SITXFIN004: Prepare and Monitor Budget - Management Assignment Help

Assignment Task:

Task:

Prepare budget information

Introduction

On completion of this unit, you will have acquired the skills and knowledge enabling you to understand and participate in the budgeting process across the hospitality and tourism industries. However to begin with, it is important to understand why businesses must budget, the types of budgets that can be created and the accounting terms that are often used in developing a budget

Why budget?

When individuals decide to operate a business it is usually because they have a special interest or specific expertise in the product or service the business is selling. They are expecting that an income and profits can be made. For example, you may have trained as a tour guide and you decide to start a business where you will operate tours instead of working for someone else on the tours they are operating. Setting up and running a business involves large amounts of money, possibly several hundreds of thousands each year.

To produce an income and profit for the owners this money must be managed very carefully. Business failure statistics show that 60% of new businesses do not survive more than five years and 90% do not survive more than ten years. The accountants who clean up the mess after a business has failed often find out that the main reason for failure is that business managers do not plan for the future or keep a close eye on how their businesses are performing.

Whilst budgeting is a necessary part of the business process, there are certainly some factors that make it difficult. Listed below are some of the factors you should be aware of:

• Budgets take time and not all small business owners have the time. It is believed that time is better spent out with clients conducting tours or selling products!

• Getting good quality information is costly and takes time. Budgets are only as good as the information gathered to compile them

• Budgets are your best forecasts with information you have at the time. It is difficult to know if the real world will follow your forecast. It is therefore easy to be convinced that it is all too hard and not worth the effort

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