

2.3  Resource Requirements

Instructions: Summarise the resources and systems required for your team to achieve the financial goals from 1.5 and perform the key financial duties above (i.e. hardware and software, human, physical, or financial resources, record keeping systems (electronic and paper-based), specialist advice or support etc.).
Resources RequiredStrategies to Acquire Resources
  
  
  
  
  
  
  

2.4  Training and Support

Instructions: Describe the details of any skill gaps you have identified in team members performing financial duties, e.g. invoicing clients/customers, purchasing and procurement, financial reporting, and recordkeeping etcDescribe the strategies you will use to support your team to access and use required resources, including training, mentoring and access to specialist advice
       

2.6  Recordkeeping

Instructions: Describe the organisational protocols you will follow to ensure the Plan’s performance is recorded accurately and on time. Document at least two systems you use to ensure you can report on budget and expenditure in line with these requirements. Consider any key financial documentation/records you are using (e.g. credit card statements, invoices and receipts, ledgers and journals, electronic records etc.)Identify the key requirements of financial recordkeeping as per the ATO and auditing that you are complying with.  It is expected that you will include requirements relevant to the A New Tax System (Good and Services Tax) Act 1999, and the Corporations Act 2001.
       

Section 3 – Preparing for Implementation

Instructions: – Detail the processes that will be implemented for the following issues: How will you communicate the toolkit and its content to staff members?. How will you evaluate outcomes with staff members? How would this tool kit support staff members?
How will you communicate the toolkit and its content to staff members?  
     
How will you evaluate outcomes with staff members?  
     
How would this tool kit support staff members?  
     
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