Implement Financial Management Approaches

Implement Financial Management Approaches

Assessment Submission details:

  1. Please include following details on the top of your assessment:
  • Your Name
  • Your Student Id
  • Your Trainer’s name
  • Assessment Due Date
  • Actual Submission Date

Please Note: Any changes in the assessment due date must be approved by your trainer.

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  1. Do not forget to attach the Cover Sheet at the front of the assessment.
  2. Make sure you have signed the Cover sheet to declare this is your own work.
  3. You can e-mail this assessment to your trainer’s e-mail address with following details:

In ‘subject’ mention your ‘student Id – Your name’.

Achieving Competence:

To be deemed competent in this assessment you must:

  • Correctly address all of the assessment requirements as described in this task
  • Correctly address all of the submission instructions
  • Successfully complete the Assessment Questions
  • Submit assessment on or before the due date with an assessment cover sheet

Performance objective:

You will demonstrate your ability to implement financial management approaches.

Assessment description:

In response to the scenario provided, you will access and communicate details of budget to a team member. You will then support the team member to perform their required role with respect to software resources and systems.

Assessment Questions:

  1. Consider the scenario for the role play provided in Appendix 1- page 4, 5 and tasks A and B
  2. Access required budget information from relevant Personnel
  3. Prepare to meet with your team member to communicate budget and then coach and train them in new role:
    1. determine organisational needs
    2. Explain budget and relevance to team member’s accountabilities
    3. identify coaching/training needs of team member
    4. plan coaching/ training session and use appropriate coaching techniques:
      1. Outcome : team member produces spread sheet to meet management requirements
      2. Include activities/elements to instruct, practice, test, motivate
    5. Train learner in spread sheet techniques by developing ‘Petty Cash Excel Spread sheet’. Include elements of instruction, practice and testing/feedback.

Submit all documents required in the specifications below to your assessor. Ensure you keep a copy of all work submitted for your records.


You must:

  • meet with your assessor to role-play support of team member
  • submit coaching/training plan.

Your assessor will be looking for:

  • numeracy skills to read and understand a budget and to communicate a budget
  • technology skills to use software associated with financial record keeping
  • knowledge of basic accounting principles to identify and use account balances in communication and training
  • knowledge of organisational requirements related to financial management such as contained in organisational policies and procedures
  • requirements for organisational record keeping and auditing with respect to petty cash
  • Knowledge principles and techniques involved in budgeting and electronic spread sheets.

Appendix 1 – Scenario for Role Play

Big Red Bicycle is a bicycle manufacturer based in Bendigo Victoria. The company produces bicycles which it sells to retailers for on-sale in the domestic Australian market.

The senior management structure of the company appears below:

Michelle YeoCEO
Tom CopelandManaging Director
John BlackCFO ( Chief Finance Officer)
Stuart LaRouxOperations General Manager
Pat RobertsSenior Accountant
Sam GellarSales General Manager
Charles PierceProduction Manager
Holly BurkeHR Manager

According to company strategic plans, the company aims to achieve a net profit before tax of $1,000,000. The chief risks to this goal are:

  • poor sales due to economic downturn
  • Increases in expenses such as wage expenses.

In addition to Australian operations, the company is considering manufacturing overseas to take advantage of reduced costs. The company is also considering diversifying its product range to reduce exposure to poor sales of one product.


You are the manager of Sales Team A. You manage a small team of sales team members. Your duties include:

  • accessing budget information for your team,
  • explaining relevant aspects of budgets and features of budget documents to your team,
  • And supporting team members to achieve performance goals.

Task A

You have determined that you will need to access budget information from the Senior Accountant (Trainer) to explain to your team. You will explain the overall financial objective of the business, provide an overview of the budget and explain how the budget translates to expense allocations for the team.

Task B

You have determined that one team member, Bill Goodale, will be responsible for tracking expenses and petty cash throughout the financial year. To meet organisational needs, this duty will need to be performed in accordance with policies and procedures.

You have determined that expenses will need to be divided equally and tracked by quarter. Bill will need to develop a spreadsheet to keep track of actual expenditure by account. To help you control expenses, the spreadsheet will need to provide an ongoing tally of expense by account.

Bill’s skills include basic accounting. Bill needs to be informed of Big Red Bicycle policies and procedures for petty cash. Bill is familiar with Microsoft Excel but does not know how to use formula and functions to sum columns or rows of figures.

Appendix 2 – Financial policies and procedures

Expense Reimbursement Policy

Purpose of the policy

To detail procedures to be followed in relation to expense reimbursement that has been incurred on behalf of the organisation.

The policy

Big Red Bicycle Pty. Ltd will reimburse staff for reasonable and authorised expenses that have been incurred by them on behalf of the organisation or in the course of conducting Big Red Bicycle Pty. Ltd business.


  1. Will not reimburse staff in the following circumstances:
    1. any late payment penalties, e.g. overdue interest on credit cards
    2. expenses that are usually recovered from a third party
    3. penalties and fines, e.g. parking, traffic
    4. those claims that should have been made using the purchase order system
    5. those expense claims made by staff as a tax deduction
    6. Those expenses that were not made for business purposes.
  2. Travel expenses claims:
    1. insurance for trip cancellation will be reimbursed
    2. mileage allowance will be given for the use of a staff member’s vehicle when used for work-related travel
    3. personal stopovers or indirect routes will not be reimbursed
    4. Travel reimbursement is provided for the most direct and economical mode of travel available; circumstances will be considered on a ‘case-by-case’ basis.
  3. Accommodation expenses:
    1. reimbursement will cover moderate accommodation expenses; circumstances will be considered on a ‘case-by-case’ basis
    2. Items of a personal nature that are charged to a hotel account will not be reimbursed.
  4. Employee’s own meals:
    1. Employees in Big Red Bicycle Pty. Ltd business will be reimbursed for any reasonable and appropriate meal expenses.
  5. All relevant and original source documents must be attached to the Expense Reimbursement Form. A statutory declaration may be required when these original documents are not provided.
  6. Appropriate advance payments may be authorised.
  7. Employees have authority to approve expenses up to the amount detailed in their individual job description. Any expenditure claims above the level prescribed must be forwarded to supervisors for approval.
  8. Employees incurring authorised expenditure must submit their requests on a signed Expense Reimbursement Form.
  9. Source documents (including tickets, receipts, vouchers, invoices) must be kept for all purchases and expenses claims.
  10. The Financial Controller will use discretion to reimburse reasonable but unauthorised expenses.
  11. Those claims that have not been adequately prepared, have not been duly authorised, or are lacking in original documentation, will be returned to the employee with reasons that outline why the claim has not been processed.

Petty Cash Policy

Purpose of the policy

To detail procedures to be followed in relation to tracking petty cash expenditure

The policy

Big Red Bicycle maintains a petty cash system to allow authorised personnel to pay for small expenditures in connection with business activity.


  1. One team member is authorised to disburse petty cash with one alternate in case of sickness or emergency.
  2. Petty cash is to be kept secure, locked in safe.
  3. Receipts for cash must be issued.
  4. Receipts must be reconciled nightly.
  5. Amounts over $800 must be banked.
  6. Petty cash expense will be recorded as miscellaneous expense.

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