1.The scope and nature of budgets are to be ascertained with relevant colleagues, as consultation with them might lead to surprising outcomes. This is because ideas and suggestions could be obtained in relation to waste management, recommendations for improvement of supplier performance and efficient usage of resources (Barr and McClellan 2018). At the time of sharing information, the financial objectives should be related to performance along with building on self-management concept leading to increased productivity and discretionary efforts.
2.For the hotel, the relevant colleagues would include departmental heads and financial managers. The valuable input of the departmental heads would be to fulfil the customer expectations, while the valuable input of the financial managers would be budget restrictions.
3.The following are the major internal and external factors having potential impact on budget:
4.Based on the provided scenario, the following estimations are made in relation to income and expenditure:
5.For the budget preparation, the hotel objectives have been taken into consideration, which include the following:
7.According to the above table, a favourable net income is observed to earn, as the revenues would increase inevitably after the first quarter. However, for ensuring this success, the bottom-up approach to budgeting could be used, in which all centre managers and staffs would involve in the budgeting process (Enow and Kamala 2016). In this approach, all members would be eligible to provide feedbacks and raise objections by considering other factors like rise in interest rates, inflation and others.
8.In order to consider budget preparation aspects, the following policies and procedures are increasingly important:
9.The following budget review and monitoring strategies could be applied:
10.The draft budget should be accompanied by performance from past periods and financial proposals from the major stakeholders. Accordingly, it would be presented to the colleagues and managers to evaluate whether it needs additional considerations (Van Der Wagen and White 2018).
Barr, M.J. and McClellan, G.S., 2018. Budgets and financial management in higher education. John Wiley & Sons.
Enow, S.T. and Kamala, P., 2016. Cash management practices of small, medium and micro enterprises in the Cape Metropolis, South Africa. Investment Management and Financial Innovations, 13(1), pp.230-236.
Segun, A. and Olamide, F.T., 2015. The global debate on budgeting: Empirical evidence from Nigeria. Business Management Review, 13(1), pp.99-124.
Van Der Wagen, L. and White, L., 2018. Event management: For tourism, cultural, business and sporting events. Cengage AU.
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