AL BSBFIM601 Task2.docx

TASK 2

Growth Management Consultants

Finance Report

Introduction

The purpose of financial reporting is to deliver this information to the lenders and shareowners (the stakeholders) of Grow Management Consultants.

2014/15 Performance

Analysing the previous year’s (2014/15) profit and loss statement for Grow Management Consultant, including revenue generated, cost of sales, as well as gross profit/loss margin and net profit/loss margin it is possible to see that as demonstrated in table 2, the expenses were higher than expected.

Regarding the overall business performance, generated an income of $60,600 higher than expected.

Strategic goals and priorities

Income from consultancy fees should increase at least 10% annually

Generate $10,000 worth of sales for the e-books during 2016, with a 10% increase yearly.

Second e-book to be written by December 31, 2016.

The executive Search Service should generate at least $120,000 in 2015/16, and increase at least 10% annually

Hold an annual conference, the first in February 2016, which should run at a profit.

Key strategies

To be well led, high performing, profitable and accountable

Ensure that all financial operations, performance indicators and results support the strategic policies

Identify new and expand existing sources of revenue

Achieve profits of at least 10% per annum.

Develop services to meet customer needs and aspirations

Increase range of services offered to include change management and diversity

Plan for and establish an annual conference, starting in 2016.

Increase range of e-books commencing with Organisational Change e-book to be published during 2016.

Continue building deeper customer relationships

Customer-centred practice, with a focus on meeting their total needs for high-quality services

Strengthen the skills of our people, to better support customers

Drive innovation to better meet customer demands

Attract, engage and develop the best staff

Continuing the drive to a customer centred, high performance workforce and culture

Strengthening the skills of our people, to better support customer needs

Empowering innovation and responsiveness to change

Continuing to enhance the diversity of our workforce.

......

.

Employing additional consultants

Financial Software

Provide your review and analysis of at least three other financial software that the business could use, including the advantages and disadvantages of each, as well as the advantages and disadvantages of MYOB.

MYOB (pronounced my-ob.) is an Australian tax and accounting software company, providing a range of products for both small and big businesses as browser based, cloud based, or physical installation-based software.

MYOB

Pros:

Fairly easy to use; robust

Very detailed, Easy to add transactions.

Have most of the function and very stable software.

This product makes the day to day task of a business owner more professional!

Cons

You couldn’t do a recurring transaction.

The cons are that it is too expensive for what it is

The Cost of the software could put a few people off!

You have to have internet connection to use your company files.

OPTION 1: QUICKEN

Pros

It used to be great.

Clean user interface

Working well in the US. Complete solution

Ease of use and integration with Turbo Tax

Cons

Customer support

Has turned to crap

Lack of detailed investment reports

Missing the international Integration

OPTION 2: MINT

Pros

It’s great to follow all of your expenses. It also allows you to check your credit score.

Easily shows you all your accounts. Reminds and notifies you of due dates. Shows your budget in its entirety

Mint is a great tool for keeping track of finances through excellent budgeting tools, reporting, and expense tracking.

Lots of ways to setup goals and budgeting. You can also get a look at how things get categorized for monthly spending.

Cons

More robust features such as credit card repayment plans or financial planning would be an amazing feature.

The last update has a terrible UI. I’m pretty sad because I used like the Mint iOS app. I hope that they will revert it.

The mobile app doesn’t show me my individual budgets at a glance, and it’s more difficult to customize than I would like.

Why not adding some new format to visualise the transactions, a couple of new features also and more languages would be great?

OPTION 3: TURBOTAX

Pros

Cheaper than seeing a professional

Will save you time if you know what you’re doing

User Friendly

Cons

Improper usage of software (errors can cause a string of IRS Letters, Audits, Amendments and Penalties);

The software is only as good as what the user inputs – Need to learn the software;

Possibility of…

...