BSBFIM601 - Manage Finances - Stott’s Case Study - Accounting & Finance Assignment Help

Assessment Task: Project

By correctly completing the project you will demonstrate that you have the required skills and knowledge to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to financial bids and estimates, allocating funds, managing budgets and reporting on financial activity. This project requires you to work independently. You can participate in group discussions with other students, share ideas or opinions, but you cannot submit an identical project report with other students. You need access to the case study and project instructions to complete this task. You may also access a learner guide, the internet and/or other resources. You must satisfactorily complete all sections of the assessment and submit these to your assessor, ask your assessor to clarify any aspect you are unsure about in this assessment task. You may be asked to explain your responses if the assessor needs any clarification.

Required Resources

• You will need to have access to relevant legislation, standards and codes, industry practices, MS- Office Excel Spreadsheet and student book resources.
• Financial Management Software – Microsoft Excel
• Simulated Business Board Room (Acknowledge Education, College Classroom)/Access to an LCD projector/computer/USB Evidence
• You must submit the completed assessment cover sheet and your assessment by online submission within the allocated time.
• Ensure you keep a copy of your submitted work. Assessments submitted without completed cover sheet will not be accepted. When and where will this assessment take place?
• This assessment will be undertaken in a simulated business environment (Acknowledge Education, College Classroom)/in a classroom/at home – to be discussed with the assessor.
• Your assessor will provide you with the due date, which can be recorded in the assessment plan.
• Your assessor may also specify the length of time allowed and the expected word count, if applicable.

Case Study -

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 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 principle 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 are 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 if 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 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.

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