PROJECT

PORTFOLIO

STUDENT VERSION

BSBFIN601
MANAGE
ORGANISATIONAL
FINANCES
First published 2021

RTO Works
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Business Works is a series of training and assessment resources developed for qualifications within the Business Services
Training Package.
 Contents

Section 1: Financial management review 6

Section 2: Establish budgets and allocate funds 9
Section 3: Financial management monitoring and evaluation 11

Rockford college-PP-V1.1 Page | 3

Rockford International College Pty Ltd T/A Rockford College

Level 3, 633 Princes Highway, Rockdale, NSW 2216
ABN: 47636979667|RTO Code: 45650 | CRICOS Provider Code: 03882C
Phone: +61285935200 | Email: [email protected] | Web: www.rockford.edu.au
 Student name:

Assessor:

Date:

Business this assessment is

based on:

Rockford college-PP-V1.1 Page | 5

Rockford International College Pty Ltd T/A Rockford College

Level 3, 633 Princes Highway, Rockdale, NSW 2216
ABN: 47636979667|RTO Code: 45650 | CRICOS Provider Code: 03882C
Phone: +61285935200 | Email: [email protected] | Web: www.rockford.edu.au
 Section 1: Financial management review

Business plan review

Describe the overall
objectives for the business,
including financial objectives.
List the key initiatives in the
business plan that will need to
be factored into budget
development. Outline the
timelines associated with
these initiatives.
Highlight the relevant
information in your business
plan.
Attach your business plan as
proof to this section of your
Project portfolio.

Legislative requirements
Discuss each of the following
as relevant to the business:

 statutory requirements for

financial compliance

 tax liabilities

 legislative financial
reporting requirements.

Policy and procedure

summary
Summarise your
organisation’s financial
management and reporting
policies and procedures
including:

 a description of the
processes that must be
followed to ensure that
Rockford college-PP-V1.1 Page | 6

Rockford International College Pty Ltd T/A Rockford College

Level 3, 633 Princes Highway, Rockdale, NSW 2216
ABN: 47636979667|RTO Code: 45650 | CRICOS Provider Code: 03882C
Phone: +61285935200 | Email: [email protected] | Web: www.rockford.edu.au
 funds are not
misappropriated.

 the reporting
requirements and
financial delegations that
apply to financial
management.
Highlight any applicable
sections of the policies and
procedures and attach them
to this section of your
portfolio.

Policy and procedure review

Analyse the effectiveness of:

 the systems to record all

transactions

 how audit trails are

maintained

 due diligence
compliance.
Use the information you’ve
summarised on the legislative
requirements and existing
policies and procedures to
help you answer.

Financial review
Access financial reports for
the business for at least one
reporting period – ideally over
one year.
Identify the profit or loss
made by the business for that
reporting period.
Discuss the reasons for the
profit or loss.
Assess and report on the
cash flow trends.
Identify at least one risk in the
existing financial information.
Attach proof of your financial

Rockford college-PP-V1.1 Page | 7

Rockford International College Pty Ltd T/A Rockford College

Level 3, 633 Princes Highway, Rockdale, NSW 2216
ABN: 47636979667|RTO Code: 45650 | CRICOS Provider Code: 03882C
Phone: +61285935200 | Email: [email protected] | Web: www.rockford.edu.au
 information to this section of
your portfolio.

Financial research
Summarise research on the
key initiatives in the business
plan that will need to be
factored into budget
development.

Research and report on at

least one other financial
management software (other
than the software currently
being used) that you believe
could also be suitable.
Attach proof of at least two
digital sources of information
to this section of your portfolio
(e.g. screen shot of internet
searches or a voice recording
of a Siri interaction etc.).

Financial software
comparison
Indicate the name of the
software that is currently
utilised for financial
management in your
organisation.
Provide an assessment of the
extent to which you believe
this financial software is
suitable for the business.
Compare the current software
to the software you
researched indicating which
you believe would be better.

Attach: Business plan ☐

Policies and procedures ☐

Rockford college-PP-V1.1 Page | 8

Rockford International College Pty Ltd T/A Rockford College

Level 3, 633 Princes Highway, Rockdale, NSW 2216
ABN: 47636979667|RTO Code: 45650 | CRICOS Provider Code: 03882C
Phone: +61285935200 | Email: [email protected] | Web: www.rockford.edu.au
 Financial information ☐

Proof of information sources ☐

Rockford college-PP-V1.1 Page | 9

Rockford International College Pty Ltd T/A Rockford College

Level 3, 633 Princes Highway, Rockdale, NSW 2216
ABN: 47636979667|RTO Code: 45650 | CRICOS Provider Code: 03882C
Phone: +61285935200 | Email: [email protected] | Web: www.rockford.edu.au
 Section 2: Establish budgets and allocate funds

Complete this section prior to the meeting.

Budget preparation
You are to prepare a budget for the
upcoming reporting period (one year).
Explain here how your Budget aligns with
the business plan.
Also explain how you addressed at least
one risk (as identified in Section 1) in the
budget.
Confirm that there is no misappropriation of
funds.
Attach your budget to your Portfolio.

Meeting preparation
Prepare a presentation in order to
communicate the financial management
plans to your team.
Your presentation can be in a form of your
choice such as a PowerPoint presentation.
Your presentation is to include:

 Details of the budget.

 Information on the processes that will

be used to ensure funds are not
misappropriated.

 Information on reporting requirements

and financial delegations.
Attach the presentation to your Portfolio.

Rockford college-PP-V1.1 Page | 10

Rockford International College Pty Ltd T/A Rockford College

Level 3, 633 Princes Highway, Rockdale, NSW 2216
ABN: 47636979667|RTO Code: 45650 | CRICOS Provider Code: 03882C
Phone: +61285935200 | Email: [email protected] | Web: www.rockford.edu.au
 Circulate budget
Prepare a draft email using appropriate
conventions and protocols (e.g.
professional greeting and sign-off) to
circulate the budget to at least one
manager or superior who is associated with
the budget prior to meeting with them to
present the budget information.
Attach your draft email to the portfolio.

Attach: Forecasted budget ☐

Presentation ☐

Draft email to circulate the budget ☐

Rockford college-PP-V1.1 Page | 11

Rockford International College Pty Ltd T/A Rockford College

Level 3, 633 Princes Highway, Rockdale, NSW 2216
ABN: 47636979667|RTO Code: 45650 | CRICOS Provider Code: 03882C
Phone: +61285935200 | Email: [email protected] | Web: www.rockford.edu.au
 Section 3: Financial management monitoring and
evaluation

Presentation
If not already viewed in
person by your assessor,
attach your recorded
presentation to your Portfolio.

Budget and financial

performance reporting
You are required to report on
overall financial performance
for the business, as well as
any variances between the
actual and budgeted amount
for the budget. Include:

 review of overall
performance and total
income, expenses and
profit margins.

 calculation of variation in
actual versus budgeted
amounts for each income
source.

 calculation of variation in
actual versus budgeted
costs.

 the discrepancies
between agreed budget
allocations and the
actual data (for the
conference if you are
using the case study).
Attach proof of your audit
Rockford college-PP-V1.1 Page | 12

Rockford International College Pty Ltd T/A Rockford College

Level 3, 633 Princes Highway, Rockdale, NSW 2216
ABN: 47636979667|RTO Code: 45650 | CRICOS Provider Code: 03882C
Phone: +61285935200 | Email: [email protected] | Web: www.rockford.edu.au
 trail to this section of the
portfolio (e.g. you may
make assumptions and
record details of possible
invoices that were paid).
Show your calculations.

Revise financial reports to

manage inconstancies
If relevant, revise the current
financial year financial
records (e.g. profit/loss
statement, ageing summary
and/or budget) to rectify any
issues.
Attach your rectified financial
report to this section of the
portfolio.

Financial management
processes
Reflect on the financial
management processes you
have followed.
What do you believe could be
improved?
Recommend revisions to the
budget you prepared in order
to deal with contingencies
(consider revisions to the
conference if you are using
the case study).
Propose at least one future
cost for the next reporting
period (if you are using the
case study, estimate the
conference fee for 2021/2022
conference assuming
attendance of 70 people and
to make a profit of at least
20%).

Rockford college-PP-V1.1 Page | 13

Rockford International College Pty Ltd T/A Rockford College

Level 3, 633 Princes Highway, Rockdale, NSW 2216
ABN: 47636979667|RTO Code: 45650 | CRICOS Provider Code: 03882C
Phone: +61285935200 | Email: [email protected] | Web: www.rockford.edu.au
 Communicate
recommendations
Draft an email to
communicate the
recommendations you have
identified in this Section of the
Portfolio to relevant superior
and/or manager(s).
Attach your email to this
section of your portfolio.

Attach: Recorded presentation (if relevant) ☐

Proof of audit trail ☐

Rectified financial report ☐

Draft email with recommendations ☐

Rockford college-PP-V1.1 Page | 14

Rockford International College Pty Ltd T/A Rockford College

Level 3, 633 Princes Highway, Rockdale, NSW 2216
ABN: 47636979667|RTO Code: 45650 | CRICOS Provider Code: 03882C
Phone: +61285935200 | Email: [email protected] | Web: www.rockford.edu.au