Q5

List two techniques a business can use for maximizing

budget performance.
Implement rolling forecasts and budgets: Each quarter the forecasts are broader since they
too will be updated again. Rolling forecasts allow you to better align your budget with your
stated plan while improving the accuracy of your projections.

Keep Budgeting and Forecasting Flexible:. Building flexibility into our budgeting and
forecasting will allow for more accuracy and better results in your business.

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Q6
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Explain the term budget variance

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Any difference found between budgeted and real amounts is budget variance. It is an accounting term that
describes instances where actual costs are either higher or lower than the standard or projected costs. An
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unfavorable, or negative, budget variance is indicative of a budget shortfall, which may occur because
revenues miss or costs come in higher than anticipated.it is the difference between the amount you budgeted
for and the actual amount spent. When preparing energy budgets, it is practically impossible to be "right on the
money;" therefore resulting in a budget surplus or deficit.
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Q7
Explain the reporting that is completed for the following
cycles/periods and write down a procedure for each that is
relevant to a hospitality business.
Cycle What reporting should A relevant procedure
happen

Monthly -Sales activity report -Inbound emails and sales call

-Recording the follow-up call and detail note

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-Time tracking of call length and a site visit by the

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-Recording of the sales deadline with the date of

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sales

Quarterly -Pace report rs e -Analyzing staff requirements and needs

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-Tracking progress of the company
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-Evaluating feedback of the clients

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-Evaluating data of performance

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Annually -Loss/Win report -Analyze the task of the company

-Analyze the data of progress and success

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-Evaluation of success or failure in the target

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