Manage Budget and Financial Plans: Assignment 1

Task A1: Master budget with profit projections

Clarify budget

As my financial plans with relevant personal within the organisation to ensure that documented outcomes are achievable, accurate and comprehensible as above spreadsheet, I would like to discuss that the budget for repairs and maintenance not realistic considering need. Because of higher in Q2 was 90% of repair and maintenance, if we might have high sale in Q3 or Q4 so that the budget would not enough from $1,667. I think, the budget should put more $50,000

In addition, on sales spread too evenly over the year to be accurate so we should go back to sale historical from 2010 or 2009 what was happen ,we can see the net profit before tax that is reach $1,000,000 ,that why we will need to estimate sales spread more than 3,000,000 for this Financial year plans.

Negotiate any changes required to be made to budget

Sale centre A is expected to sell as much volume as the other two sales centres put together. Naturally, it is expected cost allocations to reflect the both the needs and importance to the business of Cost Centre A.

  • More commission allotted to Sales Centre A 50% from total
  • More wages allotted to Sales Centre A 50% from totally
  • More telephone expense, etc. allotted to Sales Centre A 50% from total
  • Task A2: Contingency plan template

    Task B1: Coaching Plan


    Last updated: Sep 2023

    Page 1

    Task B1: Coaching Plan

    Task B2:

    Develop a plan for explaining petty cash

  • Petty Cash provides a source of funds to effectively and efficiently purchase low value, low risk and infrequent purchases.
  • A Custodian is personally responsible for the safeguarding of the Petty Cash and therefore will not share the Petty Cash with another staff member.
  • Managers of each section are responsible for developing effective controls and procedures over the usage of Petty Cash and for the provision of a secure location for the storage of the Petty Cash, in line with these specific procedures.

  • Under no circumstances will Petty Cash be used for the payment of:
  • · personal services (such as salary, wages or honorariums)

    · travel allowances (such as meals, incidentals, mileage allowances and/or fuel)

    · travel advances

  • The key control features of the Petty Cash system are:
  • The establishment of a fixed float

    Payments are made from petty cash only on the production of a duly signed, costed and authorised petty cash voucher with supporting evidence of the purchase (i.e. cash sale receipt attached to the voucher)

    At any time the total value of the petty cash vouchers plus the amount of cash left in the cash box, must equal the value of the original fixed float

    Periodic reimbursement of petty cash is always the amount expended, as evidenced by the petty cash vouchers, to bring the balance remaining up to the original float amount


    Last updated: Sep 2023

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