BSBFIM601: Manage Finances - Financial Management Assessment Answers

BSBFIM601: Manage Finances - Financial Management Assessment Answers

Bad money management sounds nasty and nobody would want this, especially when it comes to their business. That’s why financial management is considered as one of the crucial topics. In case you need some help for writing the BSBFIM601: Manage Finances - Financial Management Assessment Answers, then Online Assignment Expert is the best place to avail it. When you aren’t clear with the basics of financial management, it becomes worrisome for to start with the BSBFIM601: Manage Finances - Financial Management Assessments. In such a scenario, it is better to take expert advice or assistance to frame a well-reasoned and power-packed answer.

There are many important topics from financial probity and its requirements to compliance areas to be monitored at the workplace, usage of audit trail and so on. You must have a deep understanding of these topics before starting off writing the BSBFIM601 assessment answers. In this blog, I will be talking in detail about some of the major questions that are asked under the BSBFIM601 assessment. Without further ado, let’s start with the major topics asked in BSBFIM601: Manage Finances - Financial Management Assessment. 

What Is Financial Probity? What Are Its Requirements?

Financial probity is the stern or severe conformity of the code of ethics, which is based on complete honesty. This is specifically on financial terms and beyond legal needs.  As far as the requirements of financial probity are concerned, the same are mentioned below:

• The officials need to take actions ethically, in compliance with the set values at all the times when they are undertaking any procurement.
• It is also important to consider tender participants as well as potential tender participants as equals and on a fair basis. It is also to be kept in mind that one participant must not be given an advantage over the other. 
• Including commercially sensitive information, intellectual property and any the personal information completely confidential at all points.
• Make sure that all the procedures such as assessment, tender procedure, negotiations, contracts, etc. are clear, transparent, accountable and auditable. 
• It is also to be ensured that the officers should proactively identify and manage clashes of interest in an apt manner and compliance with the applicable legal and policy needs.

Why Is Financial Management Important?

In the current scenario of businesses, proper financial management is a must-have for every type of firm for its smooth operations. Financial management is very vital for effective planning, management and controlling of finance and funds of any organisation. What is happening these days is the fact that many employees aren’t satisfied with the provided remuneration and so most of them indulge in actions of theft or misappropriation of the company assets and/or funds. At first, these actions should be identified as soon as possible to mitigate the same by making use of required steps.

Budgeting is significant in creating financial plans and ensuring that a firm is always backed with funds when in need and that it is all set for any kind of situations in future, whatsoever. Contingencies are very common these days at offices and most of them are out of the control of the firm. Proper budget distribution should be executed so that the business is always ready for any kind of contingency, which may take place in future. Budgets should always be allocated, reviewed, rechecked and revised to cope up with the required changes.

Compliance areas to be monitored at the workplace

So, now what are the areas that should be observed at the workplace? Well, these are inclusive of the health and safety of employees, policies and procedures, internal auditing, financial management, budgeting, pre-activity approvals, ethical considerations, business profitability, formulation and implementation of strategies, etc.

Now, the question arises as to how to monitor all these factors at the workplace? There are many ways through which you can do so namely, automating the impact assessments and triggering alerts for better integration of work and workers; dissemination of data to various departments via automatic notifications; analysing different patterns and trends for implementing better decision making; determination of the impact of the changed requirements and task mapping; and offering a treasured future vision for better risk management. 

Usage of an Audit Trail for Identification of Discrepancy in Budget Allocations

As discussed earlier, budget allocation is very important for a business to work smoothly. Audit trails are automated or manual annals that help in categorisation processes and proceedings in an orderly manner to offer history and support records. These records can further be used for validating operative and safety activities along with extenuating challenges or any sort of risks.

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