Assignment -
To provide you with an opportunity to demonstrate your knowledge of the required skills, knowledge and critical aspects of assessment. Activity Complete the following individually and attach your completed work. The answers to the following questions will enable you to demonstrate your knowledge of:
- Communication skills
- Critical thinking skills
- Initiative and enterprise skills
- Literacy skills
- Numeracy skills
- Planning and organising skills
- Problem-solving skills
- Self-management skills
- Teamwork skills
- Technology skills
- Budget terminology
- Budget roles, formats and reports
- Accounting software
- Budget preparation and monitoring practices and techniques
Answer each question in as much detail as possible, considering your organisational requirements for each one.
1. Discuss and compare, with a partner, the different budgeting strategies your companies use. Are there any major discrepancies? 200 words
2. How could your company's budgeting be improved, to become more efficient and realistic? 200 words
3. Using the formulas outlined in section 4.3, calculate difference between your company's budget and actual expenditure.
4. Create a mind map to outline the difference between internal and external environments and how they affect budgeting.
5. Prepare a PowerPoint presentation on potential budgetary challenges/deviations and outline how you would deal with them. 5 SLIDES MAX.
Instructions to Complete Major Task -
Preparing a Budget for your own Business
- The task is to prepare a Budget on Funds Required and Sources and Operational Budget using past period's figures and incorporating the impact of the major activity that you have planned for you business in the coming budgeting period.
- Step 1: Pick a hospitality business of your choice and gather information on past accounting results (Profit and Loss Statements) for one accounting period (you can pick figures from the attached reference Profit and Loss Excel Sheet) and name your business
- Step 2: Consideration a major planned event that you have planned to undertake in your business in the next budgeting period (for example : acquiring a new line of business, expansion of business, adding more rooms to your hotel/products to your hotel, major marketing / promotional event, starting a new location in your franchising business)
- Based on your consideration, prepare a Budget to work out project costs for the major event that you plan to undertake and how you will source the funds required.
- Following this, also prepare an Profit and Loss Budget for your business for the same budgeting period using past Revenue and Expense figures and considering the impact of the planned event.
- Present the budgets along with your working in PPT, along with a separate slide with assumption on every figure appearing in the Profit and Loss Budget.
Attachment:- Assignment Files.rar