FNSACC511 Financial And Business Assignment – AU.

Assessment Task 1: Part A: Identify Client Needs
Description:
A client needs analysis is the process of collecting information about current and future needs of a client in order to develop and propose a suitable financial solution. Financial advisors often use client needs analysis templates for this purpose. Client needs analysis is a direct way of communicating the clients to under stand their viewpoint and eliminating misinterpretation and mis under standing.
FNSACC511 Provide Financial And Business Performance Information Assignment – Australia

FNSACC511 Financial And Business Assignment - AU.

With a view to develop and demonstrate communication negotiation and organisation skills this assessment task will be completed as a role play task between two students Students will play the role of client and financial advisor respectively. The roles will be alternated within the class under the super vision of trainer/assessor.The trainer or assessor may plan the role of a manager or supervisor if needed. As such this assessment will need to be conducted and completed during a designated assessment session in presence of an assessor.

Instructions:
Students playing the role of the client should prepare themselves by developing a fictitious or based on their real-life experiences business context and a specific business need. Business needs should be based on a specific outcome which include (but are not limited to);

▪ Accounts receivable management
▪ Funding structure
▪ Business finance ▪ Business plans
▪ Business registration
▪ Cash flow development
▪ Insurance needs
▪ Long-term and short-term financial requirements
▪ Regulations, permits and licenses ▪ Suitable business structure
▪ Tax issues
▪ Working capital needs

FNSACC511 Provide Financial And Business Performance Information Assignment – Australia.

Acting as the business owner, research and prepare some basic points for discussion with your financial advisor role-play Students playing the role of financial advisor (you) will arrange and organise a face to face meeting with the client to analysis their specific needs. For this task, you will;

Step 1: Client meeting
▪ Explain the purpose and outline client rights and responsibilities
▪ Prepare a client needs analysis tool (template) to record client information and interaction
▪ Organise and conduct client meeting (in consultation with your trainer/assessor)
▪ Gather all the required information
▪ Inform client about the relevant requirements of taxation legislation relating to deductions allowances and charges

Step 2: After the meeting
▪ Research information relevant to the financial product/outcome desired/needed by the client
▪ Research relevant legislation and statutory requirements relevant to the financial product/outcome discussed and download information for the client e.g. Contract law Corporations law Employment law Legislative protection for consumers Privacy Act Taxation legislation
▪ Translate client needs into SMART objectives
▪ Based on the objectives, devise appropriate financial or business option(s) that are likely to satisfy client needs
▪ List and compare sources of information on financial products and markets
▪ Describe about your role, responsibilities and code of conduct as a financial advisor
▪ Describe your client service principles and/or targets

This should result in a preliminary client needs analysis word processed that will be used to develop a complete client solution in the sub sequent assessment tasks Make sure that you retain copies of your work and all relevant documentation. Sample and existing documents can be used as guides and references. How ever any risk of plagiarism should be avoided by using an appropriate referencing system e.g. Harvard Referencing System to cite all external sources.Your trainer will provide you will information on referencing systems.

FNSACC511 Provide Financial And Business Performance Information Assignment – Australia

Assessment Criteria :-
The following assessment criteria will be used for marking this assessment task. Ensure that you have addressed all of the criteria in your work.
▪ Planned and organised the roles plays in consultation with classmates and trainer/assessor
▪ Conducted a client needs analysis in presence of an assessor during a designated assessment session
▪ Was prepared for client meeting and developed all the required tools and resources
▪ Presented appropriately in the assigned role and maintained a formal approach during the meeting
▪ Listened attentively to client needs and gathered all the relevant information
▪ Developed an appropriate template/tool to gather client information
▪ Researched and downloaded information relevant to the financial product/outcome desired/needed
by the client
▪ Researched and downloaded relevant legislation and statutory requirements relevant to the financial
product/outcome discussed and download information for the client
▪ All external sources are cited using an appropriate referencing system
▪ Objectives are developed to address specific client expectations
▪ Objectives are specific, measurable, achievable, realistic and time-bound
▪ Developed and described a conceptual idea of a solution/product that may satisfy client need
▪ Defined own role and responsibilities as a financial advisor
▪ Defined code of conduct and other legal/statutory requirements relevant to the financial advisor’s role
▪ Developed key client service principles that ensure an effective client service
▪ Client service principles include client feedback service standards and remedies Submission Guidelines Submit:
▪ A completed client needs analysis form/tool
▪ Written analysis summary with all the required details in a hard copy
▪ Copies of legislations, guidelines or other reference documents Electronic versions of the assessment task and email/electronic submission arrangements are at further discretion of the trainer/assessor.

Assessment Task 1: Part B: Analyse Financial Statements

Description:
Financial statements are reports or records that provide an overview of an organisation’s financial position. There are four basic types of financial statements: balance sheets income statements cash-flow statements and statements of retained earnings.

Analyse of financial statements can involve a range of factors depending on business structure type of business business situation and reporting requirement.For the purpose of this assessment task you will be required to analyse the given sample balance sheet and profit and loss statements. As they are sample document you may develop you own business organisational context in your analysis. As an option these statements can be analysed within the context of client needs analysis conducted in Assessment Task 1 A assuming that the client has provided you with these statements as part of the discussion they had with you. How ever it does not have to link to Assessment Task 1 A as the client needs will differ from client to client and can be completed as a separate assessment on its own.

FNSACC511 Financial And Business Assignment – AU.

Assume that a client has asked you to analyse their financial statements and prepare a brief report on the financial potential of the business. The need for financial analysis is arisen due to business organisations decision to take over a small competitor in their field you may assume the cost. The organisation wishes to determine its future funding requirements and statutory obligations if any based on the analysis. Your trainer assessor will play the role of a manager or a supervisor for this task.

Using the given sample balance sheet and profit and loss statements
▪ Check that the statements are in the right format and contain appropriate information for your analysis according to prevailing legislative requirements
▪ Confirm with your management and/or supervisor that the data is reliable and accurate
▪ Calculate;
o Liquidity Analysis Ratios
o Asset Turnover Ratios
o Leverage Ratios
o Operating Performance/Profitability Analysis Ratios
▪ Write a brief report explaining the outcome/impact of respective ratio analyses results
▪ Based on the analyses assess the financial potential of the business, its future funding requirements and statutory obligations if any

FNSACC511 Financial And Business Assignment – AU.

FNSACC511 Financial And Business Assignment - AU.

Analyses should be presented as a formal document in form of a report to a client Conceive if not relevant to Assessment Task 1 A a brief business back ground 1, 2 paragraphs to develop a context for the analyses You should get an idea about the business to some extent from the financial statements

Assessment Criteria
The following assessment criteria will be used for marking this assessment task. Ensure that you have addressed all of the criteria in your work.
▪ Developed/conceived an appropriate organisational or business context based on client discussion or
review of financial statements
▪ Checked the financial statements for compliance with financial reporting requirements with reference
to relevant legislations based on the type of entity
▪ Consulted with manager/supervisor to ascertain validity and reliability of the data
▪ Accurately calculated Current Ratio
▪ Accurately calculated Quick Ratio
▪ Accurately calculated Net Working Capital Ratio
▪ Accurately calculated Receivables Turnover
▪ Accurately calculated Inventory Turnover
▪ Accurately calculated Debt Ratio
▪ Accurately calculated Debt-to-Equity Ratio
▪ Accurately calculated Gross Margin, Operating Margin and Net Margin
▪ Accurately calculated Return on Assets (ROA)
▪ Accurately calculated Return on Equity (ROE)
▪ Evaluated business’s financial performance in respective areas based on ratio analysis
▪ Determined business’s financial potential and highlighted problem/low performance areas
▪ Determined business’s future funding requirements for its stated objective
▪ Determined business legal and statutory obligations for its proposed acquisition relevant to its assumed industry and business activities
▪ Financial analysis is conducted in a formal manner with report presented in line with common practices (sample reports)

FNSACC511 Financial And Business Assignment – AU.

Assessment Task 2 :
Description:
This Assessment Task is continuation of Assessment Task 1 A and should be under taken only after completion of Assessment Task 1 A. Depending on the nature of client need in Assessment Task 1 A financial analysis conducted in Assessment Task 1 B can also be used in this assessment. A clear and focussed analysis of client needs should result in an effective solution that satisfies client needs. The solution needs to be communicated to the client in form of a service proposal that out lines the proposed solution and the mechanism of implementing the same. It should be a very trans parent process where nothing is hidden from the client and all risks and contingencies are forewarned. A client service proposal should be a structured document that is easy to follow and understand for a decision making purpose.

Contents of a typical service proposal include :

▪ Background/context
▪ Aims and objectives
▪ Identification of Needs and Opportunity
▪ Proposed Solutions
▪ Service Standards and Code of Conduct
▪ Implementation Plan
▪ Costs and Fees
▪ Conclusion
▪ Responsibilities and Authority

Based on the client needs analysis conducted in Assessment Task 1A and if relevant and applicable the financial analysis conducted in Assessment Task 1B prepare a Client Service Proposal that best satisfies client needs. Your proposal will also include among other components;

▪ At least two comparable solutions
▪ Relevant legislation and/or statutory requirements relevant to the financial product/solution
▪ Finance options (how the funds can be raised for the proposed solution in short and long time)
▪ Taxation issues relevant to each proposed solution
▪ Perceived risks and contingencies for each proposed solution (risk matrix)
▪ Progress criteria (how the plan/implementation will be monitored)
▪ Client rights and obligations

The proposal must be written as a formal document for sub mission to the client.You may use sample proposals as guides for structure of your proposal. How ever the proposal must be written in your own language and style.

FNSACC511 Financial And Business Assignment – AU.

Assessment Criteria :-
The following assessment criteria will be used for marking this assessment task. Ensure that you have addressed all of the criteria in your work.
▪ Appropriate proposal context is developed based on client needs analysis (Assessment Task1A)
▪ Aims and objectives of the plan/proposal as consistent with client objectives developed in Assessment Task 1 A
▪ A summary of client needs is provided as a basis for proposing a solution
▪ Two comparable solutions are developed to address client’s specific needs
▪ Adequate information is provided on each of the products/solutions based on references and examples
▪ Described how the proposed solutions help meet the stated needs and requirements
▪ Client’s legal and financial needs are taken into account in each proposed solution
▪ Relevant legislation and or statutory requirements relevant to the financial product solution are re searched and summarised for client’s information
▪ Service standards code of conduct, duties, and responsibilities are clearly established
▪ Described in detail how each of the proposed solutions will be implemented
▪ Implementation plan is within the expected time frame and identifies all the required resources
▪ Costs of proposed solutions and service fee for implementation and management are clearly outlined and explained
▪ Taxation issues relevant to each proposed solution are researched and discussed for client’s information
▪ Risks associated with each solution are identified using an appropriate risk analysis tool/technique
▪ Risk management strategies are devised to mitigate or eliminate perceived risks
▪ Contingencies plan/risk management strategies are proposed in case of unexpected turn of events of circumstances
▪ Progress criteria is established for monitoring of the plan/solution over a specific period
▪ Client rights and obligation are highlighted with reference to relevant/applicable legislations
▪ Appropriate authority and approval processes are outlined in the proposal
▪ Proposal is drafted as a formal document and maintains a consistent flow of information

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