BSBFIN601 MANAGE ORGANISATIONAL FINANCES
In the profit and loss statement, we can identify the profits and losses in three easy steps are as follows:
Calculate the total revenue: in the P&L A/c, we have to calculate the total revenue for knowledge of the total income. (Puaschunder, 2017).
Calculate the cost of goods sold: it is the costs of the goods we sold in the hall year if we know how much we sold we can calculate the total goods sold
Calculate operation expenses: from the total revenue we less the total operating expenses we get the gross profit and loss after we less the tax the net profit and loss. (Puaschunder, 2017).
The financial probity is the strict obedience to the code of the ethics it is based on absolute honesty and the some of the principles the probity has like acting fairly or the impartially and integrity. Because the probity is complete and the confirmed integrity. the requirement to prepare or lodge financial reports or usually at the end of the financial year. And all of the company’s proprietary must be keeping sufficient financing for the records to the record and the financial position, or allow true. (Bosire, 2016).
The four examples of the fraudulent behaviors in the regard to the company’s finances are as follows:
Identity theft sometimes someone steals personal information to the committed fraud
Payroll fraud is the type of asset misappropriation of a medium-sized business.
One person how driving a company car for its personal use.
Return fraud is when the customers receive the financial gain and the returns by the tacking in some advantage of the business
The five functions of the accounting software used by the manager in the financial software we use for this company is MYOB software. It is the software the company currently using but it has grown, the company is working on the principal consultant’s wishes for the review. Abd this software is the best software for accounting for the available needs and it is also helpful for the financial budget to make the budget we have to analyze the condition of the business in the financial. What condition is running Then we make the budget. The financial software we use for this company is MYOB software. It is the software the company currently using but it has grown. For the budget preparation, we can use the MYOB many software is the ERP accounting software it helps for the package used for the recording day to day sale purchase data of the company. And in this software go to the command of the account in the center and we can also click the accounts list and the click the budget at the top of the window. It is all about the management how we manage the financial management we have to clear the business plan for this and we have to know the day-to-day costs. And also keeping the day-to-day accounts records are as follows:
Invoicing or the billing.
The three components of the budget:
Goods and services tax (GST) the GST is the indirect tax in Australia the GST rate on goods and services is 10% of the price of the goods and services
Pay as you go PAYG in the small business owner over the need to help the over employee take care of the tax with the pay as you go withholding. The pay as you go withholding is the system of the withholding income tax from the employers or the contractors like salary or the wages The pay-as-you-go installments are regular to the prepayments of the tax by the business and its investment income. Ans it is the system of the making regular the payment towards the over expected in annual the income taxes liability. (Lignier, et al., 2014).
Payroll tax is the tax of the state tax on the ways or the other benefits paid by employers.
Company tax this tax is the charge on the profit the business makes. If the business gets the $10 million annually the 28.5% is the tax rate in Australia. (Lignier, et al., 2014).
The corporation act 2001 in this act the requirement to the prepare or the lodge financial reports or the usually at the end of the financial year. all of the company’s proprietary must be keeping sufficient financing for the records to the record and the financial position, or allow true. In the company, we have requirements for financial compliance. When a company states the rules, or laws and the regulations
The GST reporting requirements that apply to the GST are:
If over are voluntarily registered for GST in annually
Monthly if over GST turnover is $20 million or more than $20 million.
Quarterly if over total GDT turnover is less than $20 million. But we have not told you that you have most give the report monthly. (Shaik, et al.,2015).
The pay as you go withholding is the system of the withholding income tax from the employers or the contractors like salary or the wages. Ans is the set amount of the income that the employers withhold from the employees to pay to the government directly with the name of the employees. Pay as you go (PAYG) in the small business owner over the need to help the over employee take care of the tax with the pay as you go withholding
The pay-as-you-go installments are regular to the prepayments of the tax by the business and its investment income. Ans it is the system of the making regular the payment towards the over expected in annual the income taxes liability
|Client||30 Days||60 Days||90 Days||120+ Days||Current||Total|
According to the chart, some changes happen or appear in the different client sections. During the 30 days of the company, the company did not be able to receive the orders. Then this will describe the changes in the increment of the money and clients 1st have the large level of the $4,356.00.
Bosire, K. K. (2016). The impact of integrated financial management information system (IFMIS) on financial probity in the public sector in Kenya (Doctoral dissertation, University of Nairobi).
Lignier, P., Evans, C., & Tran-Nam, B. (2014). Tangled up in tape: The continuing tax compliance plight of the small and medium enterprise business sector. Austl. Tax F., 29, 217.
Puaschunder, J. M. (2017). Nudgitize me! A behavioral finance approach to minimize losses and maximize profits from heuristics and biases. International Journal of Management Excellence, 10(2), 1241-1256.
Shaik, S., Sameera, S. A., & Firoz, C. S. (2015). Does goods and services tax (GST) leads to Indian economic development. IOSR journal of business and management, 17(12), 1-5.