Manage Finance - 2083 Words

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†¦show more content†¦What are the benefits of this system? The benefits would be keeping track of the business operation and being able to fix issues or recognise successful employees. What are the drawbacks of this system? The drawback of this system is the time to provide the information. Staff would have to stay long at the end of the day to write the daily report, which means cost for the business. Plus the time to analyse the financial reports by a specialist. Activity 5 Objective To understand how to allocate funds according to budget and agreed priorities. Activity Describe3 points that are discussed/are important when considering the functioning of budgets: 1. Clear authority, responsibility, and accountability 2. Establishment of priorities 3. Collaborative, consultative decisions In essence, explain what a budget is and what it tells us? A budget is an itemized summary of likely income and expenses for a given period. It helps you determine whether you can grab that bite to eat or should head home for a bowl of soup. It is typically created using a spreadsheet, and it provides a concrete, organized, and easily understood breakdown of how much money you have coming in and how much you are letting go. It is an invaluable tool to help you prioritize your spending and manage your money—no matter how much or how little you have. Large establishments will have severalShow MoreRelatedManage Finances with a Budget663 Words   |  3 PagesManage 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. 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