Assessment Task 4 “ Financial Report

Assessment Task 4 “ Financial Report
Due to the variances between the planned/estimated and actual budget for the last quarter, the partners of Stay Healthy Medical Practice Pty Ltd have asked for a financial management report. This report is to review and evaluate the company s financial management processes so that the monitoring and control of finances can be improved. Background information on the company and report requirements “ points to consider.
 In task 2 strategies were developed to minimise risk in the areas of revenue, operating expenses and profitability; task 3 highlighted areas of variance between the planned/estimated and actual budget.
 Does the company have processes in place to monitor actual expenditure and control costs on a regular basis?
o If you consider the information in this Case Study it would appear that some accounting figures are estimated and/or averaged and the activities undertaken are basic at best. Are these measures detailed and often enough?
o What data is required to analyse the effectiveness of a financial management process?
 What recommendations would you make to Stay Healthy Medical Practice Pty Ltd regarding their budget variances in light of the expected worsening economic conditions (task 2)?
o What contingency plans would be required to keep the business financially healthy? This includes how you will implement, monitor and modify them as necessary.
 Even if you come up with a brilliant plan to monitor and control finances, how will you implement the plan and monitor for improvements without interfering with the financial objectives of the organisation?
Please speak with your facilitator if you do not understand what is required.
Report content
1
Introduction
2
Effectiveness of current financial management processes (to monitor expenditure and control costs) “ clearly state what data has been used for the analysis or clearly state any assumptions.
3
Identify improvements to existing processes “ include strategies to minimise risk and contingency plans.
4
Implementation plan “ how to let everyone know about the changes to financial management processes, how will the changes be implemented, monitored and modified (if necessary), including contingency plans suggested? Don t forget the partners still have to generate revenue, consumables purchased and staff paid.
5
Conclusion/Recommendations.
Word limit 1200 +/- 10%

Performance Grading Guide
All nominated assessment tasks for performance grading will be graded by the facilitator only if competency has been achieved by the learner in the first instance (i.e. the first attempt). Learners who receive a not yet competency for a nominated assessment task in the first instance are not eligible for a performance grading.
Learners who are eligible for a performance grading for a nominated assessment task will receive a grading score of either, 1, 3 or 5. The standard of evidence for written items follows
Condition of submission
Score
Assessment Task 2 “ The presentation must demonstrate a contingency plan with strategies to minimise risks, budget control and the 5 key points. The quality of the PowerPoint slides was adequate and satisfactory to cover the budgeting and contingency issues. The presentation was satisfactory, with a number of areas/slides that were not fully explained or expressed. Assessment Task 4 “ The report covered basic information in each of the main headings. The report demonstrates basic understanding of the financial management processes and the implementation plan. Evidence of basic report writing in the report styles/grammar/ graphs/charts.
1
Assessment Task 2 “ The presentation must demonstrate a contingency plan with strategies to minimise risks, budget control and the 5 key points. The quality of the PowerPoint slides was above average in terms of the budgeting and contingency issues. The presentation was above average, with most areas explained or expressed quite well. 1-2 areas were average. Assessment Task 4 “ The report covered a wider range of information in each of the main headings. The report demonstrates above average understanding of the financial management processes and the implementation plan. Evidence of quality report writing in the report styles/ grammar/ graphs/charts.
3
Assessment Task 2 “ The presentation must demonstrate a contingency plan with strategies to minimise risks, budget control and the 5 key points. The quality of the PowerPoint slides was excellent in terms of the budgeting and contingency issues. The presentation was very good, with all areas explained or expressed very well. Assessment Task 4 “ The report covered a wider range of information and evidence of high quality research in each of the main headings.
The report demonstrates excellent understanding of the financial management processes and the implementation plan which is reflected by the evidence of high quality report writing in the report styles/ grammar/ graphs/charts

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