Assignment 3

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Assignment 3

Part 1

July

  • Insurance should be lowered by about $9,000
  • Motor expenses are more than triple the normal level, therefore should be lowered by about $6,000.
  • August

  • The sales dropped dramatically from July to August, more sales are needed.
  • Legal fees could be reduced slightly to save money.
  • September

  • Sales is still very low and must improve if the company needs profit.
  • Expensed equipment is extremely high, lowering this by 10,000 will be effective.
  • October

  • Too much money has been spent on advertising. It should be lowered by at least 10,000.
  • Recruitment and training is also extremely high. This was a big jump which will affect the profits a lot. Recruitment and training should be a gradual increase.
  • November

  • Licenses and permit is more than 19,000 the next high level. It should be lowered by $15,000
  • Accounting fees is slightly high and can be reduced to normal levels
  • December

  • Recruitment and Training has increased too fast. A gradual increase is required.
  • Payroll has increased much too fast. The company many not need the extra staff as well.
  • Part 2

    Importance

    Workplace reviews are used to monitor and review the performance of a group of employees or individuals. The manger should serve the information about the job role and responsibilities, how the staff can work effectively and work in the right way such as meeting or discuss within workplace to make sure the staff do the work in the right way and the manager pick the right person to work this position, help the staff to achieve the goal and finish work on time.

    Many ways to serve information:

  • Meeting
  • Training the staff
  • Orientation
  • Talk to staff by face to face
  • Advantages of workplace reviews are:

  • Easy to trace the transactions
  • ......

    Assignment 3
    Last updated: Feb 2024

    Page 1

  • Easy to trace the transactions
  • Help in conducting an audit and performing an audit trial
  • Helps in proper coding and classification of the documents
  • Help in the accurate and reliable decision making process
  • Helps for taxation and other legal requirements
  • Helps in minimising frauds
  • If the company does not take financial reviews the company will have the following disadvantages.

  • No evidence of the transactions
  • No transaction details can be recorded accurately
  • Will produce unreliable reports for decision making process
  • No audit trail for accounting records
  • Increases the chances of fraud and discrepancy in an organisation.
  • Effectiveness of Monitoring and Planning

    To monitor the effectiveness of the business in regards to financial monitoring and planning, I would firstly review the financial reports such as the balance sheet or income statement. Making sure that these financial documents are effective and efficient for monitoring and planning purposes is important. The documents should be easy to understand and contain all the necessary information required to review the financial performance. The effectiveness of the monitoring is important to maintain. There should be able to monitor the finance quite simply by identifying whether the company is making a profit or a loss and how much.

    Monitoring and planning can really improve the overall performance. When a trend has been monitored and identified, the company has a much better chance of performing better and taking advantage of trends.

    Monitor Improvements in the monitoring procedures

    I would monitor the improvements in the monitoring procedures by mainly looking at key performance indicators or KPI’s. Key performance indicators are factors which can be measured and analysed to see if there is any improvements in performance. These indicators could be money, quality or customer related factors which can be measured. KPIs are used as self-evaluations and should be used to find out how and where the company can improve.

    The monitoring system will have many KPI’s with can be looked at. Making sure that all financial activities are monitored is the first major issues which must be tackled. If the monitoring system cannot do this, the monitoring system must be improved a lot. The monitoring procedures should be improved as the company gets old. A more systematic approach is needed and the monitoring system should be as simple as possible.

    ...

    Assignment 3
    Last updated: Feb 2024

    Page 2

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