SITXFIN003 Manage finances within a budget

Task 1 – Case Study – Analysis

This task consists of 2 parts, Part A and Part B.

For Part A you are required to complete a budget analysis.

For Part B you are required to answer questions relating to the importance of monitoring and analysing budgets and identifying methods to rectify shortfalls.

PART A

Case Study Analysis on Budget Variance

Top of the Town Hotel has asked you to calculate the variance for the following figures for the month of July and August. Also calculate the total profit that was budgeted and actual. Analyse the findings and inform them about the variance as they are concerned and would like to monitor the income, expenditure, profit levels, budgetary performance of their Food and Beverage Department.

Item July August

Budget Actual Variance Budget Actual Variance

Sales Revenue 230,000 225,000 230,000 228,000

Food Costs 85,000 87,000 85,000 86,000

Beverage Costs 14,000 15,000 15,000 15,000

Labour Costs 77,000 82,000 78,000 82,000

Fixed Costs 35,000 35,000 35,000 35,000

Total Costs

Profit

The Hotel owners and managers would like to know from you the major areas of concern where there is a deviation that needs further monitoring and improvement.

PART B

Answer the following questions.

Questions:

1. Explain the importance to the owners of monitoring budgets and why do you think it will help them to manage their finances better for the business.

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2. Explain to them the use of analysing the monthly budget and comparing the forecasted budget against the actual budgets.

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

____________________________________________________________________________________________

3. Explain your findings and possible reasons for these variances.

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

____________________________________________________________________________________________

____________________________________________________________________________________________

____________________________________________________________________________________________

4. Research and suggest what improvements do you think the owners can take to improve this situation?

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

____________________________________________________________________________________________

____________________________________________________________________________________________

____________________________________________________________________________________________

SITXFIN003 Manage Finances within a Budget

Task 2 – Variance Analysis

Note

You have been provided with the projected data sheet for reference in the Task 2 Spread sheet.

Please use the Assessment Task 2 spread sheet file to complete the calculations.

In this task you are provided with an excel file with 2 spread sheets (Budgeted Rooms Revenue Sheet, Actual Rooms Revenue sheet) with the actual figures on the rooms for a given quarter. You are required to calculate the actual revenue that has been generated for each month in the given quarter based on the actual occupancy rate.

Calculate the following details using the appropriate sheet as per the given instructions

Budgeted Rooms Revenue Sheet

Refer to the projected data sheet.

• In this sheet first calculate the total projected/forecasted revenue per room type for all 365 days.

• You are also required to calculate total projected/forecasted revenue per room type for each month for Jan, Feb and Mar.

• Calculate the total rooms for each month

• Calculate the Total Revenue for all room types for each month

• Calculate the total projected revenue for 3 months (Jan, Feb and Mar)

Actual Rooms Revenue Sheet

• In this sheet you are provided with the Actual occupancy for each month.

• Calculate the Revenue per room type for each month (Jan, Feb and Mar)

• Calculate the total rooms for each month

• Calculate the Total Revenue for all room types for each month

• Calculate the Variance for each room type for each month (Note before you can do this calculation you have first calculated the budgeted rooms revenue for each month as instructed above using the Budgeted Room Revenue sheet)

• Calculate the variance %

Task 1 – Case Study – Analysis

This task consists of 2 parts, Part A and Part B.

For Part A you are required to complete a budget analysis.

For Part B you are required to answer questions relating to the importance of monitoring and analysing budgets and identifying methods to rectify shortfalls.

PART A

Case Study Analysis on Budget Variance

Top of the Town Hotel has asked you to calculate the variance for the following figures for the month of July and August. Also calculate the total profit that was budgeted and actual. Analyse the findings and inform them about the variance as they are concerned and would like to monitor the income, expenditure, profit levels, budgetary performance of their Food and Beverage Department.

Item July August

Budget Actual Variance Budget Actual Variance

Sales Revenue 230,000 225,000 230,000 228,000

Food Costs 85,000 87,000 85,000 86,000

Beverage Costs 14,000 15,000 15,000 15,000

Labour Costs 77,000 82,000 78,000 82,000

Fixed Costs 35,000 35,000 35,000 35,000

Total Costs

Profit

The Hotel owners and managers would like to know from you the major areas of concern where there is a deviation that needs further monitoring and improvement.

PART B

Answer the following questions.

Questions:

1. Explain the importance to the owners of monitoring budgets and why do you think it will help them to manage their finances better for the business.

______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

2. Explain to them the use of analysing the monthly budget and comparing the forecasted budget against the actual budgets.

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

____________________________________________________________________________________________

3. Explain your findings and possible reasons for these variances.

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

____________________________________________________________________________________________

____________________________________________________________________________________________

____________________________________________________________________________________________

4. Research and suggest what improvements do you think the owners can take to improve this situation?

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

____________________________________________________________________________________________

____________________________________________________________________________________________

____________________________________________________________________________________________

SITXFIN003 Manage Finances within a Budget

Task 2 – Variance Analysis

Note

You have been provided with the projected data sheet for reference in the Task 2 Spread sheet.

Please use the Assessment Task 2 spread sheet file to complete the calculations.

In this task you are provided with an excel file with 2 spread sheets (Budgeted Rooms Revenue Sheet, Actual Rooms Revenue sheet) with the actual figures on the rooms for a given quarter. You are required to calculate the actual revenue that has been generated for each month in the given quarter based on the actual occupancy rate.

Calculate the following details using the appropriate sheet as per the given instructions

Budgeted Rooms Revenue Sheet

Refer to the projected data sheet.

• In this sheet first calculate the total projected/forecasted revenue per room type for all 365 days.

• You are also required to calculate total projected/forecasted revenue per room type for each month for Jan, Feb and Mar.

• Calculate the total rooms for each month

• Calculate the Total Revenue for all room types for each month

• Calculate the total projected revenue for 3 months (Jan, Feb and Mar)

Actual Rooms Revenue Sheet

• In this sheet you are provided with the Actual occupancy for each month.

• Calculate the Revenue per room type for each month (Jan, Feb and Mar)

• Calculate the total rooms for each month

• Calculate the Total Revenue for all room types for each month

• Calculate the Variance for each room type for each month (Note before you can do this calculation you have first calculated the budgeted rooms revenue for each month as instructed above using the Budgeted Room Revenue sheet)

• Calculate the variance %

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