Scribd
Upload
152 views2 pages

Budget Report Template

This document provides a budget report for the past three months. Expenditures were under budget but finances had to be restructured due to unplanned costs. Fewer customers than projected came, resulting in wasted food costs. Recommendations include justifying expenses, organizing spending, preparing for uncertainties, and combining operations and budget plans.

Uploaded by

Subash Upadhyay
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
152 views2 pages

Budget Report Template

This document provides a budget report for the past three months. Expenditures were under budget but finances had to be restructured due to unplanned costs. Fewer customers than projected came, resulting in wasted food costs. Recommendations include justifying expenses, organizing spending, preparing for uncertainties, and combining operations and budget plans.

Uploaded by

Subash Upadhyay
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

This document is Budget Report Template

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

Budget report

Introduction
This report provides information regarding what has occurred over the past three months.

Body
The final monthly expenditures were under budget, and cash was disbursed as planned. You've
maintained within your overall spending limit on a monthly basis, but you've had to restructure your
finances in the following ways: A mishap happened during the unloading of the vegetable crate one
week, resulting in the rotting of the whole shipment. You had to purchase a second crate from the
vegetable supplier, which resulted in a 10% increase in your payment. To make up for your
expenditures, you created your own cakes and pastries instead of purchasing them from the store.
Because of the existing environmental conditions, fewer people had come by the end of the third
month than projected, and many had cancelled their appointments at Blue Healer. Because part of
the food had been pre-ordered, there was a lot of food left over from the first week. We calculated
these figures during a four-week timeframe for the month. Despite spending $6,000 on food in
anticipation of the predicted population increase, 35% of the food was wasted in the first week. As
a consequence, the budget for the next quarter may need to be changed to compensate for some
of the losses. For the following three weeks, beverage spending remained stable, averaging
$3,750 each week for a total of $6000 for the month.
A deviation's "favourable" or "unfavourable" character should be correctly articulated. There are
two sorts of variances: positive variances and negative variances. It's likely that the final cost may
be more than expected. An unfavourable variance, on the other hand, occurs when revenue falls
short of expectations or expenses exceed them. Because of the volatility, net income may be
smaller than expected.
In incremental budgeting, a percentage is added or deducted from last year's actual data to arrive
at the current year's budget. As a consequence, it is the most often used budgeting method.
Incremental budgeting is a suitable approach as long as the primary expense drivers don't change
from year to year. Activity-based budgeting is a top-down method to budgeting that determines the
number of inputs required to support the company's goals or outcomes. Because it implies that all
department budgets are zero and must be built from the ground up, zero-based budgeting is one of
the most often used budgeting systems. Managers are required to be able to justify all of their
expenses.

Recommendations
 If you don't want to alter your organization, don't increase your budget. Each expenditure
should be justified in terms of its long-term utility and scalability. As a result, design
strategies and methods to aid fresh projects. Also, get estimates for all of the charges you
could encounter in the near future.
 Organize related spending into a single category. As a consequence, identifying trends
and disparities is easier, leading to better tactics.

© Darwin Institute of Technology (DIT) I RTO Code 41128 I CRICOS 03609J


This document is Budget Report Template
It is part of the supporting resources for Assessment Task 2 of SITXFIN003

 Never overlook the significance of being well-prepared. Make allowances in your budget
for unanticipated occurrences, since nothing ever goes as planned. If the cost of raw
materials suddenly rises by 20%, you should have a contingency plan in place to meet the
extra expenditures.
 To stay profitable, you must be able to cover all of your costs at the end of each month.
As a result, it's vital to combine your company operations plan and budget. This way,
there will be no surprises.

© Darwin Institute of Technology (DIT) I RTO Code 41128 I CRICOS 03609J

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy