Assignment Task:
Final Assessment
This final assessment is for the unit BSBFIM601 Manage Finances- Release 1
An assessor will review the work you have completed and determine if you have satisfied the assessment requirements for this unit.
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You must submit your completed assessments to your assessor. Instructions on what to submit are detailed in each assessment task.
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Stott’s Pty Ltd
You have recently been appointed as the financial manager of Stott’s Pty Ltd. You having been a store manager for the past three years. Stott’s Pty Ltd is a 15-store retail chain located in Brisbane. Stott’s is the leading homewares retailer, catering to the growing need for furnishing new and renovated dwellings in the greater Brisbane area.
The assortment on an offer of bathroom fittings, bedroom fittings, mirrors and decorative items together with the recently added lighting fixtures has positioned Stott’s as a leader in homewares retailing in Australia. Stott’s has grown over the past five years from a single store to the current chain. Stott’s prides itself on superior after-sales service which has been a key reason for the continued growth in sales and corresponding profit increases. Today Stott’s employs over 150 staff.
Stott’s Pty Ltd is a proprietary limited company (ACN 33 777 666 55) registered with the Australian Securities and Investment Commission-ASIC. The registered address is with Stotts solicitors (Big Brother & Sons Lawyers, 535 Queen Street, Brisbane, QLD 4000) and the principal place of business is 505 Boundary Street Spring Hill Brisbane QLD 4000.
Computer software requirement
The current accounting information system, Microsoft Excel, has not adequately provided sufficient analysis of revenue and expenditure and has made it difficult to make informed estimates of future profits. Estimates have relied on the ‘gut feel’ of the experienced traders on the board and of the senior managers. The board sees the need to apply more analysis to past results that they believe could be done with the introduction of state-of-the-art computer software.
Stott’s Pty Ltd wants to upgrade their existing accounting system which will manage the company accounts more efficiently in the long run. They request that the new system you recommend to them to be compliant with all legislative and statutory requirements for small to medium businesses.
None of Stott’s products is GST free however the accounting information system records the GST collected as well as the input tax credits earned on the purchases of stock and assets. These amounts are reported and paid in accordance with the business activity statement (BAS) schedule determined by the Australian Tax Office.
They have 100 fulltime and 50 part-time staff, but only 10 of the staff will have or need access to the financial system. Some staffs are paid on a salary sacrifice arrangement that attracts fringe benefits tax. The staff with access to the financial system want software that is a single purchase with no ongoing license fees, and a plan to keep using it for the next 3–5 years, while the organisation continues to grow. They are anticipating that within five years they will have over 250 full-time staff, and at least 20 staff will require access to the financial system by then.
Scenario
The CEO of Stott’s Pty Ltd, Jim Schneider, explained that he prefers to discuss the budgets with all senior managers prior to their distribution in order to ensure a corporate view of the strategic plans. He then meets with each group separately, along with the relevant senior manager, to answer questions and concerns about their particular area. Eventually, the budgets will be printed in hard copy and bound as well distributed as an electronic spreadsheet.
Upon completion of the budgets, you meet with Jim and another manager to provide an overview of the information contained within the budgets, the budget notes, and recommendations regarding the internal controls, to prepare him for the meetings with the senior managers. To clarify his understanding of the information, Jim asks you a series of questions.
Questions – CEO – Stott’s College – Jim
1. Please Identify the current statutory requirements for tax compliance and list and calculate the tax liabilities for Stott’s Pty Ltd under taxation legislation.
2. Please Identify the current compliance requirements and liabilities for this organisation under the Corporations Act 2001.
3. Please review commercially available financial management software to select the most suitable software for Stott’s Pty Ltd. Jim would like you to ensure you diagnose software options by comparing two commercially available software titles against the capabilities of the existing technology for the organisation and against the prioritised requirements and outline the reasons that lead you to this recommendation.
4. Please explain how you can apply the following principles of accounting in developing the budgets required for this task:
a. matching principle
b. account groups
c. time periods.
5. Please Explain and discuss the implications of probity when preparing and revising budgets.
6. Please list the critical dates and initiatives that will require or generate resources for Stott’s Pty Ltd in the next financial cycle.
7. Please list the items you would recommend for inclusion in the budgets for Stott’s Pty Ltd.
8. Please list the new or modified internal controls that could improve risk management for Stott’s Pty Ltd including the maintenance of audit trails.
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