SIT50416 - Marketing Campaign - Prepare and Monitor Budgets - Accounting and Finance Assignment Help

Assignment Task :

Scenario 1:

The finance team has created budget forecasts for Hotel Futura based on carefully researched factors for the last 3 years and these were always very accurate. The recent budget which included all departments of the hotel was implemented 3 months ago and the forecasted figures for Food Cost and COGS/Beverages in both the Restaurant and the Bar Operations have blown out by nearly 4.5 percent. 

What could be the reasons for this?

 List 5 examples of areas you would investigate and explain why.

1.  Transport cost: due to the rise in transport costs you should investigate other means of transport like local delivery services or pick up can help to reduce transport costs.
2. Preparation cost:
3. Production cost:
4. Non-seasonal products:
5. Product exchange cost/ exchanging product:

Scenario 2:
Hotel Futura has successfully operated for 7 years. During this period, overall turnover has doubled, and during the past 3 budget periods, annual budgets have been increased by 15?ch year which was exceeded each time. During the last 6 months, however, management has noticed that the opposite trend seems to be occurring now.
List 5 external factors that could contribute to this and explain which methods you would use to determine this.

Task 1
You are required to complete a draft budget based on information and factors that were determined during an executive meeting at Hotel Futura.
A. Access the excel spreadsheet named “Task 1-Hotel Futura Budget_Forecast”. The first tab on this spreadsheet is labeled “Departments Small” and shows the existing budget figures for the 2016 financial year.
B. Use the template “Draft Budget” on the second tab of the spreadsheet and perform the calculations below using basic formulas.

Task 2
You have provided the chief financial controller with the draft budget for 2017. Following the recent executive meeting where the draft budget was discussed, you are now required to establish the final budget reflecting
the changes based on the latest actuals and variances as well as major road works which will affect Futura Restaurant and Bar during 2017.
A. Access the excel spreadsheet named “Task 2-Budget Futura_Rest.& Bar”. The first tab on this spreadsheet is labeled “Futura Restaurant and Bar” and shows the Draft budget figures for the 2017 financial year.
B. Use the template “Revised Budget” on the second tab of the spreadsheet and perform the calculations below using basic formulas based on the following changes:

1. Calculate the anticipated Food revenue for each month and the yearly total.
2. Calculate the anticipated Beverage revenue per month and the yearly total.
3. Calculate the Total Revenue for each month and the yearly total.
4. Calculate the overheads total for each month (at 90% of turnover for each month with 1000 or more customers and at 96% for each month with less than 1000 customers) and the yearly total.
5. Calculate the profit for each month and the yearly total.
6. Calculate the Cost of Goods Sold for food and beverages, given a combined percentage of 32%.
7. Calculate the staff costs for each month at 31% for each month with 1000 or more customers and at 35% for each month with less than 1000 customers.
8. Calculate the ‘Other overheads” for the operation.
9. Print a copy of the revised budget.
10. Print the revised budget showing all formulae used.

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