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SITXFIN003 Manage Finances Within Budget - Desklib

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South Pacific Institute

   

Manage Finances Within Budget (SITXFIN003)

   

Added on  2020-02-23

SITXFIN003 Manage Finances Within Budget - Desklib

   

South Pacific Institute

   

Manage Finances Within Budget (SITXFIN003)

   Added on 2020-02-23

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1Manage Finances within budgetMANAGE FINANCES WITHIN BUDGET
SITXFIN003 Manage Finances Within Budget - Desklib_1
2Manage Finances within budgetASSESSMENT TASK 2: PROJECT
SITXFIN003 Manage Finances Within Budget - Desklib_2
3Manage Finances within budgetTable of ContentsIntroduction............................................................................................................................................4Answer 1................................................................................................................................................4Answer 2................................................................................................................................................4Answer 3................................................................................................................................................5Answer 4................................................................................................................................................7Answer 5................................................................................................................................................8Answer 6................................................................................................................................................8Answer 7................................................................................................................................................9Conclusion...........................................................................................................................................10References............................................................................................................................................10
SITXFIN003 Manage Finances Within Budget - Desklib_3
4Manage Finances within budgetIntroduction The medium-sized hotel business, in the case study, has a restaurant, piano bar, longuebar, amotel complex with 20 rooms and front bar. All these have to be managed and financed by asingle business.Answer 1This business could be divided into different cost centres for the ease of Management. Thesecall centres are Administration, accommodation, bars, sales and marketing, cafeteria, roomkeeping (DuanYuanPeng, 2011).The business might choose to make these costcentres sothat each cost centre would manage itsown departments cost and it would be easier for the business to keep track of the way in whichresources are utilised and from where they are acquired. Each cost centre would be abletotrackdifferent costs with respect to the use of resources. This way it would be easier to assess theeffectiveness of the distribution systems. It would also be simpler to find out how the wastehappens and the cost centres would be helpful in making the business operate with respect to thescope ofbudget. This would eliminate the money issues and also identify them, if any, andresolve it.Answer 2Budget will contribute to the operational efficiency in the below given ways:Target: the operators get objectives and aims through the budget and the staffs are alsomotivated to work in a more efficient manner.
SITXFIN003 Manage Finances Within Budget - Desklib_4

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