PROJECT 2 TASK 1 of 2: Monitor and Control Financial Process of Budget or Financial Plan

The following tasks may be completed as a workplace project based on your own organisation
and job role, or as a simulated workplace project based on a fictitious organisation, or an
organisation you are familiar with.

1.1 After implementation of a budget or financial plan it is essential that you monitor actual
expenditure and control costs across the financial activities of the work team.

 Using the team budget or financial plan from Task 1 of Assessment 2 or a similar plan,
explain in a report:

o The organisational processes available to monitor the work team’s reports on actual
expenses incurred in performance of their financial functions.

Whirlpool reports process include:

-Sales summaries: these can provide total figures (units and/or dollars) for a given period as well
as trends by day/hour, together with brand/product/item trends.

Some reports may also provide a 'sales by staff member' breakdown which reflects the selling
records of each team member

-Daily, weekly or monthly transactions: outlining and providing an overview of the statistics,
progress and acceptability of the operation of the nominated department or revenue centre; while
profitability will be very important, turnover may also be a major concern:

TOTAL
XClient 5 Sales units_ SALES TOTAL
cost client f1 units_f2 units_f3 units_f4 UNITS SALES AU$

MICROWAVES $ 200 2 2 3 3 10 2000

LAUNDRY
MACHINES $ 400 3 3 1 1 8 3200

FRIDGE $ 700 2 0 0 2 4 2800

TOTAL   7 6 5 7 25 8000

- Department expenditures: This report will focus exclusively on expenditure and is likely to
highlight 'cost of goods sold' figures, 'wages' and 'overheads'

-Commission earnings: In some properties, especially those in high tourist areas or those who
belong to a chain, the income from earnings may be a critical key performance indicator (KPI). This
may not be so much as a revenue earner, but more as an indicator of how well you are promoting
other allied agencies/properties. This report will highlight not only the revenue earned but also
the commissions paid out, and a breakdown of both commission income and expenditure (such as
travel agents, airlines, cars, other venue, etc.)

-Marketing activities: This report will detail promotions and publicity campaigns, identifying the
response in terms of dollars to these activities

-Accident reports: Detailing accidents for the period under consideration and updating the report
recipients regarding post-accident events (possible legal action, out of court settlements, action
taken to address the cause, training proposed)

-Consumer queries report: This report detail Inquiries, demands, complains

 The organisational processes available to control the costs incurred by the work team in
performance of their financial functions.

Examples of information reports used to control actual costs may include:

 Assets
 Consumables
 Equipment
 Expenditure
 Income
 Stock
 Wastage

o The steps and organisation processes available to provide feedback on the teams expenses
and costs incurred in performance of their financial functions.

Reports and recommendations may need to be forwarded to:

-Senior management

-Personnel manager

- Sales manager

- Finance manager

- Heads of departments

- Supervisors

- General staff

1.2 A manager needs to monitor and control financial processes and use that information to
identify variances in the budget or financial plan.

 Provide a paragraph explain the following:

o The timeframe according to the organisation’s procedures of the team’s budget or financial
plan monitoring cycle. i.e. weekly, monthly, quarterly, yearly.

o Provide a reason why this time frame is appropriate or is not appropriate

The most appropriate form of team budget monitoring for the team was in form of daily and
weekly report.

Each sales member reported their sales per day and I did a weekly report to have a detailed
tracking and an accurate progress of our sales t. The weekly reporting also helped me to have a
better understanding of my budget completion during the period assigned, monitoring and having
a comparison against the team’s budget.

Having a weekly report helps to take actions on time in case the results are not aligned with the
initial plan.

 Changing positions for sales team.

 Investing more promotional resources.
 Opening new discounts.
 Monitoring specifically and closer some shops or distributors.
 Displaying a media or merchandising emergency plan