NDB508 Budgeting and Internal Controls Level 5 Assignment Answer

This is the alignment answer of the NDB508 Budgeting and Internal Controls Level 5 Assignment. In this online course, you will develop the skills required to prepare budgets and monitor business performance against budget.

You’ll also learn how to determine internal controls that minimize risk in your company’s finances so they can keep it all together while simultaneously evaluating debtor risks for each project which determines what actions should be taken by the board of directors if any problems arise later on down the line.

Assignment Solutions Of NDB508 Budgeting and Internal Controls Level 5.

Assignment Activity 1. Prepare budgets and monitor performance against budgets for a business entity 

The budget will be created once the company is ready to release a product to consumers.

The best way for your business entity to “prepare budgets and monitor performance against budgets for a business entity” is by developing a new product.

Before investing in any research, it would be wise for you to see if there are enough findings from markets or trends that prove your idea viable.

A good way of doing this without over-spending on research costs is by establishing bench marking data before the production of what you’re planning on patenting occurs.

If you do this, then you can slowly optimize your design based on both customers and ethical considerations until its ready to test in the market place.

This will not only save time and money, but also prevent the development of a product that has no chance of succeeding.

Assignment Activity 2. Determine internal controls to minimise financial risk for a business entity

Financial risk management includes many practices that can help you minimize the chance of losing money.

Accounting, treasury and credit management are different things. You can use them to borrow money.

Insurance is also important because it helps protect your investment in case something bad happens.

Diversification means you have more than one thing so that if one goes away, the other still works.

Many businesses want to reduce the risks of a business, so they use contracts. These are between owners and managers (shareholders agreement).

They grant security interests in assets and appoint board members who have specific duties.

Cash flow forecasting and budgeting practices are related to each other. They help you spend your money wisely for the future so that you do not have debt.

In order to grow the company, it’s important to look at what makes the most money and invest in that.

Assignment Activity 3. Evaluate debtor risk and apply relevant actions to mitigate risks for a business entity

It is important to take care of your relationships. If you want to save a few dollars, it’s not worth it if you lose the relationship. You might get into trouble with someone and then it will take longer and be more expensive.

To avoid risk, you should not take it. This includes making sure that you are following industry best practices while creating new agreements. You should tell vendors about any problems before they happen so they know how to pay proactively.

You can increase debtor risk by paying suppliers too early. It may seem counterintuitive, but it happens a lot when you pay suppliers who are experiencing cash flow problems. If you delay your payment to them, they will try harder to get the money from you instead. This not only makes things more difficult for the debtor, but it also strains your relationship with them.

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