Manage Australian Finances Within a

Budget
Budget Analysis and Recommendation
Project 1
STUDENT NAME: MARK ANGELO V. TORIO
BATCH: 2023-2024
TEACHER: MS JANETTE LIM
 PROVIDED BACKGROUND FINANCIAL RECORDS FOR LAST QUARTER:

Budget Estimates:

Description/Category Budgeted Amount ($)

Salaries & Wages 100,000

Utilities 10,000

Marketing 8,000

Rent & Leases 15,000

Maintenance 5,000

Supplies 7,000

Other Expenses 4,000

Total 149,000

This template was provided by eVersity for the purpose of this project. All entries and content are the responsibility of the
student.

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 PROVIDED BACKGROUND FINANCIAL RECORDS FOR LAST QUARTER:

Actual Income and Expenditure:

Description/Category Actual Amount ($)

Salaries & Wages 105,000

Utilities 9,500

Marketing 10,000

Rent & Leases 14,500

Maintenance 6,000

Supplies 6,500

Other Expenses 3,800

Total 155,300

This template was provided by eVersity for the purpose of this project. All entries and content are the responsibility of the
student.

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 SPREADSHEET COMPARING BUDGETED VS. ACTUAL FIGURES TEMPLATE

1. Budget vs. Actuals Comparison Table:

Percentage Deviation
Description/Category Budgeted Amount ($) Actual Amount ($) Deviation ($) (%)

Salaries & Wages 100,000 105,000 5,000 5%

Utilities 10,000 9,500 500 -5%

Marketing 8,000 10,000 2,000 25%

Rent & Leases 15,000 14,500 500 -3.33%

Maintenance 5,000 6,000 1,000 20%

Supplies 7,000 6,500 500 7.14%

Other Expenses 4,000 3,800 200 -5%

Total 149,000 155,300 6,300 4.23%

This template was provided by eVersity for the purpose of this project. All entries and content are the responsibility of the
student.

Instructions:
 Input the budgeted and actual amounts for each category.
 Calculate the deviation by subtracting the budgeted amount from the actual amount.
 Calculate the percentage deviation by dividing the deviation by the budgeted amount and multiplying by 100.

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 SPREADSHEET COMPARING BUDGETED VS. ACTUAL FIGURES TEMPLATE

2. Deviations Report Table:

Potential Reason for

Description/Category Deviation ($) Deviation Impact on Business Recommendations

5,000 Unexpected overtime Wage fluctuations can Focus on enhancing

or bonus payments. impact cash flow and workforce
liquidity. productivity.
Salaries & Wages

500 Implementation of Utility cost Conduct regular

energy-saving fluctuations affect energy audits to
measures. operational expenses. identify inefficiencies.
Utilities

2,000 Changes in market Marketing significantly Base marketing

conditions affecting influences revenue. decisions on data and
marketing spend. analytics.
Marketing

500 Changes in lease Contractual Periodic analysis of

agreements. obligations related to lease agreements for
leases. cost optimization.
Rent & Leases

1,000 Unplanned Maintenance impacts Develop standardized

maintenance due to equipment longevity. maintenance
equipment failures. schedules.
Maintenance

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 500 Inventory fluctuations Supplies contribute to Streamline inventory
affect supply inventory costs. management.
expenses.
Supplies

200 Variations in Unpredictability in Regularly track and

miscellaneous expense categories. categorize
expenses. miscellaneous
Other Expenses expenses.

Total 9,700

This template was provided by eVersity for the purpose of this project. All entries and content are the responsibility of the
student.

Instructions:
 Input the deviation amount for each category (this should be taken from the previous table).
 Provide potential reasons for the deviation.
 Describe the impact of this deviation on the business (e.g., decreased profits, inability to meet financial obligations, etc.).
 Offer recommendations for addressing the deviation and improving financial performance.

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 WRITTEN REPORT

Findings Recommendations

Organizations must apply a

range of tactics in order to
achieve financial efficiency and Enhancing Workforce Productivity:
operational excellence. These To boost financial efficiency, organizations must invest in a motivated and skilled
tactics include increasing labor workforce. Strategies include training, employee engagement, and performance
productivity, doing energy evaluations, leading to both better outcomes and cost savings.
audits, applying data-driven
marketing, successfully
managing leases, streamlining Regular Energy Audits:
maintenance, regulating
inventories, and tracking Energy audits help identify inefficiencies in energy consumption, reducing operational
miscellaneous expenses. costs and environmental impact through equipment upgrades and energy-efficient
Organizations can optimize practices.
their financial resources, cut
costs, and promote a culture of
operational excellence by Data-Driven Marketing:
implementing these practices,
Data-driven marketing decisions, informed by customer insights and analytics, maximize
ultimately contributing to their
ROI and reduce the risk of ineffective campaign spending.
long-term success and
sustainability.
Periodic Lease Analysis:
Analyzing lease agreements regularly optimizes fixed costs, providing opportunities for
cost savings through strategic lease management.

Standardized Maintenance Schedules:

Standardized maintenance schedules minimize unplanned downtime and costs,
ensuring the reliability and longevity of equipment.

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 Inventory Control:
Efficient inventory management reduces carrying costs and ensures operational
efficiency by optimizing procurement, tracking turnover, and implementing lean
practices.

Tracking and Categorizing Miscellaneous Expenses:

Proactive tracking and categorization of miscellaneous expenses enhance budget
flexibility and overall financial stability.

This template was provided by eVersity for the purpose of this project. All entries and content are the responsibility of the
student.

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