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Drafted Budget (T)
Final Budget (T)
Oct Variance report (T)
ReportIntroductionFavorable AspectsDiscuss 3 x variances compare and contrast themNon-Favorable AspectsDiscuss 3 x variances compare and contrast themRecommendationInclude the 2 points from Point 4 on page 37Make sure you are not only providing recommendation for non-favorable, provide few recommendations for favorable aspects as well This has to be done to figure out percentage change for CONTRAST This calculation only need to be done for 3 x favorable and 3 x non favorable items Step 1 Actual sale – Last Quarter Average = x Step 2 x / actual sale = y Step 3 y x 100 = Percentage Change Eg. As per the analysis of the business financial performance, this can be evident that the actual food sales increased by 5.86% from its budget and it was 15.1% better then its last quarter average Hint: Compare: Oct Actual VS Oct Budget Contrast: Oct Actual VS Last Quarter Average
Nov & Dec Variance Report (T)
Eg: After the month of October it was recommended that negotiating with suppliers on pricing and credit term can bring the high food cost down. Now this is evident after analysing the Nov and Dec results that food cost has progressively plunged down from -22% to -12 % in Nov and down to -2% in December.
December end variation
Hint: Just compare Dec Actuals to Dec Budget
Discuss 3 x favorable variancesDiscuss 3 x non-favorable variances
Reasons for continuous budget variations (chose any 3)
Areas of Improvement
Hint: What all areas you will discuss in point D will be your areas of improvement.
Include points for recommendations as the report will finish here.
Budget Management Report
Introduction (case specific)
Budget Management (definition/explanation)Budget Management Approaches (definition)Reducing cost Adv/Dis-advImpacts – Customers/colleaguesReducing Staff/Changing RostersAdv/Dis-advImpacts – Customers/colleaguesReviewing Operating ProceduresAdv/Dis-advImpacts – Customers/colleaguesImportance of Budget Monitoring
Recommendations (case specific)
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