This document is Budget Report Template

It is part of the supporting resources for Assessment Task 2 of SITXFIN003

Budget report

Introduction
Outline the purpose of the report and the time period it covers.

Answer: The report's goal is to manage operating resources, which includes discussing the budget
and fund allocation. Participation is required for future budget adjustments depending on the
existing circumstances. Additionally, to take all necessary steps to prevent similar problems from
arising in the future and being related to cash flow problems. Additionally, to conditionally
schedule activities and ensure effective control over it during various phases of corporate
operations.

Body
Outline:

 The status of the budget and the variations in relation to what was projected – use percentages
and figures to discuss a detailed account of what has occurred in the overall actual budget in
relation to projections.

 Lessons learned from what has occurred in the past quarter and ideas for how you can prevent
similar situations in the future by improvements that can be made.

 Undertake research to investigate new or different approaches to budget management and then
outline the benefits and advantages of different approaches you could take and how these
approaches may impact on customer service levels or staff.

Answer: There were some wasted pre-ordered foods. $6000 was spent on food in expectation of
increased attendance, but 35% of it was wasted in the first week. There were fewer visitors than
planned to the area as a result of the present global financial crisis, and many customers cancelled
their reservations at Blue Healer. Some of the reordered food was wasted. In order to feed the
extra people, $6,000 worth of food was purchased, but 35% of it was wasted in the first week.
Since many expenses could be frozen, the budget for the following quarter can be changed in an
effort to make up some of the losses. For the next three weeks, the manager $3,750 each week
was spent on beverages as was planned for the previous two months, for a total of $6000 spent in
that period. Undertake research to investigate new or different approaches to budget
management and then outline the benefits and advantages of different approaches you could
take and how these approaches may impact on customer service levels or staff.

Budgeting incrementally with incremental budgeting, a budget is created by making adjustments

to the actuals from the previous period.

© Pakenham Institute Pty Ltd |RTO No. 41536 l CRICOS Code: 03941H I Website: www.pakenham.edu.au
Unit 2, 66 – 68, Main Street Pakenham VIC 3810 Australia |Phone: 0432 197 654 |Email: admission@pakenham.edu.au
Student Resources for SITXFIN003 | v1.1 | Last reviewed: October 2021 | Not controlled when printed Page 1 of 2
This document is Budget Report Template
It is part of the supporting resources for Assessment Task 2 of SITXFIN003

Recommendations
 Provide recommendations for budget management for the next quarter and provide estimates for
this period.

Answer: By considering the current challenges the café is facing, the budget for various areas such
as the purchase of food, lodging, operating expenses, and wages should be planned accordingly.
Additionally, by considering the previous performance, a total budget of $100,000 should be
sufficient to cover all operating expenses for the company.

© Pakenham Institute Pty Ltd |RTO No. 41536 l CRICOS Code: 03941H I Website: www.pakenham.edu.au
Unit 2, 66 – 68, Main Street Pakenham VIC 3810 Australia |Phone: 0432 197 654 |Email: admission@pakenham.edu.au
Student Resources for SITXFIN003 | v1.1 | Last reviewed: October 2021 | Not controlled when printed Page 2 of 2