Project #51562 - Accounting for manager

Prepare a report on the current financial management process as well as any changes or improvements that need to be put in place.
Outline the contingency plans that you would introduce to help save or improve the business.
Note: You are free to include any scenarios or assumptions that you like and which influenced your decisions. As long as the thought process and ideas are logical, legal and well-designed, you can let your imagination run free.

Report content (Please include the headings in your report)
1. Introduction (purpose of report)

2. The effectiveness of the current processes of calculating amounts for the budgets.
If you consider the information in this case study, some amounts are estimated based on a percentage (%) change from last year’s amounts. Others are a set percentage (%) of revenue. Many are based on monthly or quarterly averages.
a) Are these measures sufficient and appropriate to give an accurate budget estimate? Why or why not?
b) What changes would you recommend to improve the effectiveness and accuracy of the budget estimates?

3. The effectiveness of current financial management processes to monitor and control revenue, costs and cash flow. The processes to properly monitor and control actual revenue, costs and cash flow are currently being undertaken on a quarterly (3 monthly) basis.
What changes would you make to help improve the effectiveness of the management system process and why?

4. Which contingencies do you recommend to manage future risks and help the business to survive and possibly grow?

5. Implementation Plan
a) How will you let everyone know about the changes to the system and implementation of the contingency plan? Be specific and put them in order.
b) How will you monitor the changes and how often?
c) How would you let staff and management know if the new system/plan is succeeding or not?

6. Explain what a Petty Cash Imprest system is and how it would be of benefit to the business.

7. Explain what an Aging Debtors summary is and how it could be beneficial to the business and in managing its cash flow.
8. With regards to your ATO records requirements, outline the following:
a) What are the main tax records the business needs to keep?
b) Why is it important to keep correct taxation records?
c) How should the business records be kept?

Word limit 1500 +/- 10%


high school level

Subject Business
Due By (Pacific Time) 12/18/2014 12:00 am
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