AFM0ICD Budgeting Advice Assignment 1 Task: Mr Confused Case Study on Business Budget Planning, Monitoring and Communication Using Microsoft Office Tools

Assignment Requirements

Overview

Scenario

You are a junior accountant at Expert Accountants. Mr. Confused, a local sole trader running a small retail shop, approached Expert Accountants for assistance in managing his finances more effectively. He has never formally created a budget for his business and feels overwhelmed by rising costs and inconsistent cash flow. He wants to understand what budgeting is and why it’s important, how to prepare a basic business budget, how to track and manage expenses, and how to use tools like Excel to create and maintain his budget.

You have been assigned to advise Mr. Confused on behalf of Expert Accountants.

After your primary advice, Mr Confused met with you. In that meeting, taking the information, you helped him to prepare a six-month budget beginning in January. The estimates made are as follows.

Sales revenue for January is estimated to be £10,000, with a monthly increase of £1,000. The estimated service charge for January is £500, which is expected to increase by 5% every month. The other income is £300 each month. The cost of sales is estimated to be 70% of sales revenue. Rent is projected to be £500, and salary & wages of £1500 each month. Utilities in January, February, March, April, May, and June are £150, £160, £140, £170, £160, and £165, respectively. The marketing cost for January is supposed to be £200, with a 3% increase each month. Miscellaneous costs total £70 each month for the next 6 months.

This assignment aims to give an insight into managerial communication within the Accounting and Finance practices.

Assignment task/s to be completed

This assignment will require you to complete an E-portfolio comprising four sections (A, B, C, and D) using Microsoft Excel, PowerPoint and Word to demonstrate your learning and apply skills gained from the module, to complete the following tasks:

A. Advisory Report (500 words)

In your role as a Junior Accountant in an accounting firm, write an advisory report to Mr. Confused regarding budgeting. You have to explain to Mr Confused what a budget is and why it is important to a business. You also explain to Mr Confused the essential budget elements, as well as how to monitor and control the budget. You must use the information provided in the scenario, the module taught information on Moodle, and Microsoft Word to carry out this task.

B. Budget Preparation (300 words)

In your role as a Junior Accountant in an accounting firm, prepare a budget based on the data provided in the scenario for Mr. Confused’s business. That should include an income sheet, an expenses sheet, and a summary sheet, along with a graph and chart (i.e. graph on income, expenses and profit, and a chart on expense allocation). You must use the information provided in the scenario, the module taught information on Moodle, and Microsoft Excel to carry out this task. The graph and chart should include a brief interpretation.

C. Presentation (500 words)

In your role as a Junior Accountant in an accounting firm, prepare a presentation for Mr. Confused. That should include a title slide, introduction, importance of budget, how to prepare a budget, an Excel template demo, recommendations, and questions and answers. You must use the information provided in the scenario, the module taught information on Moodle, Microsoft PowerPoint and Microsoft Word to carry out this task. You are required to prepare 6 to 8 slides, and each slide should include speaker notes.

D. Reflective Statement (200 words)

As a student of Accounting & Financial Management, write a reflective statement on your learning in this scenario. Answer the question, firstly, how has this module assessment scenario contributed to your understanding of budgeting principles in a real-world business context? Secondly, what practical skills did you develop in Microsoft Office (Word, Excel, PowerPoint) through this module, and how will they benefit you professionally? And finally, how did this assessment improve your ability to communicate financial concepts to clients without an accounting background?

Please note: For your final assignment submission, you MUST use and submit your E-Portfolio using ‘Report Templates’ available in Microsoft Word.

Follow these instructions carefully:

• In Section A: Ensure that your Budget advice report has the required subheadings as detailed in the E-Portfolio template on Moodle
• In Section B: include an image of the required Excel spreadsheet and graph in your E-portfolio.
• In Section C: Copy and paste the required PowerPoint presentation slides into your E-portfolio as an image or as a screenshot only. Then you MUST type your speaker’s notes under each slide.
• In Section D: Write a learning statement (Reflective writing).

Please note that.

• Section A – Microsoft Word (500 words) – Access Weeks 1 and 3 Teaching materials on Moodle for information to support your writing for this section.
• Section B – Microsoft Excel (300 words) – Access Weeks 2 Teaching materials on Moodle for information to support preparing this section.
• Section C – Microsoft PowerPoint (500 words) Access Weeks 4 Teaching materials on Moodle for information to support preparing this section.
• Section D – Microsoft Word (200 words): Reflective writing

There is an E-Portfolio template provided on Moodle to show you the required layout of your work.

Step-by-step Instructions

Section A: Microsoft Word (500 words)

This section of the E-Portfolio requires you, in your role as a Junior Accountant at an accounting firm, to write a budgeting advice report for the client Mr Confused on behalf of Expert Accountants, detailing the importance of budgets and providing a step-by-step guide for budget preparation. You will need to utilise the module information taught on Moodle, information provided in your chosen case study, and Microsoft Word to complete this task:

• Step One – Open your E-portfolio.
• Step Two – go to Section A: Budgeting Advice Report.
• Step Three – Write ‘Introduction’ as a subheading and then write an ‘Introduction’ that introduces the purpose of the report and the information that you will discuss.
• Step Four – Write ‘Importance of Budgeting’ as a subheading and then define the budget and budgeting, and benefits of budgeting for a business.
• Step Five – Write ‘Key elements of Budgeting’ as a subheading and discuss the fundamental elements of a budget.
• Step Six – Write ‘Steps of budget preparation’ as a subheading and explain the steps to follow to prepare a budget; this MUST include strategies that can be put in place to resolve client queries.
• Step Seven – Write ‘Budget Monitoring and control’ as a subheading and then write the procedure on how to manage and control a budget.
• Step Eight – Write ‘Conclusion’ as a subheading and then write a Conclusion.
• Step Nine – Input your references for this report into the ‘Reference list’ section of your E-Portfolio.

Section B: Microsoft Excel (300 words)

This section of the E-Portfolio requires you, in your role as a Junior Accountant at an accounting firm, to prepare a budget for the client Mr Confused on behalf of Expert Accountants, based on the forecast agreed upon with the client (data in the scenario). You will need to utilise the information presented in the module on Moodle, the details provided in the scenario, and Microsoft Excel spreadsheets to complete this task:

• Step One – Read the scenario carefully.
• Step Two – Draw a table in Microsoft Excel for ‘Income Sheet’, in the column, the proposed head of income and place months in the row.
• Step Three- Calculate the income figure and put it in the appropriate cells (using Microsoft Excel formulas and functions. Once completed, copy the screenshot into your E-Portfolio, and below the table, provide some explanation.

A specimen of the table is given below.

*** The assumption of the above example that sales and other income forecasts will remain the same, as and service sector is expected to increase by 3% over the period.

• Step Four – Draw a table in Microsoft Excel for ‘Expense Sheet’, in the column, the proposed head of Expenses and place months in the row.
• Step Five- Calculate the expense figure and put it in the appropriate cells (using Microsoft Excel formulas and functions). Once completed, copy the screenshot into your E-Portfolio, and below the table, provide some explanation.

A specimen of the table is given below.

*** The assumption of the above example that rent, wages, and miscellaneous expenses forecasts will remain the same for the whole period, the cost of sales is 60% of sales, utilities are expected to increase by 5% and marketing expenses are expected to increase by 3% over the period.

• Step Six – Draw a table in Microsoft Excel for ‘Summary Sheet’, in the column, the proposed heads of Income, Expenses, and profit, and place months in the row.
• Step Seven – In the ‘Summary Sheet’, calculate a total Income, Total Expenses, and net profit using Microsoft Excel formulas and functions. Once completed, copy the screenshot into your E-Portfolio, and below the table, provide some explanation.

A specimen of the table is given below.

• Step Eight- Draw a graph from the summary sheet for income, expenses and profit. Once completed, copy the screenshot into your E-Portfolio, and below the table, provide some explanation.

A specimen of the table is given below.

• Step Nine – Create a graph/ chart using the data from your spreadsheet. Once completed, copy the screenshot into your E-Portfolio, and below the table, provide some explanation.

A specimen of the table is given below.

• Step Ten – Open your E-portfolio.
• Step Eleven – go to Section B: Excel Spreadsheet and Graph
• Step Twelve – Include a Table and Graph/ chart in the section of your E-Portfolio.
• Step Thirteen – Input the sources that you used for this section into the ‘Reference list’ section of your E-Portfolio.
• https://facebook.com/groups/403479519775810/ 10:38 AM

Section C: Microsoft PowerPoint (500 words)

This section of the E-Portfolio requires you, in your role as a Junior Accountant at an accounting firm. As part of advising client Mr.Confused on behalf of Expert Accountants, you are preparing a meeting presentation on budgeting that includes client information, important and step-by-step procedures of budgeting. You will need to utilise the information presented in the module on Moodle, the details provided in the scenario, and Microsoft PowerPoint to complete this task:

• Step One – Open PowerPoint and choose a design for your PowerPoint Presentation
• Step Two – Write the issue will be discussed as ‘Budgeting advice for Mr Confused’ on the ‘Title’ slide.
• Step Three – Click ‘New slide’ and label this slide ‘About Mr Confused’ and provide brief information about your client that you are providing in the PowerPoint Presentation.
• Step Four – Click ‘New slide’ and label this slide ‘Importance of Budgeting’ and explain why budget is important for a business.
• Step Five – Click ‘New slide’ and label this slide ‘How to create a budget’ and then explain elements of the Budget, such as forecast income, list of expenses, and calculate surplus or deficit.
• Step Six – Click ‘New slide’ and label this slide ‘Excel template overview’ and add images of a table and graph/ chart on the slide.
• Step Seven – Click ‘New slide’ and label this slide ‘Recommendations’, and then explain how Mr Confused can monitor and control the budget for better financial management.
• Step Eight – Click ‘New slide’ and label this slide ‘Conclusion’, and write a conclusion for the session.
• Step Nine – Copy/paste, print screen, or input the images of each slide into your E-Portfolio.
• Step Ten – Type your speaker notes directly underneath each slide.
• Step Eleven – Input your references for this PowerPoint into the ‘Reference list’ section of your E-Portfolio.

Section D: Microsoft Word (200 words)

This section of the E-Portfolio requires you, in your role as a Junior Accountant at an accounting firm. As part of advising client Mr.Confused on behalf of Expert Accountants, what you have learned by doing this task, why communication and use of digital tools for communication are important for accountants, and how it will help you in your future career. You will need to utilise the information presented in the module on Moodle, the details provided in the scenario, and Microsoft Word to complete this task:

• Step One – Open your E-portfolio.
• Step Two – go to Section D: Reflective writing.
• Step Three – Input your references for this PowerPoint into the ‘Reference list’ section of your E-Portfolio.

Reference List (There MUST be at least 10)

You MUST put all the sources that you have used for Sections A, B, C and D here.

You MUST use the sources provided on the recommended reading list and the Readings and Resources folder ONLY.

There MUST be at least 10 references (These sources are provided on the recommended reading and additional resources list).

• What supporting evidence have you used?
• Are your sources credible?
• Have you used the sources on the ‘Module Reading list’?
• Have you used the ‘Readings and Resources’ folder?
• Do the sources on your reference list match your in-text citations?
• Is your reference list in alphabetical order?

Resubmission Rules

• If you missed both the Summative and Late links or if your mark is below 40%, you need to resubmit your assignment. Refer to the Assignment Brief for the opening and closing times of the Resubmission links.
• The format of the assignment for Resubmission is an E-Portfolio.
• You are entitled to Academic support and Study Skills support for the resubmission. Please request it with your local SST.

Mandatory Referencing and Research Requirements

Referencing Style: CCCU Harvard Referencing Style.

Mandatory Sources to be included in the Assignment

Core Reading:

Bovee, C. L. and Thill, J. V. (2021). Business Communication Today. 15th edn. Upper Saddle River, NJ: Prentice Hall.

Recommendation:

Rings, G. and Rasinger, S. M. (2022). Cambridge Introduction to Intercultural Communication. Cambridge: Cambridge University Press

Lawson, C., Gill, R., Feekery, A., Witsel, M., Lewis, M., and Cenere, P. (2019). Communication Skills for Business Professionals. 2nd edn. Cambridge: Cambridge University Press.

Bluttman, K. (2022). Excel formulas & functions. Hoboken, NJ: John Wiley & Sons.

Weetman, P. (2019). Financial Accounting: An Introduction. 8th edn. Harlow: Pearson Education Ltd.

McLaney, E. and Attrill, P. (2023). Accounting and Finance. An Introduction. 10th edn. Harlow: Pearson Education Ltd.

McFedries, P. (2022). Excel Data Analysis for Dummies. Newark: John Wiley & Sons, Incorporated.

Ulrich, L. (2020). How to Do Everything with Microsoft Office. London: McGraw-Hill.