AL BSBFIM601 Task2.docx




AL BSBFIM601 Task2.docx


Growth Management Consultants

Finance Report


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.
  • ......

    AL BSBFIM601 Task2.docx
    Last updated: Sep 2023

    Page 1


  • 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.



    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!


    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.



    It used to be great.

    Clean user interface

    Working well in the US. Complete solution

    Ease of use and integration with Turbo Tax


    Customer support

    Has turned to crap

    Lack of detailed investment reports

    Missing the international Integration



    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.


    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?



    Cheaper than seeing a professional

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

    User Friendly


    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…


    AL BSBFIM601 Task2.docx
    Last updated: Sep 2023

    Page 2

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