BSBFIM601 Manage Finances Assessment Answers - An Informative Guide28 Jan, 2021 318
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Inadequate money management reflects nasty in the business. Well, nobody would want this when it comes to their business growth. It is the reason why financial management is one of the crucial topics in the BSBFIM601 unit. Sometimes, it happens that students are not clear with the basic concepts of financial management; as a result, it becomes tough to start with the BSBFIM601 assessment writing tasks. Many times students get stuck while writing the BSBFIM601 manage finances assessment answers. They look for online experts who can help them in solving this assessment. The experts guide them with proper assistance to frame a well-reasoned and accurate answer.
There are many crucial topics in the BSBFIM601 unit, and its requirement must be compliance with all the areas to be monitored at the workplace, usage of audit and trail, etc. To complete the assessment answers effectively, you must have a deep understanding of all the concepts before writing the BSBFIM601 assessment answers. In this blog, all the major questions related to assessments, concepts, and topics will be covered. After reading this blog, you will smoothly answer the BSBFIM601 assessments and can achieve the desired grades. In case you still face any issue in writing the BSBFIM601 assessment answers, you can contact the Assignment Writing experts at any hour of the day.
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Why Is BSBFIM601 Manage Finances Assessment Crucial?
Being a finance student, you have to understand that financial management is mandatory for every organization to run smooth operations. BSBFIM601 manage finances assessment answers are very crucial for effective planning, management, and controlling the finance and funds of the organization. Many employees are not satisfied with the remuneration. Most of the employees indulge in the wrong actions like theft, misappropriation of assets or funds. These actions must be identified as soon as possible to reduce the mishappenings. Budgeting is the crucial step that you should take to create financial plans. It will ensure that the organization is upheld with funds for any kind of situation in the future. In today's scenario, most of the contingencies are not in control of the company. To control them effectively, there must be proper distribution of budget so that the company can handle any kind of contingency in the future. The budget should be allotted, analyzed, rechecked, and revised to cover up the mandatory changes. There are two points that you have to ensure while writing the BSBFIM601 assessment answers. Let's take a read!
Monitor Compliance Areas
You have to observe all the areas that must be observed at the workplace. You have to include the health and safety measures of the employees by telling them policies and procedures. Also, the main areas that come under this are internal auditing, profitability, ethical considerations, pre-activity approvals, financial management, formulation, and implementation of approaches. Once you get which areas you have to monitor, the next question arises how to manage all these at the workplace. Well, there are many ways through which you can monitor all the factors, such as automating the impact of the assessments, making alerts for better integration of work and workers, distribution of data to significant departments by notifications, analyzing various patterns, trends to implement better decisions, and future vision for better risk management.
Identify Budget Allocations
Well, budget allocation is crucial for the business to run its operation and work effectively. Audit trails help in accurately categorizing the process to offer some main records. These are the history and support records that can be used for validating the various activities along with the challenges and risks.
Step-by-Step Planning of BSBFIM601 Financial Management
BSBFIM601 is the major unit in finance assignment. Students who pursue this course have to ensure that they plan the assessment effectively. Being an academic student, you have to understand that planning assessment answers beforehand take your documents to the seventh sky. You can write the content smoothly and get the best grades from the university professor. To make it more clear, here are the steps that you must keep in mind before planning the BSBFIM601 financial management assessment answers.
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Being a finance student, you have to identify all the accounting principles and standards. It will help you to manage the books of accounts and every transaction. While identifying the principles and standards, you have to cover all the possible aspects including all your accounting and finance strategy. To grow your business, you have to make operational and financial reports according to the reporting cycle. This cycle is determined by identifying the needs for strategy development and implementation, along with the statutory requirements.
After identifying all the principles and standards, you have to determine all the possible areas of profit and loss. It needs to be portrayed by all the books such as cashbooks, journals, ledgers, and every single transaction that takes place within the organization. You have to recheck that the net profit and gross profit are accurate or not. If they are not correct, then you have to determine how you can create a strategy to grow and develop the company by implementing a new and innovative approach.
After determining the profit and loss, you are required to gather the resources for organizational strategy implementation. To manage it effectively, you have to see the organizational activities. Also, review the plans that need to be executed. Make sure that the plans do not reflect the budget. Identify the plans and budget accordingly within the financial cycle. Determine the financial cycle and check what exactly they are asking for. After doing it, you have to analyze the cash flow of the company regularly.
After managing the strategy, you have to review the requirements and tax liabilities of the company. It will help in filing the income tax return (ITR) and other miscellaneous expenses. By doing so, you can save the amount on taxation. You have to go through all the books and check the amount of your tax. Ensure that you plan something better to prepare your budget and increase your profit in the next financial year.
How to Establish a Budget in BSBFIM601?
In the planning process of BSBFIM601 financial management, you have to make sure not to make any blunders. After planning, you have to establish a budget and allocate funds to the organization. It helps to calculate the financial performance of the company. You have to manage all the activities and aspects of a particular operation within the financial year. By doing so, it helps the manager to allocate funds accordingly. Also, it is easier to decide the finances by daily analysis of the budget. It gives a rough idea about the actual performance. Therefore, it minimizes the financial risk of the organization. Well, there are some key points that you have to learn to establish the budget accurately.
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To establish a budget, first, you have to set it according to the organization’s guidelines. It will help you in allocating financial resources. By setting the budget, you will get an idea about how much you have to spend on the particular expense or event. It will help you save the amount for future use and also, your profit will increase in the books of accounts. You can invest in stock to make more profits instead of doing miscellaneous expenses.
Fix the Cash Budget
After setting the budget in the organization, you have to fix the cash budget. Being a finance student, you have to make sure that you spend cash accordingly; it will lead you not to take a bank loan or overdraft. Many marketing companies prefer cash instead of the loan. It is an easier way to trade with other organization or large scale businesses. Managers sometimes lack the knowledge and spend all the cash and it leads that their books show negative balance at the end of the financial year.
Prepare P&L and Balance Sheet
After fixing the cash budget, you have to prepare a profit and loss account and match the balance sheet accurately. It will help you to know where your company stands among the competitors. You can evaluate your financial performance at the end of the year. Make sure you count every single transaction, as it can lead to converting your net profit into a loss. After doing so, you have to match your assets and liabilities and wind up the current accounting books.
Develop Contingency Plans
Once you set and prepare all the accounts appropriately, you have to develop plans to decrease your risk. Whatever mistakes you have made this year, do not repeat them in the next financial year. Learn from your mistakes and implement new strategies to grow your business. Always try to beat your competitors and reach new heights of success.
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