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Budget Preparation and Implementation - Assignment Example

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The paper “Budget Preparation and Implementation ”  is a  potent example of an assignment on finance & accounting. You are the General Manager of Finance. You are responsible to plan for financial management, establish budgets, and allocate funds, Implement budgets, and reporting on finances…
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BSBFIM601: Manage Finances Assessment 1 Budget Preparation and Implementation STUDENT to complete this section Student Name Student ID Trainer Name Date Submitted Candidate declaration— By signing below, I declare that:  I have been advised of the assessment requirements, have been made aware of my rights and responsibilities as an assessment candidate, and choose to be assessed at this time  This assessment work is my own and contains no material written by another person except where due reference is made. I am aware that a false declaration may lead to the withdrawal of a qualification or statement of attainment. Signed: …………………………………………………….. Date: …………………………. ASSESSOR to complete this section Name of Assessor Date Review Completed Assessment Sections First Attempt Second Attempt Task 1  Competent  NYC  Competent  NYC Assessment 1: Budget Preparation and Implementation You are the General Manager Finance. You are responsible to plan for financial management, establish budgets and allocate funds, Implement budgets and reporting on finances. The Chief Executive Officer (CEO), has asked you to prepare a 12 month budget for the 2015/16 financial year. Use the case study to complete your tasks. Preparation Review and analyse the company financial data for the previous years to specify the following components for the preparation of the budget: 1. Identify the areas which have generated profit or loss and the reason for that (Profit budget in the appendix). In this financial statement, the profit centre includes the revenue where, when the company makes more sales, then it will generate higher profits compared to a situation where it makes lesser sales. Additionally, when the cost is low, then the amount of profit generated will increase while increases cost makes the profit to decline. On the other hand, an increase in expenses drives the profit down. 2. Analyse cash flow trends, such as Identify the possible reasons for previous profits and losses Based on the statement of financial income, it is evident that the company recorded profits due to increased number of sales. Additionally, the company had fewer expenses compared to the gross profit, which made the organization to record profit in its financial statements Comment on the effectiveness of existing financial management approaches The approach of making a budget in the organization is an effective cost estimation approach since the management can estimate the most likely cost that the company is likely to incur. It also ensures effective readiness to carry out a business where the benefits are explained the expenditures are then represented by the company’s infrastructure. Explain all assumptions made when developing the budget When developing a budget, assumptions are made where it is assumed that the sales prices will remain to constrain during the budgeted period. Additionally, the variable costs per unit are also made to remain unchanged during the period that is budgeted. During this period, the fixed cost also remains constant Review and analyse the company financial information or business plan to specify the following components for the preparation of the budget: 3. Identify critical dates and initiatives that should be considered in the next budget. It includes not only new initiatives and expenditure, but other legal obligation reporting or payment dates like ATO. Within this organization, a financial year starts on 1st July while it ends on 30th June. This are the most critical dates where financial transactions carried out within a calendar year should be recorded in their respective financial year. 4. Review existing software and its suitability for company financial management. In Houzit Pty Ltd, the company uses Microsoft Excel software in its management purposes which are excellent management software Allocating Funds and Finalizing the Budget 5. You have already analysed the previous year financial data and know the trend of the figure. Now determine the allocation of resources for the following new budget as per the previous trend, legal requirement and company business plan or policy that has been decided to implement in the next budget. (Fill the budget in the appendix as per guideline) a. Complete company Profit Budget b. Sales Budget Department wise c. Sales Budget Quarterly Guideline: Sales breakup over the departments is anticipated to be; Bathroom fittings 30% Bathroom fittings 25% Mirrors 15% Decorative items 10% Lighting fixtures 20%. Circulating, Implementing and Reviewing the Budget 6. As you already have developed a budget now, you should circulate the budget among the relevant personnel like CEO and Store Managers. Consider your assessor as the CEO of the company. As part of the budget circulation, you should develop a budget circulation memo to distribute among the personnel. The memo should include at least: Date To From/By Purpose of the budget Areas of the responsibilities Mention which methods of circulation you are going to use. Provide some other methods of circulation names. As part of the circulation process, you as a candidate have to confirm that relevant personnel (here is the assessor in your assessment) are clear about budgets. So must have a chat with your assessor to satisfy the requirements. 7. Review the budget information and internal audit report and describe how the company avoids misappropriation of funds and that systems are in place to properly record all financial transactions to ensure accurate tracking and to identify discrepancies between agreed and actual allocations. (Complete the Internal Controls part) Ensure that the company records all discounts Ensure there is a cash reconciliation procedure carried every day The proper authorities should sign the invoices and timesheets Work with duty rosters with the aim of reducing fraud possibilities Ensure that communication lines are separate in various department and people working in a given section 8. Based on the Financial Records and Aged Receivables Data provided in the Appendix: a. Prepare Aged Receivables Budget (Template given in the appendix). b. Discuss the level of outstanding receivables in each category and what effect this will have on the business. When customers take long-term receivables, they influence the business by delaying operational capital required for running of business operations within the company. Reduction of outstanding business leads to an early collection of sales and service fee that go to effective running of the business. c. What business processes need to change need to reduce the percentage of outstanding receivables in the > 60 days and > 90-day categories? Reduce the principal of the loan with a payment of $100,000 Reduce the gross profit rate by 1% Reduction of the period taken to settle the debts owed by the debtors is instrumental since it leads to a reduction of accrued bad and doubtful debts. In your report also give a clear view of the following questions for better understanding of the reader about the budget. A budget has used the provision of an estimate of how the money shall be use within the organization; this helps the management to make appropriate decisions within the organization. 9. Describe and explain the followings: a. Financial accounting This is the accounting field that deals with the analysis, preparation and reporting of financial transactions in a given business. b. Management accounting This is the process through which a company reports and prepares accounts that are used in the provision of timely and accurate statistical and financial information that is required by managers who use it in making day-to-day decisions c. Matching principle The matching principle is applied in making a budget by making sure that the incomes for the period are matched with the expenditures incurred in earning that income for the period. d. Account groups Account groups are used in preparing a budget by splitting the revenue and expense accounts into the profit budgets and the asset, liability, and equity accounts into the capital budgets like cash flow and capital expenditure. e. Chart of Accounts This is also abbreviated as COA which means a financial, organizational tool that is used in the provision of a complete list of every account in an accounting system. Where mostly the record consists of assets, liabilities, equity, revenue, and expenses. 10. Explain and discuss the implications of probity when preparing and revising budgets. Financial probity requires the preparation of budgets to do so with honesty, integrity and in an ethical way. This would require objectivity and conduct that ensures that no conflict of interest exists or is perceived to exist in the preparation of budgets. Others must be advised to be truthful in their assessments, responses and the documentation of financial transactions and notes to the budgets. 11. Identify the statutory requirements for the compliance and the tax liabilities a. Who is ASIC and what role do they play in the Australian corporate world. The ASIC is the Australian Securities and Investment Commission that control financial trading and accounting procedures through enacting rules and guidelines that accountants should follow when preparing their financial information. b. Identify the current compliance requirements (quote section number(s)) regarding ‘Due Diligence” for this organization, under the Corporations Act 2001. An annual return with information about the company and its activities must be submitted to the ASIC Public companies must have their financial statements audited. Company to abide by the rules set by ASIC for the internal management of the company Directors must keep written records of minutes and resolutions. Use company name and ACN on all public documents, business premises, cheques and ASIC lodged documents. Directors are to act within the prescribed limits. Keep sufficient financial records to explain the reports and records must be kept for seven years. Notify ASIC of the registered office and principal place of business Large companies must submit financial statements. c. List down the compliance or tax liability that the company submits to ASIC and ATO either quarterly or annually. Financial statements Use company name All public documents, Business premises documents cheques and ASIC lodged documents 12. Complete the Cash Flow – GST budget given in the Appendix Appendix Case study – Houzit Pty Ltd Houzit Pty Ltd is a proprietary limited company (ACN 34 765 234 02) registered with the Australian Securities and Investment Commission (ASIC).Houzit Pty Ltd is a 15 store retail chain in Brisbane which supplies; Bathroom fittings, Bedroom fittings, Lighting fixtures and Mirrors and decorative items, For both new and established homes in Brisbane. Budget Policy Houzit Pty Ltd maintains a budget procedure to create stability and consistency. The board of directors provides the direction, and the CEO is responsible for the implementation and continuity of the company’s budget cycle. To ensure the principles of this policy are met, guidelines detailed under procedures will apply during the budget process. Budget policy can be considered to modify in an an unexpected situation. Extract of Financial Policy and Business Plan Introduction Management needs to ensure efficient administration of Houzit Pty Ltd and accurate financial accountability to ensure that the funding received is used towards achieving the goals of the mission and to ensure that all legal requirements are met. Objective To develop agreed procedures that will ensure records of all fiscal transactions are accurate and up to date. To ensure that a budget guides are spending so that the objectives in the Houzit mission, vision and targets are taken on. To develop agreed procedures that will ensure all income and expenditure is audited annually, and these reports are available to the Board and the stakeholders. To develop agreed procedures for spending so that it is clear who needs to authorize various levels of expenditure. Procedures The yearly budget is outlined by the General Manger, Finance and this is managed by the Chief Executive Officer from Budget Actual, Bank statements and record maintained by the Bookkeeper and approved by the General Manager Finance. The Chief Executive Officer approves the final budget and presents to the Board of Directors. Monthly financial statements are presented to the Board by the CEO. An independent audit is taken yearly by the Accounting Firm representing Huzit Pty Ltd. Store Managers are responsible for planning, approving and keeping to their budgets and if an overrun is foreseen or occasioned, the General Manager Finance is informed at the earliest possible time. The accounting firm will audit the accounts annually and submit a Statement of Financial Performance on each occasion to the CEO who in turn will demonstrate to the Board. Financial records may be accessed by the Board members, Chief Executive Officer and the General Manger Finance. Other information may be accessed as needed by the Bookkeeper or Administrative Assistants with the approval of the General Manager Finance. All accounts are received and reconciled against purchase orders or as a planned expense by the Bookkeeper and are then approved for payment by the authorized person – General Manager Finance, CEO or Board. Quarterly reports are developed for the Store Managers, and they transmit information related to targets such as sales to their team to inform them of the success of their initiatives and employment. Store Mangers manage Petty Cash to the value of $100 per item and may spend up to $500 of budgeted funds on agreed and budgeted area (such as advertising). Any other expenses must be sanctioned in advance by the General Manger Finance. General Manger Finance may authorize expenditure up to $5,000 without consultation. Any unbudgeted expenditure or amounts above that must be approved by the CEO. CEO may authorize expenditure up to $10,000 without consultation. Any unbudgeted expenditure or amounts above that must be approved by the Board. Super is 9.25% in 2015/2016 and 0.25% increment per annum until 12% for individual. Worker compensation of 2%. Software Used At this moment Houzit is using MS Excel for the finance management. ___________________________________________________________________________ Budget Information – 2015/2016 1. 2015/16goal will be to maintain the same level of sales growth that took place between 2011/12 to 2014/15. 2. A new car for the Chairman will be purchased on 25th September 2016. The cost will be $60,000 (GST inclusive). 3. Accounting fees $10,000 - equal amounts each quarter 4. Bank loan interest fees $84,508 - equal amounts each quarter 5. Bank charges as for 2015/16 - equal amounts each quarter 6. Depreciation as for 2015/16- equal amounts each quarter. 7. Fringe benefits as for 2015/16 - equal amounts each quarter 8. A new expense item (Store Supplies) will be included in the budget. It was previously included with the cleaning expense. Amount of Store supplies is $3,965. 9. The statutory requirements are: a. Superannuation is 9.25% of wages and salaries for each quarter b. The payroll tax is 4.75% of wages and salaries for each quarter c. Workers' compensation is 2% of wages and salaries for each quarter d. Company tax is 30% of net profit before tax per annum 10. The following expenses are expected to increase by an inflation rate of 4%. a. Advertising - will be increased by $70,000 to the previous years’ total. $200,000 will be spent 1stquarter. The remainder will be spread evenly over the rest of the year. b. Cost of Goods Sold - will also increase by 10% from the previous years’ total c. Insurance - equal amounts each quarter d. Repairs and maintenance – equal amounts each quarter e. Rent – equal amounts each quarter f. Telephone – is calculated using the same % that given for each sales department g. Electricity – is calculated using the same % that given for each sales department h. Wages and salaries - will increase by $172,500 on the previous years’ total. They are calculated using the same % as that given for each sales department i. Store supplies – is calculated using the same % that given for each sales department j. Cleaning – is calculated using the same % asthat given for each sales department Note: All figures above or in the budgets provided are GST exclusive. Profit Budget Houzit Pty Ltd Statement of Financial Performance For years ended 30th June Proposed Result Profit & Loss Actuals 2011/12 2012/13 2013/14 2014/15 2015/16 Revenue Net Sales 12,474,336 13,472,315 14,550,100 15,714,108 16,071237 – Cost Of Goods Sold 6,860,901 7,409,773 8,002,555 8,799,900 9,673,705 Gross Profit 5,613,465 6,062,542 6,547,545 6,914,208 7,297,632 Gross Profit % Expenses – Accounting Fees 5,500 6,500 8,500 9,000 10,000 – Interest Expense 45,000 65,000 96,508 90,508 84,508 – Bank Charges 1,200 1,300 1,580 1,600 1,600 – Depreciation 170,000 170,000 170,000 170,000 170,000 – Insurance 12,500 12,500 12,500 12,875 13,390 – Store Supplies - - - - 3,749 – Advertising 50,000 100,000 280,000 280,000 350,000 – Cleaning 12,560 15,652 18,700 19,261 16272 – Repairs & Maintenance 40,250 52,600 60,000 61,800 64272 – Rent 2,465,000 2,465,000 2,465,000 2,538,950 2640508 – Telephone 9,862 12,523 14,000 14,420 14997 – Electricity Expense 22,500 23,658 25,000 25,750 26,780 – Luxury Car Tax - - 12,400 - 12000 – Fringe Benefits Tax 26,000 26,000 26,000 28,000 28,000 – Superannuation 148,500 160,737 166,500 171,495 187,020 – Wages & Salaries 1,649,998 1,785,965 1,850,000 1,905,500 2,078,000 – Payroll Tax 78,375 84,833 87,875 90,511 98,705 – Workers’ Compensation 33,000 35,719 37,000 38,110 41,560 Total Expenses 4,770,245 5,017,987 5,331,563 5,457,780 5,841,371 Net Profit (Before Tax) 843,220 1,044,554 1,215,982 1,456,428 1,456,261 Income Tax 252,966 313,366 364,795 436,928 436,878 Net Profit (After Tax) 590,254 731,188 851,188 1,019,499 1019383 Sales Budget by Department Sales breakup over the departments is anticipated to be; Bathroom fittings 30%, Bedroom fittings 25%, Mirrors 15% Decorative items 10% Lighting fixtures 20%. Houzit Pty Ltd Budget Sales Revenue For year ended 2015/2016 - by Quarter           2015/16 Revenue Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total   20% 24% 26% 30%   Bathroom fittings 30% 1018274.22 1221929.06 1323756.49 1527411.33 5091371.1 Bedroom fittings 25% 848561.85 1018274.22 1103130.41 1272842.78 4242809.25 Mirrors 15% 509137.11 610964.532 661878.243 763705.665 2545685.55 Decorative Items 10% 339424.74 407309.688 441252.162 509137.11 1697123.7 Houzit Pty Ltd Proposed Statement of Financial Performance For year ended 2015/2016 - by Department Revenue Bathroom 30% Bedroom 25% Lighting 20% Mirrors 15% Decorative 10% Total Revenue Sales 4821371.1 4017809.25 3214247.4 2410685.55 1607123.7 16,071,237 – Cost Of Goods Sold 2902111.5 2418426.25 1934741 1451055.75 967370.5 9,673,705 Gross Profit 2189289.6 1824408 1459526.4 1094644.8 729763.2 7,297,632 Gross Profit %   Expenses   – Accounting Fees 3000 2500 2000 1500 1000 10,000 – Interest Expense 25352.4 21127 16901.6 12676.2 8450.8 84,508 – Bank Charges 480 400 320 240 160 1,600 – Depreciation 51000 42500 34000 25500 17000 170,000 – Insurance 4017 3347.5 2678 2008.5 1339 13,390 – Store Supplies 1124.7 937.25 749.8 562.35 374.9 3,749 – Advertising 105000 87500 70000 52500 35000 350,000 – Cleaning 4881.6 4068 3254.4 2440.8 1627.2 16272 – Repairs & Maintenance 19281.6 16068 12854.4 9640.8 6427.2 64272 – Rent 792152.4 660127 528101.6 396076.2 264050.8 2640508 – Telephone 4499.1 3749.25 2999.4 2249.55 1499.7 14997 – Electricity Expense 8034 6695 5356 4017 2678 26,780 – Luxury Car Tax 3600 3000 2400 1800 1200 12000 – Fringe Benefits Tax 8400 7000 5600 4200 2800 28,000 – Superannuation 56106 46755 37404 28053 18702 187,020 – Wages & Salaries 623400 519500 415600 311700 207800 2,078,000 – Payroll Tax 29611.5 24676.25 19741 14805.75 9870.5 98,705 – Workers’ Compensation 12468 10390 8312 6234 4156 41,560 Total Expenses 1752411.3 1460342.75 1168274.2 876205.65 584137.1 5,841,371 Net Profit (Before Tax) 436878.3 364065.25 291252.2 218439.15 145626.1 1,456,261 Income Tax 131063.4 109219.5 87375.6 65531.7 43687.8 436,878 Net Profit (After Tax) 305814.9 254845.75 203876.6 152907.45 101938.3 1019383 Revenue Bathroom 30% Bedroom 25% Lighting 20% Mirrors 15% Decorative 10% Total Revenue Internal Audit Findings Carl Kerns was appointed by the board to conduct an internal audit to look for weaknesses in the financial internal control system. This report uncovered the following processes that he believed needed to be strengthened. 1. Some invoice totals included the discount given. No information about the amount/percentage of discount given or the original cost of the item was recorded on the invoice. This meant the amount of the discount could not be recorded as an expense item on the Profit & Loss Statement. 2. In some stores, the cash register printout was not reconciled to the cash in drawer at the end of the day. 3. Some employee timesheets showed overtime amounts that had not been authorized by the line manager. 4. Invoices for work carried out by external contractors (e.g. cleaning, maintenance) were not being linked to purchase order before payment. There was also no check carried out that the work had been completed. 5. Not all assets in the stores had a clearly marked asset codes engraved on them. 6. Communication between the shop floor and head office was poor. This was particularly the case where reporting budget report errors were concerned. 7. Debtor reconciliations were not completed monthly and sometimes not at all. 8. In busy times, the cashiers that operated the registers were also asked to do their own reconciliations and banking. Sometimes the cash was held in the store for a day or two before being banked. 9. Job roles were not clearly defined. This meant individual employee responsibilities and liabilities were difficult to identify. 10. Cash receipts were not pre-numbered. Aged Receivables Data and Template Houzit trading terms are 30 days. The historical financial records show that the balance of debtors at the end of each quarter is usually about 20% of the quarter’s sales. At any time in the debtors balances are; 30% of the total debtors is overdue 90 days and over, 20% are 60 days overdue, 50% are 30 days overdue and Balance of the total debtors is current. Houzit Pty Ltd AGED RECEIVABLES BUDGET TOTAL Qtr 1 Qtr 2 Qtr 3 Qtr 4 Sales 16,971,237 3,394,247 4,073,097 4,412,522 5,091,371 % Debtors Sales % 20% 20% 20% 20% Total Debtors 100% 678,849 814,619 882,504 1,018,274 Current 84% 570,234 684,280 741,304 855,350 > 30 Days 10% 67,885 81,462 88,250 101,827 > 60 Days 5% 33,942 40,731 44,125 50,914 > 90 Days 1% 6,788 8,146 8,825 10,183 Cash Flow - GST Budget GST cash flow budget Statutory requirements for GST are 10% of the recorded amounts in sales. The only capital purchase planned for the year is the luxury car for the chairman. Those expense payments on which 10% GST was paid include the following: Cost of goods sold: accounting fees insurance store supplies advertising cleaning repairs and maintenance rent telephone electricity expense car The GST amount payable each quarter is the difference between the GST collected from sales and the GST paid – format as per policy and procedures. Houzit Pty Ltd CASH FLOW ANALYSIS – GST 2015/16 Total Qtr 1 Qtr 2 Qtr 3 Qtr 4 Accounting fees 10,000 2,500 2,500 2,500 2,500 Insurance 13,390 3,348 3,348 3,348 3,348 Store supplies 3,749 750 900 975 1,125 Advertising 350,000 200,000 50,000 50,000 50,000 Cleaning 16,282 3,256 3,908 4,233 4,885 Repairs and maintenance 64,272 16,068 1 16,068 16,068 16,068 Rent 2,640,508 660,127 660,127 660,127 660,127 Telephone 14,997 2,997 3,599 3,899 4,499 Electricity expense 26,780 5,356 6,427 6,963 8,034 Car 12,000 12,000 GST Collected 1,697,124 339,425 407,310 441,252 509,137 Sales Revenue Less GST Paid 12,281,358 282,913 306,854 326,325 365,267 GST Payable 415,765 56,512 100,456 114,927 143,870 Read More
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