• Evaluate cost data to plan budgets. The CFO is also responsible for financial reporting systems, accounting and collection procedures, and investment activities and makes recommendations for changes to procedures, operating systems, budgets, and other financial control functions. Task 33.1 Essential financial system and records: It can be measured using two software available on the market MYOB and Quick Book. You can easily record all your small business transactions in this software. Financial records can be maintained properly by keeping records of all transactions such as income, assets (purchase, sale), expenses, liabilities (increase, decrease) and capital. Next are items like Cash Flow, Journal, Income, and Balance. Then create a ledger and trial balance and prepare financial reports. After preparing the financial report, it must be sent to the IRD for final declaration. 3.2 Legal and Financial Control System: If Nicole decides to start school, she will have to follow all legislation such as:-• Employment Relations Act 2000• Income Tax Act 2007• Goods and Services Tax