SITXFIN003 - Manage Finances With in a Budget Assignment

Assignment Task

General Instruction

There is one central case ACA Restaurant Cafe’ Business Plan with 8 TASKS in this assessment.

You will have to respond to all the tasks by demonstrating your skills and knowledge and within the assessment guidelines and requirements.

This task consists of questionnaires which associate with the knowledge of the work operations procedures and standards through employing a range of work environments required to prepare, monitor and manage finances within a budget within the business services of the ACA Restaurant Café’. The responses should include the following:

• Must be relevant to the scenario, business functions and standards of ACA Restaurant Cafe’ that you will find in e-learning unless otherwise stated. Responses should link to the theoretical and legislative aspects of work operations followed by relevant experience/exposure within ACA Restaurant Cafe’ work environment. Your responses to the questionnaires must relate to roles and responsibilities and business of the Restaurant Cafe’.
• The questionnaires have been developed with templates and sections with appropriate spaces, in which you will have to complete and/or provide information to ensure you demonstrate the skills and knowledge of the units. Instructions are provided to which students must comply to gain the competency level.
• Marking allocations have been stated with each task to support the comprehension of the required information to be delivered.
• Demonstrate that you can or have applied what you have learned, regardless of whether you have undertaken all the performance requirements of the workplace.

Financial Budgets Research, Review and Reporting

As stated in the Business details above, ACA Restaurant Cafe’ is owned and managed by partners Emma Supreme and Rufus Clarendon. It is located within ACA Hotel.

ACA Restaurant Cafe’ has been experiencing consistent growth in sales and numbers of customers over the last two years.

The Owners of ACA Restaurant Cafe’, fosters an environment of energy, skills, and determination to exceed the customer’s expectation. Understanding the need for quality customer service and ensuring to run the being business long-term, the Owners of ACA Restaurant Café’ ensures to plan, create an effective budget process to tightly manage its financial performance and keep on track. They are aware that investing their time to create and manage budgets, prepare and review their plans and regularly monitor finance and performance allows you to create a focus for the direction of their business and provides targets that will help the business grow.

Now as part of their budget management, they want to review their finances of ACA Restaurant Café’ and have allocated you, as the Manager, Joe Roux, to conduct this evaluation using the background knowledge of their Business Plan (available on e-learning). They require you to ensure the finances of ACA Restaurant Café is within control, that the business has the capacity to continue to fund the current commitments, make confident financial decisions and meet objectives and also check that ACA Restaurant Café will have enough money for their future ventures (e.g. expanding their catering services).

In order to complete this task successfully, you , as the Manager have decided to generate a report that will reflect on all the collection of internal and external sources of data of the budget processes within the business, their communication plan, financial objectives and targets set down, how drafting of budgets are considered and their benefits and shortcomings, and also review of why the business need to draw up and monitor budgets.

Case Study Analysis and Written report

A detailed review of the ACA Restaurant Café’ Business plan prior to commencement is recommended.

Sections of the business plan can be used throughout this assessment and you may refer to its details for your task completion.

You may utilise search engine to research similar business’s to ACA Restaurant Café’ and apply your findings within your report to support constructive evaluation of the finances established within the restaurant café’ and articulate the effectiveness of the objectives and targets set. This report will allow the Owners to understand what outcomes they are working towards and what they are trying to achieve.

Your Task is to:

Write a report of words through responding to each of the following 8 (eight) questionnaires which you will submit to the Owners.

Respond to the following queries in the appropriate spaces below to:

All responses must:

• be relevant to the Business summary of ACA Restaurant Cafe’, unless otherwise stated.
• demonstrate that you can or have applied what you have learned from acknowledging the summary
• theory answers without reference to ACA Restaurant Cafe’ business will not be assessed as satisfactory

Task

1. Outline and give a detailed description of three (3) types of budgets that might be utilised by ACA Restaurant Cafe’ and why are they needed by the management and other stakeholders

2. Describe the sources of information that could be utilised to inform these three (3) types of budgets – Give a working example of how both internal and external methods of communication could be used at ACA Restaurant Cafe’ and how the sources of information have changed over time with technology.

3. Discuss in detail how different stakeholder personnel inside ACA Restaurant Cafe’ may be able to contribute to a Master budget (All departmental budgets combined) of ACA Travel along with the other types of budgets you have outlined in Task 1.

4. The Manager of ACA Restaurant Cafe’ has also asked you to make recommendations of the appropriate budgeting processes. Describe these budgeting processes for the manager and what impacts they will have on the profitability of the agency. How could the correct budgeting method decision be beneficial to the stakeholders?

5. As a member of the ACA Restaurant Cafe’ team, (as outlined in the Organisational chart) you are required to:

• discuss the benefits and the shortcomings of a draft budget with suitable stakeholders. 
• With whom might a draft Master budget be discussed,
• What method could this discussion take place and how could this assist in meeting the budgetary requirements?

6. Once the departmental and master budget is finalised with the above stakeholders, to outline whom should the finalised budget be communicated and why is it important to ensure that the communication and monitoring is ongoing.

7. Discuss how often individual departmental budgets need to be reviewed, along with the Master budget when looking at ACA Restaurant Cafe’.

8. What actions could you take in the restaurant café’ if the budget is not achieving the intended objectives

This SITXFIN003 - Finance Management has been solved by our PhD Experts at My Uni Paper.