$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!

SITXFIN004-Prepare And Monitor Budgets

tag 0 Download3 Pages 573 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT
  • Course Code: SITXFIN004
  • University: Victoria University
  • Country: Australia


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 


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

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). 



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.


Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2020). Prepare And Monitor Budgets. Retrieved from

"Prepare And Monitor Budgets." My Assignment Help, 2020,

My Assignment Help (2020) Prepare And Monitor Budgets [Online]. Available from:
[Accessed 18 February 2020].

My Assignment Help. 'Prepare And Monitor Budgets' (My Assignment Help, 2020) <> accessed 18 February 2020.

My Assignment Help. Prepare And Monitor Budgets [Internet]. My Assignment Help. 2020 [cited 18 February 2020]. Available from:

Gone are the days when you had nightmares of failing to secure marks in math assignments. If you are considering, “Will someone do my math homework?" you are incredibly fortunate.  PhD experts at will help you out with your calculusalgebrageometry assignments etc. Our Math homework help also comes with backup checks to trace silly mistakes. Our math solvers offer swift assistance so that students can submit the assignment on time. Thus, grab the opportunity to end your quest of finding 'someone to do my math for me’.

Latest Finance Samples

7405ENG Renewable Energy Systems 2

Download : 0 | Pages : 8
  • Course Code: 7405ENG
  • University: Griffith University
  • Country: Australia

Answer: Introduction The project taken for the analysis is located in the Richmond, Australia. The Town or the area is located near the banks of the river. The project location is having a dry climate and the location has a sunny weather too in the period April till September. There are other time period like the month of October when the location receives a very dry and sunny climate. The coordinate for the project is around 20.7 N latitude ...

Read More arrow

BUSM1313: Entrepreneurial Finance System

Download : 0 | Pages : 20
  • Course Code: BUSM1313
  • University: Royal Melbourne Institute Of Technology
  • Country: Australia

Answer: Introduction Social entrepreneurship or entrepreneurial activities are found at the peak in the recent years. The entrepreneurs are considered the lifeblood of the economy. The entrepreneur has the fundamental agent in most of the production, distribution, and growth theories. Entrepreneurs are considered national assets, which is to be refined, motivated, and remunerated to the greatest possible extent. There is a various comparative...

Read More arrow

ACC510 Financial Reporting 11

Download : 0 | Pages : 8

Answer: Introduction In this report, the performance of the company Oil Search will be evaluated in terms of several assets, liabilities, leases and revenues. The company oil search is associated with the business of oil exploration and production in Australia and had recorded a total production of 30.3 million barrels of oil. This company had also managed to increase its net profit by 236% and for this; the net profit of the company is measu...

Read More arrow

ACG 3101 Financial Accounting And Reporting I

Download : 0 | Pages : 10
  • Course Code: ACG 3101
  • University: Florida State University
  • Country: United States

Answer: Introduction: The current paper has been prepared for the purpose of recognising any noteworthy accounting problems that requires to be examined with regards to Myer Holdings Limited. The company is a high-end chain store in Australia trading with varied commodities such as- outfit, accessories, footwear, home ware, fragrance, books, stationery, food and other grocery products (Myer 2018). The study would focus on discovering the proofs...

Read More arrow

MAF760 International Finance 2

Download : 0 | Pages : 13

Answer: Currency Market Overview and Forecast International currency market movement Deriving an accurate prediction of the currency market movements and activities can be extremely difficult given the numerous fluctuations and varied externalities (Salisu, Oyewole, & Fasanya, 2018). Notably, there has been a drastic change in the currency market movements and activities from January 2nd, 2018 to August 31st, 2018. For instance, the...

Read More arrow

Save Time & improve Grades

Just share your requirements and get customized solutions on time.

We will use e-mail only for:

arrow Communication regarding your orders

arrow To send you invoices, and other billing info

arrow To provide you with information of offers and other benefits




Overall Rating



Our Amazing Features


On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.


Plagiarism Free Work

Using reliable plagiarism detection software, only provide customized 100 percent original papers.


24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat.


Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.


Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

Our Experts

Assignment writing guide
student rating student rating student rating student rating student rating 5/5

752 Order Completed

100% Response Time

Hugh Cleave

Masters in Human Resource Management (MMgt, HRM)

Wellington, New Zealand

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

1758 Order Completed

99% Response Time

William Martinez

MS in Biology

Washington, United States

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

2109 Order Completed

99% Response Time

Emma Zhong

Ph.D in Project Management with Specialization in Project Communications Management

Singapore, Singapore

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

2632 Order Completed

100% Response Time

Albert Ambrosio

MSc in Nursing

London, United Kingdom

Hire Me

FREE Tools


Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.


Essay Typer

Get different kinds of essays typed in minutes with clicks.


GPA Calculator

Calculate your semester grades and cumulative GPa with our GPA Calculator.


Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.


Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

Refer Just 5 Friends to Earn More than $2000

Check your estimated earning as per your ability




Your Approx Earning

Live Review

Our Mission Client Satisfaction

I\'m really impressed with the way you help me to handle my assignment and with the results. Good job.Thank you. I definitely recommend your services.


User Id: 351207 - 18 Feb 2020


student rating student rating student rating student rating student rating

Thank you very much. The answer was great. I got a very good grade in my assignment. I hope to deal with u again


User Id: 9262 - 18 Feb 2020


student rating student rating student rating student rating student rating

Awesome quality of work and presentation 100% satisfied with work and will contact in the future.


User Id: 359998 - 17 Feb 2020


student rating student rating student rating student rating student rating

it\'s not graded yet but i\'m sure i\'ll receive a very good grade! everything is perfect as described and as submitted! i\'ll surely bring more business to this website!


User Id: 375374 - 17 Feb 2020


student rating student rating student rating student rating student rating
callback request mobile
Have any Query?