Professional Documents
Culture Documents
Manage Finances With A Budget
Manage Finances With A Budget
manage finances
within a budget
ABN: 56610041775
E: [email protected]
W: www.ilearnoz.edu.au
Level 5, 440 Elizabeth Street,
Melbourne VIC 3000
T: 03 99997401
STUDENT NAME:
STUDENT ID:
COURSE NAME:
ASSESSOR’S NAME:
DATE DUE:
STUDENT DECLARATION:
I have been advised of the assessment requirements, and I have been made
aware of my rights and responsibilities as an assessment candidate.
the assessment tasks submitted are my own original work and are not copied or
taken from another source except where this work has been correctly
acknowledged. I have retained a copy of my assessment, which I can produce if
the original is lost.
Student
Signature Date:
Version 1.0
RTO Works
www.rtoworks.com.au
[email protected]
This resource is copyright. Apart from any fair dealing for the purposes of private study, research, criticism or review as
permitted under the Copyright Act 1968, no part may be reproduced by any process without written permission as
expressed in the RTO Works License Agreement.
The information contained in this resource is, to the best of the project team’s and publisher’s knowledge true and
correct. Every effort has been made to ensure its accuracy, but the project team and publisher do not accept
responsibility for any loss, injury or damage arising from such information.
While every effort has been made to achieve strict accuracy in this resource, the publisher would welcome notification of
any errors and any suggestions for improvement. Readers are invited to write to us at [email protected].
Hospitality Works is a series of training and assessment resources developed for qualifications within the Tourism,
Travel and Hospitality Training Package.
i Assessment information
Information about how you should complete this assessment can be found in Appendix A of the
Hospitality Works Student User Guide. Refer to the appendix for information on:
where this task should be completed
the maximum time allowed for completing this assessment task
whether or not this task is open-book.
Note: You must complete and submit an assessment cover sheet with your work. A template is
provided in Appendix B of the Student User Guide. However, if your RTO has provided you with
an assessment cover sheet, please ensure that you use that.
Bank statement
Invoice
Journal entry
Merchant statement
Transaction report
Department budget
Project budget
Sales budget
Wages budget
3. Explain each of the terms in the table that are factors to consider in preparing financial and
statistical reports for a business.
Covers
Occupancy rates
Sales performance
Staff costs
Variances
Wastage
Income
Commission earnings
7. Document the reporting that is completed for the following cycles/periods and write down a
procedure for each that is relevant to a hospitality business.
Quarterly
Annually
8. For two different accounting software programs of your choice, write down at least one
function and one feature of each and how these can help in monitoring budgets.
10. Discuss how a business will show the findings of the projected budget versus the actual
budget and how this might be presented.
Student’s name:
Question 1
Question 2
Question 3
Question 4
Question 5
Question 6
Question 7
Question 8
Question 9
Question 10
Assessor signature:
Assessor name:
Date:
review the advice to students regarding responding to written tasks in the Hospitality Works
Student User Guide
comply with the due date for assessment which your assessor will provide
adhere with your RTO’s submission guidelines
answer all questions completely and correctly
submit work which is original and, where necessary, properly referenced
submit a completed cover sheet with your work
avoid sharing your answers with other students.
i Assessment information
Information about how you should complete this assessment can be found in Appendix A of the
Hospitality Works Student User Guide. Refer to the appendix for information on:
where this task should be completed
how your assessment should be submitted.
Note: You must complete and submit an assessment cover sheet with your work. A template is
provided in Appendix B of the Student User Guide. However, if your RTO has provided you with
an assessment cover sheet, please ensure that you use that.
Successful completion of this unit requires that you complete the range of tasks
listed above. It is important that you provide evidence that you have successfully
completed each task.
Below is a guide to the skills and knowledge you must demonstrate when you are
completing each activity step. We have provided several documents to assist you
and you will find these in the student resources.
You will need access to:
your learning resources and other information for reference
software such as an accounting program or Microsoft Excel or similar
your Café Quarterly Budget
your Budget Report Template.
space for a meeting.
You are the café manager of a popular café within the Blue Healer Hotel and Spa.
The owner has provided you with the budget for the next quarter and it is part of
your responsibility to allocate resources and manage the finances within the
budget.
The budget has been increased in month three as this is a popular month where
lots of visitors stay at the Blue Healer and neighbouring guest houses as there is a
music festival on. As such, additional wait staff will be hired on a casual basis and
less private catering jobs will be booked in as the café will be at its peak.
Additional information:
The business uses local suppliers but due to a recent drought the cost of meat
with the usual supplier, Fresh Farms, went up by 7% last month.
The café serves breakfast, light meals, light dinners and sharing plates,
smoothies, coffee, pastries and is a local favourite for its homemade iced tea.
Due to the clientele of the hotel and health spa, and the area within which the
Blue Healer is located, there have been a number of requests for more
vegetarian and vegan options.
Apart from you and the owner (you also cook and prepare food) there is full-
time chef named Navneet, two part-time kitchen porters and casual wait staff
11. Review past information and future budget and plan fund allocation.
Now that you have reviewed all the information, have a meeting with the manager
(your assessor) at the date and time advised to discuss any concerns, priorities and
changes you would like to make before you allocate the funds. Review the new
suppliers you have sourced with your assessor.
During the meeting, you will need to demonstrate effective communication skills
including:
speaking clearly and concisely
using non-verbal communication to assist with understanding
asking questions to identify required information
responding to questions as required.
Using the Café Quarterly Budget template – Fund allocation page, allocate the
funds for the quarter to the relevant areas and what you will purchase from existing
or new suppliers. Make notes in the relevant column to support your choice and
rationale. Add or delete rows as necessary and apply cell formatting and the use of
formula functions as necessary.
Submit to your assessor.
Briefly meet with Navneet (your assessor) to discuss the resource allocations and
the planning for the next quarter in relation to fresh produce, reduction of wastage
and recipe variation.
Make sure that you discuss the importance of sticking to the budgeted allocations
and discuss ways that food wastage can be avoided to ensure the budget is met.
During the meeting, you will need to demonstrate effective communication skills
including:
speaking clearly and concisely
using non-verbal communication to assist with understanding
asking questions to identify required information
responding to questions as required.
It is the end of month 1. You have kept to the budget and the funds have been
allocated as you planned for.
It is the end of month 2. You have kept to the overall budget, but funds have had to
be rearranged in the following ways:
There was an accident when unloading the vegetable crate one week and all
the produce was spoiled. You had to purchase a second crate which pushed
your amount spent with the vegetable supplier up by 10%.
To accommodate for the overspend, you reduced the amount spent on cakes
and pastries by that same amount and baked inhouse.
Enter the expenditure figures into the software you are using as outlined in your
fund allocation document but consider the information above and work out the
variances.
Print a report of the entries or take a screenshot and submit to your assessor.
Develop an actual budget using the past information and your financial records you
complied and submitted in the previous activity steps. Make a new page in the Café
Quarterly Budget spreadsheet and name it ‘Actual Budget’.
Assume the following information:
Variances of 10% are not considered unusual.
The actual income is as follows:
Compile a report to the owner about what has occurred over the past three months.
You will also need to conduct some research when writing this report as outlined
below. Submit in the timeframe as provided to you by your assessor.
Include the following in your report:
The status of the budget and the variations in relation to what was projected –
use percentages and figures to discuss a detailed account of what has
occurred in the overall actual budget in relation to projections.
Lessons learned from what has occurred in the past quarter and ideas for how
you can prevent similar situations in the future by improvements that can be
made.
Undertake research to investigate new or different approaches to budget
management and then outline the benefits and advantages of different
approaches you could take and how these approaches may impact on
customer service levels or staff.
Provide recommendations for budget management for the next quarter and
provide estimates for this period.
Make sure you use correct budget terminology, and your report is neatly presented,
clear and concise with the use of statistical representations.
Use the Budget report template to guide your work.
Student’s name:
Completed
successfully?
Completed
successfully?
Completed
successfully?
Assessor signature:
Assessor name:
Date:
Student name:
Assessor name:
Date:
Qualification name:
Result
Satisfactor
Task Type y Unsatisfactory Did not submit
Feedback
I hereby certify that this student has been assessed by me and that the assessment has been
carried out according to the required assessment procedures.