Topic 1: Utilising Accounting Software for Budgeting Purpose
Follow these steps to complete topic 1:
Step 1. Within the group, each member is required to provide a recent purchase invoice/receipt as part of budgeting preparation.
Step 2. With all documents collected from Step 1, work as a team and search online looking for a bookkeeping software or mobile app. Use the software or mobile app found, learn how to use them from the resource provided from service provider and generate an expenditure report.
Step 3. In the slides, it’s required to outline the features or functions have been used in the process of creating the expenditure report with documents collected from group members.
Topic 2: Advising Resolution for Budget Deviation
Topic 2 is based on the provided case study scenario 1 from Task 2
Case Study Scenario
A long-established café located in inner west Brisbane residential suburb is facing it’s time to figure out their budget for the coming quarter. During the last quarter, the café had spent roughly $500 at local butcher, $200 at Vegetable barns plus $300 on coffee beans & and dry goods each week. The Café also has monthly rent of $3,000 for the venue and is responsible for it’s electricity and gas bills which is roughly $500 a month. Fees for waste management is included in the rent. The coffee machine is due to half yearly service in the coming quarter, which normally cost $250 each time. Bill sent from the accountant to process accounting work from last quarter is worth $2,500, this includes professional fee of the accountant, relevant taxes and superannuation, and the bill is due sometime in the coming quarter. The café is run by owner’s family who are rely on the profit of business. They however do hire a casual staff to help the peak time every weekend when they normally have double amount of businesses. The staff is rostered 4 hrs every Saturday and Sunday morning and got paid by legal minimum with required loading. Considering the café is in residential area, hence their business is relatively stable, and in order to seek improvement the café pays internet social media platform $100 every month to advertise. The Café sets the margin of it’s menu on 75%.
Assume the coming quarter is October to December, what budget deviation may occur in the period. And what approaches can be taken to alleviate the impact.
Please follow these steps to complete topic 2:
Step 1. Work as a team review and discuss Question 3 in Task 2. With the result of discussion, set out a budget plan to approach the anticipated budget deviation.
Step 2. In the slides, discuss impact or consequences of the approach chosen. Students need only pick one example of deviation discussed in Question 3 in Task 2 to develop the approach. Please remember, no one approach is necessarily better than others, this part of assessment is focusing on examining understanding of impact and consequences from certain approach.