Manage Finances within a Budge.docx

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Surname 1 Student’s Name Institution Instructor Date Manage Finances within a Budge The allocation of funds into cost centers is often based on the available budget and agreed priorities. In order to allocate funds appropriately into various centers/divisions, there needs to have financial information needs. Besides, the supervisors and managers need to know to collate, collect, present information that is reliable, relevant, and correct so as to facilitate effective decision making on fund allocation. The managers or supervisors need to have a budget whether small, medium or large for purposes of effective allocation funds. The budget allows efficient running of plans, projects, and all the applicable costs so as to estimate the appropriate expenditure and expected revenues and based on the available resources as well. In my view, the divisions would be 1 restaurant, 1 cafeteria, 3 bars and a further 20 back rooms. This division would provide easy allocation of funds, effective service delivery and distribution of duties. Besides, it would be effective for management and convenient for customers. For efficiency operations the budgetary allocations would be based on breakdowns on employee salaries, expenses and projected incomes. The expenses would include power/electricity, wages/labour, food and breakfast, and other administrative expenses as shown below.
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Surname 2 1200 4500 2750 1250 1800 2400 fund allocations water & electricity salaries food breakfast others accomodation A budget refers to the estimation of expenditure and income for a given period of time. Budgets play a significant role in a business and a small hotel is no exception. The budget that is formal and comprehensive helps in the estimation of possible expenses and incomes for an organization over a given period of time. Besides, the budget in the hotel would help in promoting credibility. The budget also promotes the management of spending and fund allocation by supporting choices made, acting as a guiding and steering financial tool, and reducing the embezzlement of funds and resources. The budget would also facilitate the operations and implementations of programs by ensuring resources flow to the various divisions, and also allowing operational efficiency by ensuring that each division gets the resources smoothly towards the realization of objectives.
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