# SITXFIN003 – Manage finances within a budget

FINANCE -MANAGE BUDGETS

SITXFIN003 – Manage finances within a budget

SITXFIN004- Prepare and monitor budgets

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Question 17

• Define the following options and approaches to budgeting:
• Incremental budgeting

• Zero-based budgeting.

• Why are ‘rolling budgets’ useful in the hospitality industry?

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Question 23

Working out how much to charge for food and drink.

1. Calculate the cost of a drink of vodka and soda (before taxes):
2. You will need the following to make one drink – 0.03L of vodka, 0.1L of soda, 0.02 kg of lime and one straw.
3. A litre of vodka costs \$12.00, a litre of soda water costs \$1.00, a pack of 140 straws costs \$3.00 and 1kg of limes is \$2.00. If 0.03L of vodka costs \$0.36 work out the cost of the soda water, slice of lime and one straw.
4. What is the cost of the drink (ingredients only)?
5. If you wanted to make 500% on the drink how much would it be?
• What other costs may you have to calculate into the cost of this drink? List three suggestions.

• If half of the bag of limes were thrown out after being cut and not used, what is the cost of the waste?

Question 24

Instructions

Question 1

• Calculate the dollar deviations for room sales, food sales, liquor sales, wages, rent and overheads.

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• Calculate the percentage deviations for room sales, food sales, liquor sales, wages, rent and overheads.

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• Indicate if the identified deviations are positive or negative.

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Question 2

• Total the budgeted and actual sales for the 6 months.

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• Calculate the dollar deviations for sales on a month-by-month basis.

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• Calculate the percentage deviations for sales on a month-by-month basis.

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• Calculate year-to-date budgeted totals for sales on a month-by-month basis.

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• Calculate year-to-date actual totals for sales on a month-by-month basis.

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• Calculate the dollar deviations for YTD figures on a month-by-month basis.

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• Calculate the percentage deviations for YTD figures on a month-by-month basis.

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Question 3

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Question 14

Question 1

• Opening stock for the bar: \$30,000
• Closing stock for the bar: \$25,000
• Requisitions to the bar: \$125,000

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Question 2

• Cost of Goods Sold: \$17,800
• Revenue: \$41,786.

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Question 3

• Cost of Goods Sold: \$55,962
• Revenue: \$134,000

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Question 4

• Revenue: \$15,000
• Cost of Goods Sold: \$6,934

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Question 5

• Owner’s funds: \$1,200,000
• Nett profit: \$365,500

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Question 6

• Average current assets: \$2,000,000
• Sales: \$350,680

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Question 7

• Average liabilities: \$450,999
• Average equities: \$2,150,000

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Question 8

• Current assets: \$805,000
• Current liabilities: \$1,450,000
• ANS:

Question 9

• Current assets: \$2,000,000
• Stock: \$55,000
• Current liabilities: \$1,300,000
• Bank overdraft: \$45,000

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Question 10

• Total proprietorship: \$375,000
• Total assets: \$1,500,000

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Question 11

• Sales: \$ 2,457,983
• Gross profit: \$890,816

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Question 12

• Total rooms available: 1205
• Rooms occupied: 378

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Question 13

• Room revenue: \$66,450
• Total rooms available: 524

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Question 14

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Question 17

Instructions

1. You will now meet with Betsy (role played by your assessor). She will provide you with the instructions for preparing your budget and allocating costs.

You will be required to actively participate in the meeting and take notes on the detail provided (by your assessor in the role of Betsy). Have this assessment work sheet with you to record the details and be prepared to ask questions to clarify the information provided.

Your assessor will give you details on when this meeting will be held.

In the meeting, you will need to confirm (take notes as required) the following:

What budget you are responsible for.

The increases Betsy has directed you to include into the projected income budget for the next year.

• Accommodation

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• Food prices
• Beverage prices.

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Betsy will also give you some extra considerations during your meeting. Make note of them:

A sales campaign designed to attract people to the B&B for a relaxing weekend, to escape the hustle and bustle of city life will be rolled out over January, February and March and you (the assessor in the role of Betsy) have calculated that this should increase sales by 10% across those three months for accommodation, food and beverage sales. This 10% should be calculated on the increased price. (January income \$8800 x 5% increase = \$9240 + 10% = \$10,164).

1. Betsy has also provided you with the following expenditure information that you will need to consider when preparing your cash flow budget. This data has been sourced from historical data, committed costs for the B&B and Marino Enterprises policy:

Marino Enterprises’ overheads are \$2000. All individual businesses and departments pay this overhead in August of each year.

Lease payments are \$1,500 monthly.

Combined insurance coverage to increase to \$1,400 per year paid in two equal payments in March and September.

General repairs and maintenance to the property of \$4,800 pa to be budgeted monthly.

Digital marketing and advertising costs will be \$2,400 pa, payable monthly.

Charges for out-sourced laundering is \$800 per month.

Electricity charges are payable every quarter as follows:

• September: \$2,200
• December: \$2,000
• March: \$2,400
• June: \$3,000.

General monthly miscellaneous expenses amount to \$600/month.

You also know from your experience and the management of the property that:

You need to replace some linen and towels at the cost of \$2000 and replace kitchenware consumables to the value of \$1000 at some point in the year. You will need to decide when it is best to include this expenditure in your budget along with an explanation to Betsy as to why you think it is best budgeted for in those months.

The monthly cost of F&B stock is predicted to run at 40% of the food and beverage sales. You will need to calculate this cost into your projections.

The cost of labour is calculated at 25% of all monthly sales. You will need to calculate this cost into your projections.

• Betsy has asked you to enter the income and expenditure data she has given you plus your projections into your accounting system to prepare the draft revenue budget for the upcoming year. You may use an accounting software package or alternatively you could use a Microsoft Excel (or similar software) spreadsheet. If you use spreadsheet software make sure you use the headings: income, cost of sales, gross profit, expenses and operating profit. Enter the data with 0 decimal places.
• Prepare an email that you can send to the other managers at the B&B, and John Marino seeking their input and feedback. Attach your draft budget and ensure that you provide them with enough information so that they can make a judgement of how and why you have allocated funds as you have. Submit this email to your assessor as if they were one of the managers.

ANS: Email to Betsy:

Print a copy of your draft budget and submit it to your assessor (in the role of Betsy) along with a memo explaining:

• the extra expenditure for discussion and approval (beds and kitchen appliances)
• a discussion on the internal and external factors that could have an impact on the budget. Discuss at least three internal and three external factors.

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BUDGET:

1. Provide at least three recommendations for changes to the budget that will satisfy Betsy’s requests in a memo. It is your responsibility to meet the budget so you can choose to make recommendations to increase income, decrease expenditure wherever you see fit or even negotiate not to make any changes to the expenditure.

Make the changes to your budget in the accounting software. Produce a final budget report and submit it to your assessor along with a memo outlining the changes you have (or have not) made with an explanation justifying your decisions. In your justifications include the advantages and disadvantages of accepting your changes. Submit your memo and report to your assessor by the due date.

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1. Work with one other student in the roles of manager and short order cook to discuss the final budget, explain what their role is in terms of financial management (to stay within the budget, save money where possible) and together come up with a list of at least four recommendations to reduce the costs.
1. Write a memo to your assessor with your recommendations for reducing the cost of the menu. You will need to make sure that your recommendations do not have an impact on the level of customer service and the B&Bs reputation for exquisite breakfasts.

Enter the above budget income and expenditure amounts for July and August to produce a suitable report.

• a communication to Betsy regarding your evaluation of the budget – how you are feeling, how in your effort to reduce expenditure, this has caused a slump in customer service, your recommendations for changes to the budget and the impact that the changes will have – positive and negative. You will need to
• Draft a communication to Betsy regarding your evaluation of the budget – how you are feeling, how in your effort to reduce expenditure, this has caused a slump in customer service, your recommendations for changes to the budget and the impact that the changes will have – positive and negative. You will need to influence Betsy so ensure you demonstrate that your month-to-date actuals are ahead of budget and how you are saving money. Include your report in your communication to Betsy.

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Memo to Betsy:

1: Use the information above to update the budget in the blank cells.

2:   Create a report outlining the cash flow and submit it to your assessor with an explanation of how you might recover from the deficit this month. Make at least two recommendations for cash recovery in September/October.

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Cash Flow Report:

1. What sources of information might you need to set realistic projections for the rest of the year, including finding out more information about what is coming up in the region? Make a list of at least four people or places you could seek information from.

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• Write a memo or email to Betsy and the Cook at the B&B outlining the answers to the above questions and including a discussion aimed at the cook about the importance of meeting budget restrictions, what the cook should do if they are having trouble meeting the budget or find it challenging keeping relationships with suppliers. Submit your memo to your assessor in the role of Betsy.

ANS:

Memo to Betsy:

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