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Manage finances


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Task 1 – Finance Management

For a business you work in, have access to or a simulated business, in consultation with your Assessor, you are required to review the financial management of that business. In order to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for the business unit.

Your objective is to:

  • plan for financial management
  • read and review profit and loss statements, cash flows and aging summaries
  • prepare, implement and revise a budget which aligns with the business plan, is based on research and analysis of previous financial data and cash flow trends, and meets all compliance requirements
  • contribute to financial bids and estimates
  • establish a budget and allocate funds in accordance with statutory and organisational requirements
  • communicate with other people including:
  • reporting on financial activity and making recommendations
  • identifying and prioritising significant issues
  • ensuring managers and supervisors are clear about budgets.
  • analyse the effectiveness of existing financial management approaches including reviewing financial management software, managing risks of misappropriation of funds, ensuring systems are in place to record all transactions, maintaining an audit trail and complying with due diligence.

You will need to access the business' financial data, relevant legislation and Australian Tax Office requirements and the business' business plans, profit and loss statements, cash flows and aging summaries.  You must also refer to the business' organisational financial policies and procedures and the financial management software utilized by the business.

Create a management report that outlines the business' financial management practices, evaluation of financial statements and recommendations including budgeting reviews and considerations of financial viability.  In designing your management report, consideration should be given to:

• presenting the report in form and content that satisfy users’ needs

• recognising specific reporting preferences for users, for example, in the presentation of financial data, some management members may better understand the data when presented graphically, rather than in numeric table form

• ensuring report is free from bias, errors or material misstatement

• ensuring that the report is checked for accuracy prior to release




Where accounts are not available, the following may be sued as a basis for this assessment task

2.1: Task 1: Finance Management

Analysis of Financial Statements


BHP Billiton has been ranked as the world’s largest mining company based on market capitalisation in the year 2017. The Income statement of the Company reveals the true position of the Company. On analysing the Income statement for the year ended on 30 June 2017, reveals that the sales have grown by 7373 million USD (3825-30912) million USD, from 2016 to 2017, which is a remarkable increment for a company to achieve. The profit of the company rose from 7259 million USD to 10322 million USD, from 2016 to 2017. Considering the balance sheet, it shows that the total assets have experienced a slight fall from 118953 million USD to 117006 million USD in 2017 (Bhp.com, 2018). The total liabilities increased from 60071 million USD to 62726 million USD in the concerned year. On analysing the Cash Flow Statement of the company, the operating activities were found to rise from 10625 million USD to 16804 million USD and the investing activity was seen to fall from 7245 million USD to 4161 million USD. The Financing Activity witnessed a tremendous change in the year 2017 from the previous year; it changed from 284 million USD to 9133 million USD.

The Company has followed the IFRS 15, IFRS 9 concerning Revenues from contracts with customers and Financial Instruments respectively, which has improved the workings and functioning of the Company.

The company follows the regulation of AASB and while collecting the revenue ATO (Australian taxation office) rules are followed. The concerned company follows the rules of Australian Accounting Standard Board (AASB) rules, which have given such fruitful results to the company (Bhp.com, 2018). The entities are required to prepare financial reports by the Corporation Act 2001 and entities to be it private or public, for profit or not for profit sectors should prepare general-purpose financial statements, these rules BHP Billiton has followed strictly. The XBRL software is used by BHP for Accounting.

The above graphs give a clear picture of the last five years the growth of the company. It can be seen that the company has been following an upward trend concerning the EBITDA and cash flow but the profit has been on a swing and turned to be negative in the year 2016. The company fought back and brought the profits in the positive line in the year 2017. This reveals that the company has flourished in the last five years more than it had flourished prior to it. Higher cash flow has stated that the cash position of the company has improved a lot.

Stock management

It is recommended for the company to bring some changes in the stock management, as this would help the company to reduce its stocks more than it has reduced in the previous year leading to the growth of the company and sustaining the position. The company needs to use the total quality development and customer satisfaction strategy, which would help in reducing the stock easily.

Debt management

One more strategy is advisable for the company to work on, is the debt strategy as it has been seen that in order to manage such a large enterprise, a huge amount of assets enhancement is needed and the company needs to keep a check on the amount it borrows.

Adopting these two policies would help the company to sustain its position in the market and it can be the world’s best company along with the largest one.

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