Part 2 (Task 1)
Standard Operatingprocedure (SOP) of Budget
Prepare procedures addressing following:
- How the budget will be communicated to stakeholders
- What types of reports will be generated ( daily expense report, item wise report, variance report etc. / how frequently/ responsible person
- How expenses will be controlled( monitoring expense activities, reducing wastage, generating variance report and acceptable level of variance
Variance Report
|
ITEM
|
Budget for 3 days
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Actual for 3 days
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Variance
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Favorable/ Unfavorable
(F/ UF)
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Recommendation
|
|
Accommodation
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Not more than $200/night
|
Not more than $300/night
|
$100/ night
|
UF
|
- Training to housekeeping staff
|
|
Equipment
|
|
$1,000
|
|
|
|
|
Food /catering
|
|
$5,040
|
|
|
|
|
Recreational Hall
|
|
$8,570
|
|
|
|
|
Round tables with chairs
|
|
$3,020
|
|
|
|
|
Lights on the last day for musical night and carnival
|
|
$1,050
|
|
|
|
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Small stage for speeches and individual performances.
|
|
$580
|
|
|
|
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Floral decoration
|
|
$640
|
|
|
|
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Small Bouquets - 28
|
|
$560
|
|
|
|
|
Transport ( 50 passengers)
|
|
$550
|
|
|
|
Sample Daily Cash Sheet
Prepare a sample daily expense sheet
Part 3 (Task 1)
Personal Reflection
1. Provide brief outline ofweekly expenses ( actual expense)in various item
2. Recommend areas of improvement in budget
3. Discuss what new approaches on budget management can be adopted in future. See below for some approaches on budget management:
- discussions with existing suppliers
- evaluating staffing requirements
- reviewing operating procedures
- Sourcing new suppliers etc.
Attachment:- budget_TEM.rar