Btight control over various indirect expenses such as

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b)Tight control over various indirect expenses such as rent, interest expenses etcc)Significant human resources efficiency leading to tight controls over wages and salariesand other related expensesd)Generating consistent growth revenue in the last four yearsExisting financial management approaches are not effective due to the following reasons:Information regarding new customers not being securedNon-effective recording of customer discountsInefficient cash and debtors reconciliation procedures implementedUnauthorised overtime amounts in time sheetsInvoices not effectively being linked with purchase ordersCash receipts not being numbered properly.
Assessment Task1BSBFIM601 Manage finances0429 Li mengmengAssumptions used to create the above-mentioned budgets are following:Historical sales performance will continue in the upcoming yearExpenses are not going to increase more than the economics inflation rate of 4%There will not be any significant changes in legislative environment of AustraliaFinancial management ineffectiveness will not have significant effects on financial results ofthe organisation.Following are the keys points that must be followed during implementation and monitoringof budget expenditure:budget for the area of activity for the full year and profiled for the year to date. Whenprofiling the budget, planned expenditure patterns should be considered. For certain typesof expenditure (particularly non-staff costs) it is likely that expenditure will peak and troughat particular points in the yearactual expenditure to datefuture expenditure commitmentsbalance of annual budget remaining. When actual expenditure and commitments togetherare compared to the full year budget, this will indicate the balance of budget remaining at thereview pointforecast out turn. This is the expected position against budget at the end of the year aftertaking into account all anticipated expenditure. The forecast out turn may not be equal to theoriginal budgetanalysis and explanation of any positive or negative variances when comparing expenditureand forecast out turn to budget, together with a documented action plan in order to addressadverse variancesIn my opinion, the main reason why Houzit Pty Ltd's business and sales have increasedsteadily in recent years is that the company's after-sales service and advertising investmenthave led to the gradual growth of the company's customer base. The topics are mainly in themanagement of store sales volume, the amount of retail stores and the transfer of companyamount. For the new fiscal year, the budget is calculated according to the consumption ratioof each fiscal year in previous years. In my opinion, we should increase the management inthe cash flow of the store operation and sales, increase the supervision in the process ofusing the economic budget expenditure, and make account transfer in the connection of thecash flow between the store and the company.
Assessment Task1BSBFIM601 Manage finances

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Term
Spring
Professor
N/A
Tags
Finance, Income Statement, Generally Accepted Accounting Principles, Houzit Pty Ltd

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