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The managing director asked you to implement a process to monitor expenditure and income. He has asked you to prepare a spreadsheet to capture and compare actual income and expenditure to budgeted figures. Your spreadsheet must contain columns for each of the four quarters of the financial year. You are required to gather data from the relevant managers (your assessor) to complete the budget variation report.  
The report should confirm to the organisational requirements in policies and procedures and contain: Columns to show actual account values Absolute variation Percentage variation  
a. Prepare a budget spreadsheet b. Prepare a budget variance report Task 2 Consider the information from Part 1 Task 2 above. Consider the contingency plan and the implementation plan for the contingency given under the Additional Information. You have already implemented a portion of the contingency plan, namely the monitoring of budget performance in the variation report you have prepared. You should now analyse the report to determine the effectiveness of the contingency plan and its implementation.  
You have received the following feedback from the team members Full-time workers and sales people resentful of time wasting and distracting contract employees Overtime not used but employees resentful of suggestion it might not be approved if needed Training suited the needs of many sales team members but was not relevant about half Sales team members were happy with the incentives program and tried hard to make sales in the third quarter (Q3); however they were also resentful at the threatening tone of emails and soon lost enthusiasm Effect of one-day training wearing off 50 percent of direct wages costs are attributable to short-term contract employees whose contracts have expired and how are no longer needed Employees concerned about lack of attention paid to wastage; water; electricity; paper; raw materials Employees feel left out of budgetary decision-making in general  
BSBFIM501 Assessment 1: Assignment v2, May 2017 © Apex Institute of Education  Page 9 of 17  
The MD would like you to submit a revised contingency plan and contingency plan implementation (your assessor will provide you the templates) to bring income and expenses under more effective control.  
a. Prepare a modified contingency plan and modified implementation plan  
Part 3. Checklist and Scope of Submission Before you hand Part 3 assessment tasks, use the checklist below to make sure you have completed all the tasks and have included all relevant information.  
Submitted budget spreadsheet printout Submitted a variance report Submitted modified contingency plan and modified implementation plan  
Your assessor will be looking for: Numeracy skills to read and understand a budget and to produce a variance report Technology skills to use software associated with financial record-keeping Knowledge of basic accounting principles to identify and use account balances Knowledge of organisational requirements Knowledge or principles and techniques involved in budgeting, profit and loss statements, electronic spreadsheets 



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