SITXFIN003 MANAGE FINANCES WITHIN A BUDGET

SITXFIN003 MANAGE FINANCES WITHIN BUDGET | Financial

ASSESSMENTS 

Hospitality SIT16  – Tourism, Travel and Hospitality Training Package (release 1.1) 
QUALIFICATION: SITXFIN003 MANAGE FINANCES WITHIN BUDGET

SIT60316 AdvancedSITXFIN003 MANAGE FINANCES WITHIN BUDGET | Financial Diploma of Hospitality Management

UNIT CODE: SITXFIN003
UNIT NAME:MANAGE FINANCES WITHIN A BUDGET
APPLICATION:   This unit describes the performance outcomes, skills and knowledge required to take responsibility for budget management where others may have developed the budget. It requires the ability to interpret budgetary requirements, allocate resources, monitor actual income and expenditure, and report on budgetary deviations.

This unit applies to all tourism, travel, hospitality and event sectors. The budget may be for an entire organisation, for a department or for a particular project or activity.

It applies to those who operate independently or with limited guidance from others. This includes supervisors and departmental managers.

NAME OF LEARNER: 
READY FOR ASSESSMENT DECLARATION:

 

I confirm that the purpose and procedures of this assessment have been clearly explained to me. I have been consulted about any special needs I might have in relation to the assessment process. The criteria to be used for this assessment have been discussed with me, as have the consequences and possible outcome of the assessment.

I have accessed and understand general assessment information as provided by APSI.

I have been given fair notice of the date, time, venue and other arrangements for this assessment. I have completed a self-assessment of my performance of the skills and knowledge for this unit and confirm that I am ready for assessment

My training organisation has provided information regarding time lines for assessment while on practical placement.

I declare that the following work is my own and that no part has been copied from another person or written for me, except where clearly noted on documents or work submitted.I am aware that plagiarism is a serious offence that may lead to disciplinary action by my training organisation.I am aware that APSI keeps all assessments once they are submitted and I must make a copy prior to submission.

SIGNATURE OF LEARNER:
NAME OF TRAINER ASSESSOR:Claire Gordon, send to assessment@apsi.edu.au and then

CC: Claire.Gordon@apsi.edu.au for assessment submissions

DATE:DUE DATE:
ASSESSMENT LOCATION:APSI Campus
AQF Level: 5

 

Diploma Level: Graduates at this level will have specialised knowledge and skills for skilled/paraprofessional work and/or further learning.
ASSESSMENT TASKS and DUE DATES:AT1: Case Study – Jackson Hotel

AT2: Case Study – Budget Deviations

AT3: Case Study – Calculating and reporting

Oral questions will be asked during your Work Experience placement, to ensure your work is your own and represents your knowledge.  If there is a concern regarding your knowledge you may be asked to resit written questions under test conditions.

All assessments are to be submitted/completed by due date and satisfactorily completed in order for competency in this unit to be demonstrated.  If you believe you already have the skills and knowledge in this unit please speak to your Trainer Assessor.

UNIT AND ASSESSMENT DETAILS:If you would like a copy of the mapping document that outlines this Unit of Competency and the Performance Criteria, Critical Aspects and Essential Knowledge and Skills required to be demonstrated please refer to the Learner Drive.

For further information that relates to assessments please refer back to your Learner Handbook on the Learner Drive.

This document was developed for APSI under license 2017. All rights reserved

AT 1 Assessment 1: Case Study – Jackson Hotel 

Assessment instructions:

 

Round all dollar values to the nearest whole number when calculating financial information; for example, $12.55 becomes $13, $18.22 becomes $18.

Unless stated otherwise, round all percentages to one decimal point when calculating financial information; for example, 12.55% becomes $12.6%, 18.22% becomes 18.2%.

All budget calculations can be completed manually or using accounting software or computer-based spreadsheet software, such as Microsoft Excel or Google Sheets.

All questions must be answered satisfactorily, as partial responses will be deemed unsatisfactory.  The answers will be used in conjunction with other forms of evidence in the final assessment decision. If you do not wish to answer the questions in written format, an interview may be used as an alternative approach if negotiated with your Trainer Assessor.

Requires Further TrainingSatisfactory
Learnerresources required:To complete this assessment task you will require:

·         The questions response section.

·         Learner Guide and/or internet access

·         Case Study – Jackson’s

Case Study – Jackson’s Hotel

The Jackson hotel has a bistro, two bars (public and sports), a drive-through and walk-in bottle shop and TAB situated beside the sports bar.

You are the manager of JJ’s Bistro. It seats 210 people and is open for lunch and dinner, seven days a week. The hotel promotes a family environment and has a playroom for younger children and an activity centre for pre-teens containing electronic and other games. These glass walled areas are within view of customers seated in the rear section of the bistro.

The hotel’s management team develop an operational budget for the business based on previous budgets, anticipated business and any special projects, such as renovations or new products. Each operational area within the hotel is given a departmental budget based on organisational goals and their anticipated revenue and expenses.

Budgets are developed on a quarterly basis. Each department has quarterly and monthly budget targets. Monthly budgets can be adjusted during a quarterly cycle if circumstances within the department change.

The following events have taken place during the April budget period.

·         Prices for meat, fruit and vegetables have increased as a result of recent drought in some regions and floods or storms in others.

·         Prices for many wines have fallen due to a surplus in the market.

·         Beer prices have risen slightly, again due to the drought leading to shortages of ingredients and an increase in government taxes.

·         A major wine supplier has been running an in-house promotional campaign, with staff product knowledge training provided to help increase sales.

·         The bistro menu changes to the new winter menu on May 1st. Its introduction is being promoted in April throughout the hotel.

RFTS
Task 1 – Task 1: Monitor budgets

•             Go to your Course files folder and open Assessment_Budgets.

•             Answer all questions based on the contents and outcomes of the Jackson Hotel operational budget – June quarter.

Q:1List the hotel’s financial commitments under their correct cost category. Name at least (2)two commitments for each categoryRFTS
A:A Variable direct costs

Laundry;

Maintenance;

B Variable indirect costs

Wages;

Utilities;

C Fixed indirect costs

Rent;

Salaries;

Q:2Name the top four (4) cost categories the business has allocated the most funds too in this budget period.RFTS

S

A:Wages & on-costs;

Beverage purchases;

Food purchases;

Utilities;

Q:3Why have significant funds been allocated to these categories?

Discuss their importance to the business and consequences if inadequate funds are allocated.

RFTS
A:
Q:4Using the same Course file Assessment _Budgets go to the Bistro departmental budget – April.

You are holding a team meeting to discuss the financial targets provided in the organisational and April bistro budgets.

What information do you need to communicate to the team to ensure they understand the targets and goals to be achieved?

RFTS
A:
Q:5What techniques can you use to promote awareness of methods of controlling costs or increasing sales so you can achieve budget targets?RFTS
A:
Task 2 – Calculate variances

•   Go to your Course files folder and open Assessment _Budgets.

•   Complete the comparative analysis report for the Bistro departmental budget – April by calculating all missing dollar value and percentage variances.

•   Complete the Favourable/Unfavourable column by indicating if the budget results are favourable (F) or unfavourable (UF) for the business.

•   Save the completed Assessment _Budgets locally to your computer.

•   Submit the budget to your assessor once completed.

Task 3 – Question and answer

•   Answer all questions based on the budget outcomes in the completed April budget comparative report in Task 2 and case study information.

Q:1Are there any significant variances in the sales figures that you should be concerned about? Explain what the results indicate and why you are/are not concerned about themRFTS
A:
Q:2Are there significant variances in any of the expenses categories that you think should be investigated further? If yes, discuss which categories and why you think they need investigation. If no, discuss why the deviations do not warrant investigation.RFTS
A:
Q:3Based on your responses to questions 1 and 2, what is your overall evaluation of the budget results? Is the bistro meeting its financial targets?RFTS
A:
Q:4Which expense category has the most funds allocated to it? Explain why it is important you manage costs in this category carefully.RFTS
A:
Q:5Using the results and information obtained from the April comparative report, your answers to the previous questions and the background information, write a transcript(what you would say) of the outcomes of your report ready to deliver to the bistro staff at the next team meeting.

The transcript should include the following information:

•    The current status of the budget; is the work area meeting its budget targets, is it on track to meet June quarter budget targets?

•    Which areas are underperforming or performing better than expected?

•    What changes, if any, need to be made to help the team meet next month’s budget targets?

•    An outline of budget targets for May.

•    Organisational factors that contributed to the setting of these targets.

Marking feedback and recommendations for future training/action in cases where the Learner has not satisfactorily achieved all the criteria:
Requires further trainingSatisfactory
Assessors SignatureDate

SITXFIN003 MANAGE FINANCES WITHIN BUDGET | Financial

AT 2 Assessment2: Case Study – Budget Deviations 

Assessment instructions:

 

This assessment requires you to calculate and report on budget deviations.

•             Complete Tasks 1, 2 and 3 in Assessment 2.

•             Read the scenario and answer the questions.

•             Any budget calculations can be completed manually, using account software or computer-based spreadsheet software, such as Microsoft Excel or Google Sheets.

All questions must be answered satisfactorily, as partial responses will be deemed unsatisfactory.  The answers will be used in conjunction with other forms of evidence in the final assessment decision. If you do not wish to answer the questions in written format, an interview may be used as an alternative approach if negotiated with your Trainer Assessor.

Requires Further TrainingSatisfactory
Learnerresources required:To complete this assessment task you will require:

·         The questions response section.

·         Learner Guide and/or internet access

·         Budget Docs Attached

Project Instructions: 

JJ’s Bistro is located in Jackson’s hotel. It seats 210 people and is open for lunch and dinner, seven days a week. The hotel promotes a family environment and has a playroom for younger children and an activity centre for pre-teens containing electronic and other games. These glass-walled play areas are within view of customers seated in the rear section of the bistro.

The following events took place during the May budget period:

•     Prices for meat, fruit and vegetables have increased as a result of recent drought in some regions and floods or storms in others.

•     Prices for many wines have fallen due to a glut in the market.

•     Beer prices have risen slightly, again due to the drought leading to shortages of ingredients and an increase in government taxes.

•     Most utility companies increased prices by 7% at the start of May.

•     The local police started a blitz on drink driving in the middle of May with increased police presence in local suburbs and roadside testing of drivers.

•     In-house training was provided to key food and beverage staff in April by a coffee supplier. The aim is to increase sales and the quality of coffee served. The training was free of charge as part of a new preferred supplier contract with the coffee supplier.

•     A major wine supplier has been running an in-house promotional campaign, with staff training provided to help increase product knowledge.

•     The bistro menu changed to the new winter menu on 1 May 20XX. It was heavily promoted in May throughout the hotel and in local community newspapers.

RFTS
Task 1 – Interpret budget results

•     Go to your Course files folder and open Assessment_Bistro May budgets.

•     Evaluate the budget outcomes and their impact on the operation and financial goals of the bistro.

•     Answer all questions based on the outcomes in the comparative analysis report, Bistro purchasing budget – May and the case study information.

Q:1Discuss how the outcomes food and beverage sales and costs of sales indicated in the May comparative analysis report impact the bistro area and the business overall. Consider the types of deviation (positive or negative) and size of the deviations in food, beverage and total sales and cost of sales categories.RFTS
A:
Q:2What are two (2) possible explanations for the deviations in food costs and beverage costs? Consider information provided in the May purchasing budget as well as the comparative report and case study information.RFTS
A:
Q:3·      When preparing the budgets, the hotel forecasted food costs as 37% of food sales and beverage costs as 30% of beverage sales.

Is the bistro meeting organisational goals for cost of sales? What is the difference between the budget target and actual results?

RFTS
A:A Food purchases

B Beverage purchases

Q:4Should these deviations be reported to management? Explain why/why notRFTS
A:
Q:5Based on the May purchasing budget, in what categories are the largest food and beverage cost deviations occurring?RFTS
A:
Task 2 – Investigate option to improve performance

The food and beverage manager is very concerned about the food and beverage purchasing and cost of sales results. They want the bistro team to make it a priority to meet budget targets for cost of sales in June. Management then plan to reduce budget allocations for food and beverage purchases in the September quarter budget. It is an organisational goal to reduce cost of sales to below the current percentages of 37% food cost and 30% beverage cost. To meet June and September quarter budget targets, new methods of managing costs must be investigated.

·         Go to your Course files folder and open Assessment _Bistro May budgets.

·         Answer all questions based on the outcomes in the comparative analysis report Bistro departmental budget – May, Bistro purchasing budget – May and case study information.

Q:1List four (4) options for managing costs that could be applied to this situation.RFTS
A:
Q:2You have decided to source new fruit and vegetable and seafood suppliers. Describe how you would investigate if changing suppliers is a viable option for reducing your cost of sales. How will you obtain information to determine if prices and product quality from alternate suppliers are appropriate for your operation?RFTS
A:
Q:3You need to investigate which current suppliers have increased prices for products and services, how much prices have risen and how much of the business’s financial resources are allocated to existing suppliers.

What organisational financial documentation will provide this information?

RFTS
A:
Q:4Your research has revealed that a number of other suppliers can supply similar quality items at cheaper prices than your current supplier. Describe what you would discuss with your current supplier before making a decision.RFTS
A:
Q:5Who would you consult with before implementing any changes to the hotel’s suppliers of fruits and vegetable and seafood products?RFTS
A:
Task 3 – Improve budget performance

•   Go to your Course files folder and open Assessment_Bistro May budgets.

•   Read and interpret the information and outcomes contained in the Bistro labour budget – June quarter.

•   Evaluate their impact on the operation and financial goals of the bistro.

•   Answer all questions based on the labour comparative analysis report, staffing and case study information

Q:1Complete the table below by inserting the variance percentage for each category in each month.RFTS
A:SITXFIN003 MANAGE FINANCES WITHIN BUDGET | Financial

CategoryBistro labour budget – variance percentage
AprilMayJuneJune quarter
Salaries    
Front of house    
Kitchen    
Total labour

SITXFIN003 MANAGE FINANCES WITHIN BUDGET | Financial

Q:2What do these statistics tell you about the bistro’s performance for the June quarter? Explain what the variances mean and how this affects the department’s ability to meet its financial goals.RFTS
A:
Q:3Management think one reason for high bistro labour costs is the department is consistently overstaffed; more staff than necessary are rostered on for most service periods. Rosters have been reviewed and new staffing levels suggested for front of house and kitchen areas. The number of customers served and sales revenue is expected to remain relatively stable in the near future.

Review the bistro’s current and revised staffing levels in Bistro staffing levels table in Assessment_Bistro May budgets.

Discuss the impact these changes could have on customer service levels, your team and budget targets. Consider both positive and negative outcomes.

RFTS
A:
Q:4What payroll documentation can you use to maintain detailed records and monitor funds allocated to labour costs during the budget period?
A:
Q:5During the initial investigation phase, with whom would you discuss the reasons for changes to rosters and the desired outcomes of the changes?
A:
Q:6You believe the changes will have a negative impact on customer service standards and food quality, leading to an increase in customer complaints. This could lead to lower customer numbers and sales revenue over the next year.

You want to present your concerns to management and recommend smaller cuts to staffing levels, especially to the front of house team during the busiest periods.

Your suggestions include better management of hours worked by casual staff and a review of service procedures to streamline work practices.

Prepare a transcript (what you would say) of your recommendations to be presented to management at the next management meeting.

Marking feedback and recommendations for future training/action in cases where the Learner has not satisfactorily achieved all the criteria:
Requires further trainingSatisfactory
Assessors SignatureDate

SITXFIN003 MANAGE FINANCES WITHIN BUDGET | Financial

AT 3 Assessment 3: Case Study – Calculating and reporting 

Assessment instructions:

 

This assessment requires you to calculate and report on budget deviations.

•             Complete Tasks 1, 2 and 3 in Assessment 2.

•             Read the scenario and answer the questions.

•             Any budget calculations can be completed manually, using account software or computer-based spreadsheet software, such as Microsoft Excel or Google Sheets.

All questions must be answered satisfactorily, as partial responses will be deemed unsatisfactory.  The answers will be used in conjunction with other forms of evidence in the final assessment decision. If you do not wish to answer the questions in written format, an interview may be used as an alternative approach if negotiated with your Trainer Assessor.

Requires Further TrainingSatisfactory
Learnerresources required:To complete this assessment task you will require:

·         The questions response section.

·         Learner Guide and/or internet access

·         Attached Budget Doc

Case Study: It is the end of the June financial quarter and all departments in the Jackson’s hotel are preparing financial and statistical reports.
Task 1 – Prepare a profit and loss statement

•   Go to your Course files folder and open Assessment _Bistro reports.

•   Complete the Bistro profit and loss statement – June quarter by calculating all missing dollar value and percentage variances.

•   Save the completed profit and loss statement locally as Assessment _Bistro reports.

•   You don’t have to submit the completed profit and loss statement yet. You will do so after you complete Task 2.

RFTS
·      Task 2 – Prepare a statistical report

•   Go to your locally saved files folder and open Assessment _Bistro reports.

•   Complete the Trend analysis report – June quarter using the information provided.

•   Save the completed trend analysis report as Assessment _Bistro reports.

•   Save the completed reports locally and submit to your assessor once completed.

RFTS
Task 3 – Prepare a management report

Prepare a short report to management outlining the following information.

•      Positive and negative budget variations indicated in monthly and quarter analysis reports and profit and loss statement that are significant enough to affect the operation of the bistro and its profitability.

•      Trends identified in the trend analysis report that have the potential to affect the bistro’s profitability in the immediate future.

•      Possible reasons for the positive or negative variations and trends.

•      Any recent actions that have been taken or changes to operational procedures as a result of trends and deviations.

Base the report on the following information:

•      Profit and loss statement

•      Trend analysis report

•      April, May and June comparative analysis reports

•      Case study information provided in Assessments 1 and 2

•      Your responses to questions in Assessments 1 and 2

The report should present information in a clear, concise and easy to understand manner so it supports good decision-making processes.

Save your completed management report as Assessment _Management report.

Submit the completed report to your assessor once completed.

RFTS
Task 4 – Question and answer

The following factors must be considered when preparing financial and statistical reports. Select three (3) factors that are relevant to one or more of the reports you prepared or completed in Tasks 1, 2 and 3.

Discuss how they influenced preparation or outcomes of the report(s).

Factors for consideration in the preparation of financial and statistical reports:

•     Performance of department, project and/or products and services

•     Daily, weekly and monthly transactions

•     Variances in income and/or expenditure

•     Sales performance

•     Sales returns

•     Staff costs

•     Cash flow

•     Covers and financial return

•     Expenditure

•     Income

•     Occupancy rates and financial return

•     Stock levels

•     Wastage

•     Yield

Marking feedback and recommendations for future training/action in cases where the Learner has not satisfactorily achieved all the criteria:
Requires further trainingSatisfactory
Assessors SignatureDate

Assessment/ Validation

Training CentreAPSILearner, Full name
Trainer/AssessorClaire Gordon
Assessment resultsIf a not yet satisfactory (NYS) result is given the Trainer will provide feedback to the Learner before next submission. When the Learner is reassessed with a ‘Satisfactory result’ for all assessments then an overall ‘Competent’ result will be given for this unit of competency.
Is reassessment required in this case?YESNO
Flexibility in assessment processes requested:
Details:
With flexibility, assessment still meets requirements of UOC
Assessment type1st attempt date and result2nd attempt date and resultValidCurrentSufficientAuthenticResult
Case study AT1
Project AT2
Assignment AT3
In completing this assessment, I confirm that the candidate has demonstrated all unit outcomes through consistent and repeated application of skills and knowledge with competent performance demonstrated in multiple instances over a period of time.
Assessor signature:
Meets all essential knowledge and skillsMeets all performance criteria
Learner signature:
Assessor Feedback first attempt: (Assessor is to provide feedback to the Learner on assessment results)
I declare that this questioning assessment has been conducted as per APSI assessment procedures and the instructions provided for this assessment task and that I have provided feedback to the Learner in a constructive manner.

Assessor Signature:_____________________________

Assessor feedback second attempt/resubmission:I declare that this questioning assessment has been conducted as per APSI assessment procedures and the instructions provided for this assessment task and that I have provided feedback to the Learner in a constructive manner.

Assessor Signature:_____________________________

Learner Feedback first attempt: (Learner needs to read the above feedback and reply if they wish and then sign that they agree and have understood the assessor’s comments as above).
Learner comments: I have read and agree with the above feedback.

Learner Signature: _____________________________

Second attempt/resubmission:

Learner Comments:

I have read and agree with the above feedback.

Learner Signature: _____________________________

Competent ‘C’ or Not Yet Competent ‘NYC’ Appeal Lodged

 

Final Grade after appeal
Assessor Signature
Supervisor/

Third Party Signature

Learner Signature

David Marks

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