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SITXFIN004 Prepare and Monitor Budgets

Question:

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.

The unit applies to all tourism, travel, hospitality and event sectors. The budget may be for an entire organisation, for a department or for a particular project or activity.

It applies to senior personnel who operate independently or with limited guidance from others and who are responsible for making a range of financial management decisions.

Answer all of the following questions.

  1. Name 4 business considerations you might consider when researching a budget. (25-50 words)
  2. Describe how the following sources of data can be used for budget preparation. (75-100 words)

Competitor research

Customer or supplier research

Declared commitments in areas of operation

Financial information from suppliers

Financial proposals from key stakeholders

Performance data/information from previous time periods

Departmental, event or project budgets

Grant funding guidelines or limitations

Management policies and procedures

Organisational budget preparation guidelines

  1. Explain how the following internal factors can impact on budgets. (50-75 words)

Management restructure

Human resources requirements

New projects and business objectives

Changes in commodity or service prices

  1. Explain how the following external factors can impact on budgets. (25-50 words)

Legislation and regulations

Changes in the global economy

Market trends

  1. How does involving staff “from the bottom up” in the budgeting process, help the business? (20-30 words)
  2. What does the process of preparing a draft budget usually involve? (20-30 words)
  3. How does breaking the budget down into groups, departments, or income and expense categories help colleagues? (20-30 words)
  4. Name 3 people (job roles) you would circulate the draft budget to for feedback or approval: (15-20 words)
  5. The budgeting process requires strong negotiation skills. Why is it important to convince staff of the achievability of the budget? (20-30 words)
  6. A staff member suggests a change or alteration to the budget. List 3 aspects you need to consider to ensure any changes would have no negative impacts: (20-30 words)
  7. In most businesses/industries, when must the budget be complete? (15-20 words)
  8. What information should department managers include in their monthly reports? (20-30 words)
  9. How often should the budget be compared to the actual accounting results? (15-20 words)
  10. Name and describe 5 financial reports you might generate from your accounting system to check your budget against actual income or expenditure. (20-30 words)
  11. Every revenue and expense item on the Profit and Loss Statement should be compared to what? (15-20 words)
  12. When revenue variances occur, why is talking to staff a good way to help identify and find options to address the issue? (15-20 words)
  13. List 3 factors that can cause variances in staff budgets. (20-30 words)
  14. Why is monitoring your budget progressively throughout the year so important? (15-20 words)
  15. How can you collect information to help create future budget plans? (20-30 words)
  16. Name an accounting program you can use to help manage budgets. (15-20 words)
  17. Explain each of the following types of budgets: (50-75 words)

Cash budget/Cashflow budget

Departmental budget

Event budget

Project budget

Purchasing budget

Sales budget

Wage budget

Master budget

This project assignment is to be completed using the “Nara Business Hotel” case study. It is included in the “Appendix”. This assessment requires students to analyse financial and other business information to prepare and monitor budget. It requires the ability to draft and negotiate budgets, identify deviations, and manage the delivery of successful budgetary performance. The assessment has four parts and the details are provided below:

Part 1: In Part 1, students are required to prepare budget information by determining the scope and nature of the required budgets, identifying and interpreting data, analysing internal and external factors and working with colleagues to budget the planning process.

Part 2: In Part 2, students are required to prepare a draft budget by analysing the information gathered in Part 1, estimating income and expenditure, reflecting organisational objectives within the budget and circulating the draft budget to managers for input. To do this part students will need to access the NBH 2019 & 2020 Budget Template Excel Files provided.

Part 3: In Part 3, students are required to finalise the budget by negotiating the budget according to organisational policy and procedures, making modifications, completing the final budget in the required format and informing your colleagues.

Part 4: In Part 4, students are required to monitor and review the budget by assessing actual performance against estimated performance, incorporating financial commitments, taking actions on deviations and collecting relevant information to assist in future budget preparations.

SITXFIN004 Prepare and Monitor Budgets

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