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Prepare Budget - Libertine restaurant Pty Ltd

   

Added on  2020-10-22

21 Pages7049 Words341 Views
FinancePolitical Science
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PREPARE BUDGET
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1ASSESSMENT: 1............................................................................................................................1PART A...........................................................................................................................................1Business Concept.........................................................................................................................1Aim and Objectives.....................................................................................................................1Strategies......................................................................................................................................2Sales Budget for 2017/18 by quarter...........................................................................................2Preparing budgeted profit and loss for 2017/18 quarterly...........................................................3Preparing the cash flow analysis report with GST measurements..............................................5Preparing the Budgeted aged Debtor’s summary by quarterly....................................................6PART B...........................................................................................................................................71. Identification and measurement for tax liabilities in libertine restaurant group Pty ltd..........72. Determination of current compliance requirements and liabilities for business with theinfluences of corporation act 2001..............................................................................................73. Reviewing the financial analysis software for Libertine restaurant group Pty ltd..................84.Explaining the principles of accounting in developing budgets...............................................85. Explaining implications of probity when preparing and revising budgets..............................96. Identifying most viable Financial Quarter for Libertine restaurant group Pty Ltd..................97. Listing any other items for inclusion in the budget for firm..................................................108. Listing internal controls that could improve risk management techniques includingmaintenance of audit trails.........................................................................................................109. Discussing Australian legislations.........................................................................................11ASSESMENT: 2............................................................................................................................12Budget variance report...............................................................................................................12Budgeted Financial outgoing.....................................................................................................13Cashflow analysis variance report- 30th September 2017..........................................................13Aged debtors variance report- 30th September 2017..................................................................14Budgeted Aged Debtors report:.................................................................................................14PERFORMANCE..........................................................................................................................14Financial outgoings KPI’s Actuals – 30th September 2017.......................................................14
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RECOMMENDATIONS...............................................................................................................15EVALUATIONS...........................................................................................................................15CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
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INTRODUCTIONTo analyse the cost requirements in the business activities which will be based ondetermining the accurate information regarding the past transactional records. The requiredamount of fund will help professionals in an organisation to make further planning andoperational increment with helps in achieving the targets at the right time. In the present report,there will be discussion based on various accounts of Libertine restaurant Pty Ltd. withreferences to have effective financial stability. There will be preparation of various budget whichincludes cash, sales, profit and loss, debtor ageing etc. along with this there will be variancesanalysis among the actual and budgeted outcomes of quarterly observation. Moreover, these are the key performance indicators which helps in analysing the outcomesand making appropriate decision for organisational plans and policies. In addition, there will bevarious suggestions to the professionals which arereleve4nta with the key legislations and thefuture increment in the operational tactics. Implication of various financial software will besuggested to them as they could have rise in the operational goals.ASSESSMENT: 1PART ABusiness ConceptLibertine restaurant Pty Ltd has been engaged in operating in restaurant business which isin approach for increasing the operational efficiency and business performance. there have beenuse of various software and techniques in accounting practices and methods for resolving thebusiness issues. Therefore, there were various consequences have incurred which were affectingthe financial stability in the frim. The mismanagement of operational practices has been based oncentralising the business aspects. Managing the proper records and implication of several plansand policies which will be helpful in governing the business tasks to bring stability in activities.Aim and ObjectivesAim: To develop internal accounting and budgeting techniques which will help ingoverning financial performance of Libertine restaurant Pty LtdObjectives:To increase cost efficiency in the business and improving the financial stability.To develop strategies for debt control, cost execution, improves equity funding as well asmaximisation of profitability.1
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To administered the current and short-term solvency in the business.To manage the schedule and GST in the organisational practices.StrategiesTo improve the business efficiency and suggesting the adequate increment in theprofitability which is required that the professionals must have effective planning. The procedurefor recording the transactions as well as making appropriate analysis over the data base will behelpful in b bringing the proper ascertainment of activities. Libertine Restaurant Pty Ltd. havevarious kinds of costs enrolled in the activities such as advertisement, wages and salaries etc.which are being analysed for drafting the future budgets. Along with this, professional have beensuggested to implicate changes in the previously existing financial software which are to bereviewed and reformed to have effective management of operational practices. It has been estimated by the professionals that there will be rise in the expenses and costsby the inflation of 4% which have incurred several changes and operational increment tat will beappropriate and manageable. Along with this, the sales revenue in food and beverage will beanalysed on the basis of quarterly management and ascertainment of operations.Sales Budget for 2017/18 by quarterIn order to analyse the sales budget for the upcoming period there have been identificationof various practices which will help in analysing the outcomes. Thus, Libertine Restaurant PtyLtd. have been developing tactics to estimate the revenue through both the products and servicessuch as food and beverages over a period.Qtr 1Qtr 2Qtr 3Qtr 42017/2018Food sales$2,857,277.97$3,095,384.46$3,214,437.71$2,738,224.72$11,905,324.86 Beveragesales$1,904,851.98$2,063,589.64$2,142,958.47$1,825,483.15$7,936,883.24 TOTALS$4,762,129.94$5,158,974.11$5,357,396.19$4,563,707.86$19,842,208.10Interpretation: On the basis of above listed table and estimation for sales in the upcomingperiod on which there have been estimation over the data base. The total sales have beenestimated by the professionals as the last increment in sales from 2015/16 to 2016/17. However,on the same respect there have been estimation for the sales in period which is amounted to$11905,324.86 for food and $7936,883.24 for beverages. Therefore, there have been forecasting2
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in the various quarters such as in 1st quarter it will be $2857,277.97 for food and $1904,851.98for beverages. In 2nd quarter the sale of these articles will be 26% of the total revenue whichrepresent the food will be $3095,384.46 and $2063,589.64 for beverages. In 3rd quarter the salesof both articles have been analysed as food for $3214,437.71 and beverages as $2142,958.47.along with this, in last quarter the sales of these services have been analysed as 23% of the totalsales. Thus, food has been analysed as $2738,224.72 and beverages as $1825,483.15.Preparing budgeted profit and loss for 2017/18 quarterlyIn considering the profit and loss analysis for the data base on which it can be said that,Libertine restaurant Pty Ltd had been planning to improve the financial stability in the businesson which they are making efforts in attaining the business targets. It will be anlsyed on thequarterly basis to analyse the growth in revenue in each period. Therefore, analysis have beenbased on considering the rate of sales in food and beverages. Along with this, there have beenestimation of the amount of costs in each year.Budgeted - Profit/Loss - 2017/18 - Libertine restaurant group Pty LtdFor 12 months ended – all sitesProfit & Loss Actuals2017/181st Quarter2ndQuarter3rdQuarter4th QuarterRevenue24%26%27%23%Food Sales$11,905,324.86$2,857,277.97$3,095,384.46$3,214,437.71$2,738,224.72Beverage sales$7,936,883.24$1,904,851.98$2,063,589.64$2,142,958.47$1,825,483.15Cost of goods soldFood Costs$3,162,088.60$758,901.26$197,314.33$53,274.87$12,253.22Beverage costs$1,461,483.04$350,755.93$91,196.54$24,623.07$5,663.31Gross Profit$15,218,636.46$3,652,472.75$4,870,463.24$5,279,498.25$4,545,791.34ExpensesAccounting Fees$10,000.00$2,500.00$2,500.00$2,500.00$2,500.00Interest Expense$84,508.00$21,127.00$21,127.00$21,127.00$21,127.00Bank Charges$1,600.00$400.00$400.00$400.00$400.00Depreciation$170,000.00$42,500.00$42,500.00$42,500.00$42,500.00Insurance$13,390.00$3,347.50$3,347.50$3,347.50$3,347.50Stationary $15,761.00$3,782.64$983.49$265.54$61.073
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