Part 1: Prepare a report
You are the financial manager for Perfect Plants. Use the financial statements provided for Perfect Plants Pty Ltd to assist you in preparing a report to your manager on the financial position for the current year end.
You will be required to access the ATO website to assist in preparing your responses and provide adequate referencing where applicable.
Your report should be submitted using a word-processed document or similar and must address the following criteria;
- An evaluation of the accounting method used and whether it is approriate
- An evaluation of the income tax rate applied
- The GST implications for Perfect Plants Pty Ltd.
- Record keeping and storing requirements
- Collection methods of data and information used
- Recommendations for improvement to the existing financial management processes.
Part 2: Monitor expenditure and costs
You are the Sales Manager for the Wholesale Department at Perfect Plants Pty Ltd. You have a team of nine salespeople and one horticulturalist who assists in the filling of specialist orders.
Due to the seasonality of your Sales Revenue, Cost of Sales and Travel Expenses are expected to fluctuate throughout the year. In the first and fourth quarter of the financial year (Winter, late Autumn and early Spring) you expect a 20% drop from the average. In the second quarter, heading towards Christmas, you expect an increase of 30% and the third quarter an increase of 10% from the average.
You have been given the following departmental budget to follow for the 2019/20 financial year.
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