[Solved] BSBFIM601 Manage finances Assessment Task 2 – Correct

Assessment Task 2 Part A: Financial Management planning project
Complete the following activities:
1. Prepare a financial performance report
 Review the scenario information above, as well as Profit and Loss and
Cash Flow Statements provided to you.
 Using this information, identify areas of the business that have generated a
profit and those that have generated a loss.
 Prior to preparing your financial performance report, conduct research to
establish why those areas have made a profit or loss. Your research should
include a review of the financial data provided to you and economic
conditions and business trends that may have resulted in the profit or loss.
You will be required to report on your findings in the financial
performance report as outlined below.
 You should also conduct research on financial software systems as per the
scenario information. Make notes for use in your report.
 Prepare a financial performance report for the Principal Consultants using
the template provided by your assessor that includes an:
 Overview of the purpose of the report.
 Analysis of the previous year’s (2015 – 2016) profit and loss statement for
Grow Management Consultant, including revenue generated, cost of sales,
as well as gross profit/loss margin and net profit/loss margin.
 Analysis of overall business performance, as well as performance of each
of the income streams for 2015 – 2016.
 Outline of reasons for profit or loss based on your analysis of the data and
research on economic conditions and business trends.
 Analysis of the organisation’s goals and priorities for the upcoming
financial year as documented in the Strategic Business Plan and financial
resources required to achieve these goals, as well as key dates.
 An analysis of cash flow trends as per the cash flow statements.
 Review and analysis of at least three other financial software that the
business could use, including the advantages and disadvantages of each, as
well as the advantages and disadvantages of MYOB that is currently used.

Assessment Task 2 Part B: Meet with management team
Develop report on key financial compliance requirements and liabilities for tax in preparation
for meeting
Research and report on the business’ key financial compliance requirements and liabilities for
Develop a short report to provide to the management team at the meeting. The handout
should explain:
Research and report on the business’ key financial compliance requirements and
liabilities for tax.



Grow Management Consultants

Financial performance report

Review of overall performance and gross/net profit

Overall performance

PROFIT & LOSS2018 – 20192018-2019Variance% of an over budgeted







Consulting Fees









Executive Search Service$144,000132,000$12,0009%

Total Income










Accounting fees









Advertising and marketing$5,25063,000($57,750)-92%
Computer software$4,83010,080($5,250)-52%
Lease/loan payments$1,5755,250($3,675)-70%
Motor vehicle expenses$5,44410,000($4,556)-46%
Office cleaning$10,0804,830$5,250109%
Office supplies$2,2075,442($3,235)-59%
Rent & Rates$45,1084,132$40,976992%

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