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SITXFIN004-Prepare And Monitor Budgets

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  • Course Code: SITXFIN004
  • University: Victoria University
  • Country: Australia

Question:

You are required to develop solutions to the simulated workplace scenario by analysing financial and other business information to prepare and monitor budgets. It requires the ability to draft and negotiate budgets, identify deviations, and manage the delivery of successful budgetary performance.
 
Analyse the case scenario in terms of factual and numeric information on the scope and nature of required budget information provided.
 
Assessment activity
 
1. As the manager for the hotel, identify scope and nature of required budgets for the hotel
 
2. Identify colleagues and officers who can contribute for budget preparation and their valuable inputs
 
3. Identify and analyse internal and external factors for potential impact on budget
 
4. Based on the internal external factors, estimate income and expenditure for the budget preparation for the next accounting cycle. Make your assumptions
 
5. Consider and incorporate hotel objectives for your budget preparation 6. Using the information available and above analysis, prepare a draft budgeted statement of financial performance of the hotel restaurant for the next year
 
7. Though you are provided with available budget information, provide your recommendations for required modifications considering other factors 8. Identify the policies and procedures required to consider for the budget preparation
 
9. Determine and outline the required budget monitoring and review strategies
 
10. Share your draft budget to your colleagues and managers for their input 
 
 

Answer:

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:

  • Management and organisational restructures
  • New regulation or legislation
  • Organisational objectives
  • Growth or downfall in economic conditions
  • Considerable movement in price for various items or commodities
  • Shift in market trends
  • Venue availability and event costs
  • Project scope
  • Human resource needs

4.Based on the provided scenario, the following estimations are made in relation to income and expenditure:

  • The sales revenue is expected to increase by 30% over the next year
  • Interest income amounting to $5,000 is expected to earn by the next year
  • Human resource expenses would increase by 7%
  • The cost of sales and other expenses would be reduced by 12% so as to offset the increase in human resource costs

5.For the budget preparation, the hotel objectives have been taken into consideration, which include the following:

  • Rise in occupancy rate from 65% to 80%
  • Accomplishing sales target from $5,475,000 to $7,300,000 per year
  • Providing effective services to meet the needs of the guests
  • Minimisation of costs and expenses by 10% by applying strategies of cost management
6.

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:

  • Formulating objectives and goals
  • Obtaining information
  • Preparing budget
  • Analysing performance
  • Undertaking remedial measures
  • Improving budget

9.The following budget review and monitoring strategies could be applied:

  • Rise or decline in allocations
  • Cost cutting decisions like retrenchment of employees and closure of departments
  • Diversification decisions like employment of additional staffs, opening of new departments or outlets and others (Segun and Olamide 2015)

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). 

 

References:

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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