...ASSESSMENT 1: STRUCTURED ACTIVITES Activity 1 Objective To provide you with an opportunity to identify and interpret the range of financial information and reports required for the organization to monitor business performance. Activity Answer the following questions, giving as much detail/explanation as you can to support your answer: (a.) What reports are used at your company to monitor business performance? At the restaurant where I work at, a few different types of reports are used to monitor the business performance such as: account summaries and balances, balance sheets, bank statements, banking summaries and business activity statements. (b.) What are they used for? Financial reports are used to keep track of the business operation. These reports are produced to reflect the business's earnings and spending within the given fiscal year. (c.) What do they reveal about the condition of the business? The reports reveal the impacts the financial information may have on operational activities in the restaurant. Activity 2 Objective To provide you with an opportunity to interpret financial information and reports applicable to operational or departmental activities. Activity Name five types of information, such as a bank statement or balance sheet that you may have to interpret at work. 1. Profit and loss statements 2. Invoices 3. Bank Statements 4. Balance sheets 5. Business activity statements What kind of information can you gain from each document...
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...AT1 Assessment Activity 1 1. Why is it necessary for business organisations to collect, file and maintain financial records? * Financial and other records are legally required to be kept for up to 7 years or more as a legal requirement * Collection, filing and maintaining of relevant financial information is pertinent to running a successful business * Records can help make financial decisions * Financial records can also show where there are gaps in budgets and financial plans * Can help in putting together contingency plans 2. What external information might be required in order to construct useful and useable plans for a team? How would you access this data and what reporting processes might external data be required for? Data / information required | Methods of accessing it | Competitors | Research, internet, public feedback | Demographic | ABS | Socio-economic demographic | ABS | Markets / trends | Research | Political / social data | Research | 3. Explain the procedures you might need to follow to access the financial data and plans necessary for efficient operation of a team/section/division. * Have a system of collation, filing and disseminating of financial information in place that is suitable for the organisational requirements * Access system weekly, monthly, quarterly, yearly dependant on the financial information 4. How do you determine whether the outcomes are reasonable, achievable, comprehensive...
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... 6. MONITORING AND REVIEW 13 6.1 Procedure 13 6.2 Risk Closure 13 7. COMMUNICATION AND CONSULTATION 13 8. SUMMARY OF RECOMMENDATIONS 14 9. CONCLUSION 16 1. INTRODUCTION The 24/7 Fitness has changed rapidly in recent years, so to have the environment in which sport operates. There are now many opportunities for business and employment, as well as active participation. Along with increased opportunities comes an increased exposure to risk that must be understood and managed, at all levels. Risk Management is both an individual and a corporate responsibility. A systematic approach to risk management will ensure all representatives involved understand the environment in which they operate and allow them to anticipate and manage issues that may impact upon desired objectives and goals. The Gymnastics Tooronga road Victoria 3146, risk management program encourages an integrated approach to managing risks. It is built around having a common language, approach and management process. 2. SCOPE The scope of this Risk Management Plan covers the Association’s management, day-to-day operations, and conduct of competitions/events, Gym sport programs and related membership services. 3. OBJECTIVES Risk is, the chance of something happening that will have an impact on the Association’s strategic goals. It is measured in terms of likelihood and consequences. Action taken to treat, or reduce, the risk therefore will address the likelihood of an event occurring...
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...Manage Finances Within A Budget Submitted by: Nico Antonio A. Serafin Submitted to: Ma’am Lorejen Salise Based on the variance/diversion report of the TAFE Island Holiday Resort, me and my business partner have interpreted the figures listed in the report and have offered remedies to improve their budget performance. This is their income report: Income Actual Budget Variance TAFE Restaurant $233,278 $205,000 $ 28,278 TAFE Bar $ 36,500 $ 51,300 $ (14,800) Island Coffee Shop $ 14,000 $ 18,500 $ (4,500) Room Service $ 1,840 $ 4,450 $ (2,610) Total Income $285,618 $279,250 $ 6,368 Based on this report, we can tell that a certain area of the resort has exceeded the budget therefore having a variance of $28,278. Because of this the resort should be more considerable with their budgeting judgment. They should plan, organize their budget and even motivate their staff in making decisions well. They can also start making another budget plan in this section of the resort. They can use a zero budget system to clearly detect inflated budgets in the beginning of the financial year. The resort should control their budget by checking income and expenditure at regular intervals and identifying and reporting the deviations. As for the other sections of their resort, there is no need for any change. It is because the incomes and the variances did not exceed their targeted budget. Therefore, they can save more if they continue...
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.... | » Controller - Memphis Grizzlies (Memphis, TN)Finance: Controller/Director of FinanceController - Memphis Grizzlies (Memphis, TN)Position PurposeThe Controller manages the league level and business operating departments from a financial perspective and oversees the day-to-day operations of the Finance department. The Controller also provides financial support to Executives, Vice-Presidents and Directors.Essential Duties & Responsibilities * Handles all league level audits including BRI, CFS, and assists with the financial and tax audits; * Oversees revenue recognition and invoicing of corporate sponsor contracts; * Assists with projections and reports related to NBA revenue sharing; * Prepares required reports for NBA; * Updates quarterly league level reporting CFS projections for league office; * Provides forecast management, including monthly operating department reviews and projections; prepares forecasts/projections as required; * Assists with the annual budget process including revenue, expense, balance sheet and cash flow and manages annual budget with department heads including preparation of revisions and final budget; * Performs compliance responsibilities including preparation of reports related to financing agreement requirements and government agencies; * Reviews monthly financial statements and reconciliations; * Prepares annual tax package for partners returns and coordinates review of information, extensions and filings with accounting...
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...there are several characteristics in the CMA credential. That is prestigious, professional, rigorous, empowering and competent. The CMA covers the in-demand skills for accountants and financial professionals in business needed on the job today as a professional and as a leader. Pursuing the CMA certification makes difference for whom want to obtain the combination skills of accounting and finance. For the compensation, the “gold standard” of management accounting credential also makes a difference. Professionals who hold the CMA credential on average earn $34,000 more in annual total compensation than their noncertified peers.* Whether candidates want to enhance the value that brings to the current position, or expand their career potential, the CMA will help them set the standard for professional excellence. IMA, the worldwide association of accountants and financial professionals working in business, empowers accountants and financial professional to drive business performance. IMA is committed to help the members which are more than 70,000 now and to expand their professional skills, better manage their organization and enhance their career. There are four features of IMA benefits the career story. First of all, IMA would strengthen professional skills through the highly respected CMA credential and best in-class professional development programs. Then, IMA would grow the members’ professional network through the LinkUp IMA...
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...I. Introduction – Bill II. Alternative Working Capital Policies – Alicia Alternative Working Capital Policy In the months illustrated Lawrence Sports struggled with working capital management. Lawrence Sports must work closely with its clients and lenders to manage cash flow not only to manage working capital but to grow into a viable company. Lifland (2011) says, “The efficient management of these assets includes maintaining adequate product levels, monitoring of appropriate credit/payment terms, and mitigating any situation where the servicing of the working capital may significantly constrain the firm’s cash position. Lawrence Sports must implement alternative working capital policies to effectively monitor working capital in the short term to include lending, monitor working capital monthly, negotiating short-term and implementing supplier agreements to negotiate client payment strategies. Most importantly, Lawrence Sports must more closely monitor working capital to evaluate cash flow and profitability. Lawrence Sports must maintain adequate cash to decrease loan requirements. Monthly monitoring of working capital can assist managers in making effective financial decisions. In monitoring working capital, management may also evaluate appropriate policies to increase profitability and reducing costs. Lawrence Sports currently holds an automatic credit line with the bank that will provide credit within $50,000 balance each month. Monthly short-term loans involve additional...
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...INTRODUCTION Accounting and finance are closely related because it deals with the financial aspects of a company. Finance and accounting are closely related to the because accounting is a factor that places contribution to financial decisions. Accounting gives data to allow the finance department to make knowledgeable decision to maximize profits for the company. Accounting generates information/data relating to operations and activities of the firm.() Accounting supplies valuable information such as balance sheets, and income statements. These statements provide a picture for the finance department assess the company’s past performance guide the directions of the firm. It also will inform the finance department what expenses need to be meet. Finance is defined as the art and science of managing money.() It consist of different areas that provide financial services and financial management for corporations. Finance takes information that it collects from accountants then creates a proposal to establishing a plan that will help maximize profits. Finance are responsible for financial planning, prognosis investment, recognize and understand how monetary affects the cost and the availability of funds. Accounting Accounting is traditionally defined as the bookkeeping for a business.() It collects data and organizes business’s financial data. The accounts use balance sheets, manage account receivables, payables, collections, contracts and invoices, etc()...
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...Merging of Standardized Financial Management System at TMW Tricia Ridge Keller School of Management Managerial Applications of Information Technology MIS 535 Lynn Evans November 09, 2014 Table of Contents Abstract 3 Company Background 3 Business Problems 4 High-Level Solution 5 Approach 5 The Men’s Wearhouse Systems 6 Detailed Options/Solutions 7 High-level Implementation Plan 8 Conclusion 8 Summary of Recommendations 9 References 11 Merging of Standardized Financial Management System at TMW Abstract The business problem to be solved in this paper is how to improve operational efficiencies, reduce IT costs for the Financial Management Systems used by The Men’s Wearhouse, and improve impact that these systems have on the corporate financial operations. Company Background The Men’s Wearhouse is a publicly traded company that has been in business for over 40 years. They have been helping men with the way they look and have been able to make good on this promise thanks to the customer service delivered each and every day by their devoted employees. The customer’s satisfaction is the highest priority at each and every Men’s Wearhouse location. “In 1971, George Zimmer entered into the apparel industry. In four decades, The Men’s Wearhouse has grown from one small Texas store to the largest specialty retailer of men’s wear in the United States...
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...as to accomplish the objectives of the organization. Financial Management is the Operational Activity of a business that is responsible for obtaining and effectively utilizing the funds necessary for efficient operation (Joseph Massie, 2015). Vinod Verma (2015) explained that Finance Management is not only for business but also for every expenses. Like it’s for the home base expenses or the government expenses. The government also need to manage the finance for the develop of the counter and the household also need to manage their expenses properly. Citing an example in our former year being a finance student way back 2nd year semester, there are new block mates that shifts to BSBA – FM from the other course and this example show what can be the possible factors in shifting or enrolling in Finance major. This analysis purpose is to know what different factors affecting why students choose Financial Management courses than other courses offered in UE – Caloocan and lastly and most important is to find new strategies improve and to put up the course of finance society here in our university to encourage them to choose finance courses in order to grow the number of finance students in the UE – Caloocan....
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...Employment Outlook and Salary Guide 2012/13 a tOOl fOr wOrkfOrcE planninG Singapore rEcrUitMEnt i OUtSOUrcinG i cOnSUltinG Contents 4 6 8 11 15 16 18 22 24 26 27 29 Executive Overview Introduction Accounting & Finance Banking & Finance Call Centre Engineering & Technical Healthcare & Life Sciences Human Resources Information Technology Office Support Procurement, Supply Chain & Logistics Sales, Marketing & Advertising kelly Services, inc. (naSDaQ: kElYa, kElYB) is a leader in providing workforce solutions. kelly® offers a comprehensive array of outsourcing and consulting services as well as world-class staffing on a temporary, contract and permanent basis. Serving clients around the globe, kelly provides employment to more than 550,000 employees annually. kelly has been at the forefront of the recruitment industry for over 60 years and has set the industry benchmark with innovative recruitment and retention strategies. we pride ourselves on delivering a high level of customer service and providing the right talent in accordance with our clients’ requirements. all our candidates undergo a stringent screening process to ensure they are the best possible fit for the job. for more than 30 years in Singapore, and with offices across the island, kelly has in-depth experience working with Singapore’s leading companies and delivering the best talent available. kellyservices.com.sg All rights reserved. No part of this book may be reproduced or transmitted...
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...Week 2: Introduction to the Financial System 1.1 Functions of a financial market * Markets are the process that facilitates the exchange of things of values. These things of value are often categorised as real assets, such as a house or a car, and financial assets, such as a loan to buy a house or car. These could take place in a non-formal market place, non-market exchanges can be very time consuming. * It brings opposite parties together. If not, those with needs must go everywhere to find the items themselves e.g. milk at farms. This enables double coincidence of wants that is necessary before an exchange can take place * Money acts as a medium of exchange and solves the divisibility problem. (e.g. bag of potatoes might be worth half of the left rump, but a person would not just take off a rump from a living cow and directly exchange). Other roles include store of value (saving of individuals’ surplus earning). The funds saved by surplus units- those savers with current excess funds- can be put to use by those whose current demand for goods and services is greater than their current available funds. (Deficit units) * Financial institutions and markets facilitate financial transactions between the providers of funds and the users of funds. * Financial assets are represented by financial instrument that states how much has been borrowed, and when and how much is to be repaid by the borrower. E.g. money invested in a term deposit with a bank, the...
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...a lot with their specific titles, which include controller, treasurer, credit manager, etc. Controllers direct the establishment of financial reports that sum up and predict the organization's financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are responsible for preparing special reports required by regulatory authorities. Often, controllers superintend the accounting, audit, and budget departments. Treasurers and finance officers oversee the organization's financial goals, objectives, and budgets. They overlook the investment of funds and manage associated risks, supervise cash management activities, execute capital-raising strategies to support a firm's expansion, and deal with mergers and acquisitions. Credit managers manage the firm's publication of credit. They establish credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts. Managers specializing in international finance acquire financial and accounting systems for the banking transactions of multinational organizations. In summing up to the general duties described above, all financial managers execute tasks unique to their organization or industry. The role of the financial manager, particularly in business, is changing with these new technological advances that have reduced the amount of time it takes to produce financial reports. They often work on teams, acting as business advisors to top management...
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...1) Primary modules-student, financial aid, human resources, finance and advancement, Source- http://www.ellucian.com/ , http://www.ellucian.com/Solutions/ Student module-current students, 24x7 online access to information, prospect students can apply for admission, faculty manage course information, rosters and grading Financial aid module-regular admissions, financial aid services provided to students Human Resources module-administrative and self-service solution to manage personnel information across the institution, payrolls, payroll information, personnel information, policies, procedures, workforce management Finance module-have data available 24 hrs 7 days a week to stakeholders, procurement and account payable to research programs and endowment management, prepare and control budgets Advancement module-facilitates relationships with alumni, donors, friends, parents, community members, corporations, foundations and other organizations, fundraising support from campaign management, event management, annual giving programs, foundation programs. 2) Business processes would be most like be affected by the modules like student, financial aid, human resources, finance and advancement 3) Benefits-integration of data across the modules for information sharing, stakeholders can access information online, enable better communication across user groups, enable better customer service Typical costs-cost of software package, consultants help implement the ERP, BPR projects...
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...The subject of finance in reference to the global perspective has changed through the years in response to a growing economy. The way our economy does business today is different from years ago when corporations were all industrial and had main concerns with mergers and acquisitions. Eventually finance began to center around being able to retain capital in regards to liquidity and how to help corporations from financial trouble, due to the Great Depression of the 1930s. This later lead to a more analytical approach in the finance field, when companies began to purchase long term assets, organize their debts and equities, and manage cash and inventory. As corporations grew and experienced loss, business owners and managers of these corporations realized they had to look into aspects of accounting in order to control their finances. Today finance works with accounting because finance managers need to be able to understand the risks that a company may face. Financial managers in corporations have a lot more to focus on as opposed to small business owners when it comes to the company’s finances. For example, a corporation has shareholders, CEOs, and other hierarchal levels of people within the company that need to be aware of what is going on financially within the business. They need to be given reports and statements so that the appropriate departments can make educated decisions on what to purchase, how to purchase, how to retain capital, etc. Finance managers in a corporation...
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