Manage Organisational Finances

RTO No: 91223

Assessment Task 2

BSBFIN601 Manage Organisational Finances

Assessment Task 2 Cover Sheet

Student Declaration

To be filled out and submitted with assessment responses

I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).

I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.

I have correctly referenced all resources and reference texts throughout these assessment tasks.

Student name

Student ID number

Student signature


Assessor declaration

I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.

Assessor name

Assessor signature


Assessment outcome




Resubmission Y N


Student result response

My performance in this assessment task has been discussed and explained to me.

I would like to appeal this assessment decision.

Student signature


A copy of this page must be supplied to the office and kept in the student’s file with the evidence.

Assessment Task 2: Project Portfolio

Information for students

In this task, you are required to demonstrate your skills and knowledge by working through a number of activities and completing and submitting a project portfolio.

You will need access to:

a suitable place to complete activities that replicates a business environment including a meeting space and computer and internet access

BSBFIN601 Simulation Pack

your learning resources and other information for reference

Project Portfolio template

Budget template

Financial Reports.

Ensure that you:

review the advice to students regarding responding to written tasks in the Business Works Student User Guide

comply with the due date for assessment which your assessor will provide

answer all questions completely and correctly

submit work which is original and, where necessary, properly referenced

submit a completed cover sheet with your work

avoid sharing your answers with other students.

Assessment information

Information about how you should complete this assessment can be found in Appendix A of the Business Works Student User Guide. Refer to the appendix for information on:

where this task should be completed

how your assessment should be submitted.

Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix B of the Student User Guide.


Complete the following activities:

Carefully read the following:

This assessment requires you to demonstrate your skills and knowledge in managing finances.

This project can be based on the case study business in the BSBFIN601 Simulation Pack.

You will be collecting evidence for this unit in a Project Portfolio. The steps you need to take are outlined below.


Make sure you are familiar with the business you are basing this assessment on and have read through the necessary background information and policies and procedures. For the case study business, this is all of the documents included in the BSBFIN601 Simulation Pack.

Complete Page 4 of your Project Portfolio for this unit.

Read through the requirements of Section 1, 2 and 3 of your Project Portfolio which include detailed guidance relevant to all the assessment activities.

Remember to create logical folders for all of your work and in the final assessment task you will submit a screenshot of these folders. This will ensure you follow record keeping requirements.

Prepare for financial management.

You are required to prepare for financial management. This involves:

Accessing previous financial reports to identify profits and losses and the reasons for such.

Reviewing and reporting on financial statements including profit and loss statements, cash flows, ageing summaries and provide revisions as required.

Reviewing the business plan to identify and report on initiatives relevant to developing a budget, as well as timing of initiatives.

Reviewing available information to assess and report and cash flow trends.

Reviewing and reporting on statutory requirements relevant to compliance with financial requirements, as well as tax liabilities.

Analysing the software currently used for financial management by the business and assessing its ongoing suitability.

Identifying if any changes need to be made to the budget and financial plans and negotiating these changes.

If you are completing this for the case study business, you will answer all the questions in your Portfolio based on your Simulation Pack.

Complete Section 1 of your Project Portfolio.

Submit your Portfolio to your assessor.

Establish budgets and allocate funds

Now that you have prepared for financial management, you are to establish budgets and allocate funds. This involves:

Developing a budget for a specified period (see the instructions in your Portfolio) according to the business plan.

Making sure that risk management processes are in place so that funds cannot be misappropriated.

You are also to develop a presentation to in order to present the budget to the management for approval, as well as to ensure that reporting requirements and financial delegations are clearly understood by the team. Prepare your presentation following the guidelines in your Portfolio. Make sure your presentation has a logical structure and is in language that your team can understand. Your presentation will last for approximately 15 minutes and you will need to ensure you provide the opportunity for others (fellow students) to answer questions.

Complete Section 2 of your Project Portfolio.

Submit your Portfolio to your assessor. Your assessor will then advise you of the date and time of your presentation, as well as the students who will be participating.

Financial management presentation.

In a group round-table style discussion with a student group of approximately two or three, you will provide your presentation.

Each person will have a turn (15 minutes per person) to present their work.

Your assessor will be looking to see that you can:

demonstrate effective communication skills including:

Speaking clearly and concisely

Using non-verbal communication to assist with understanding

Asking questions to identify required information

Responding to questions as required

Using active listening techniques to confirm understanding

Use language that your audience can understand.

This can either be viewed in person by your assessor or you may like to video record the session for your assessor to watch later. Your assessor can provide you with more details at this step. Make sure you follow the instructions above and meet the timeframes allocated.

Reporting on finances

Carefully review the information in your BSBFIN601 Simulation Pack and the instructions in your Portfolio. You are to assess and report on:

Discrepancies between the amounts allocated for the budget and actual amounts.

Review of overall financial performance.

Effectiveness of the financial management processes.

Your recommendations as relevant to financial performance and management.

Work on Section 3 of your Project.

Submit your completed Project Portfolio

Make sure you have completed all sections of your Project Portfolio, answered all questions, provided enough detail as indicated and proofread for spelling and grammar as necessary.

Submit to your assessor for marking.

Assessment Task 2: Checklist

Student’s name:

Did the student:

Completed successfully?




Manage finances for a business/work area including complying with due diligence by completing all required tasks according to processes and reporting requirements?

Review previous financial statements and assess reasons for losses or profits?

Review the business report to analyse and report on critical dates and initiatives?

Analyse cash flow trends for input into the budget?

Review profit and loss statements, cash flows and ageing summaries and revise, accordingly?

Review statutory requirements for compliance and liabilities for tax, as well as financial reporting requirements for the business?

Analyse and report on existing software used by the business for financial management and its suitability?

Ensuring that there is a suitable financial management system in place that can record all transactions?

Develop a budget using previous financial data and to align with the business plan and according to compliance, workplace and statutory requirements?

Contribute to financial bids and estimates by preparing the budget?

Communicate the budget and financial management processes to managers and supervisors to make sure they understand key elements of the budget, reporting requirements and financial delegations?

Ensure there are no opportunities for misappropriation of funds and manage risks by communicating processes to stakeholders?

During the presentation, demonstrate effective communication skills including:

speaking clearly and concisely

using non-verbal communication to assist with understanding

asking questions to identify required information

responding to questions as required

using active listening techniques to confirm understanding?

Identify discrepancies between agreed and actual allocations using audit trails?

Identify and prioritise significant issues in statements for review and decision making?

Prepare financial recommendations?

Evaluate effectiveness of financial management processes?

Task outcome:


Not satisfactory

Assessor signature:

Assessor name:


Final results record

Student name:

Assessor name:


Final assessment results






Did not submit

Assessment Task 1

Knowledge questions




Assessment Task 2

Project Portfolio




Overall unit results




My performance in this unit has been discussed and explained to me.

I would like to appeal this assessment decision.

Student signature: Date:

I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.

Assessor signature: Date: