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Manage a financial budget

   

Added on  2020-06-06

8 Pages1815 Words54 Views
Manage finance with budget
Manage a financial budget_1
Table of ContentsINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1TASK 1............................................................................................................................................1Q1................................................................................................................................................1Q2................................................................................................................................................1Q3................................................................................................................................................1Q4................................................................................................................................................1Q5................................................................................................................................................2TASK 2............................................................................................................................................2TASK 3............................................................................................................................................3Q1................................................................................................................................................3Q2................................................................................................................................................3Q3................................................................................................................................................3Q4................................................................................................................................................3Q5................................................................................................................................................3PART 2............................................................................................................................................3TASK 1............................................................................................................................................3Q1................................................................................................................................................3Q2................................................................................................................................................4Q3................................................................................................................................................4Q4................................................................................................................................................4Q5................................................................................................................................................4TASK 2............................................................................................................................................4Q1................................................................................................................................................4Q2................................................................................................................................................5Q3................................................................................................................................................5Q4................................................................................................................................................5Q5................................................................................................................................................5CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6
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INTRODUCTIONIn the management of the finance which will be an important aspect in any business,there are various tools which can be used and the most common among them is budget. By thehelp of this all the requirements will be identified so that plan can be made to meet them inadvance (Gitman, Juchau and Flanagan, 2015). Also the variances will be determined which willhelp in knowing the shortcoming and then the measures will be taken to overcome them. In thisreport all of these aspects will be discussed by which the finance will be managed in the bestmanner.PART 1TASK 1Q1.Variable direct cost: In this category the expenses will be of Food and beverage purchases.Variable Indirect cost: Advertising and Accounting are the commitments to be met.Fixed indirect cost: The expense in this will be of communication and insurance.Q2.The top four categories in the business where most of funds are invested are Wages & oncost, Beverage purchase, food purchase, and utilities.Q3.The most funds are spent in these categories as food and beverage will be the basicrequirement of the hotel to be provided and then the staff will be needed to serve the customers(Culp, 2011). In hotel it is required that all the utilities shall be provided so that visitors will besatisfied and will visit again. If proper funds will not be allocated to them then the hotel will not be able to operate inthe proper manner and also the customers will not be satisfied and by this business will have tosuffer loss due to the customer loss.Q4.The team will be communicated that the amount of the net profit shall not fall below the31604 and it can be seen that there are certain expenses such as small equipment replacementwhich are fixed and shall not fluctuate. Purchase shall be made according to the targets and there1
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