Trainer can summarise the communication process into the following: Up: This occurs when activity centre managers take the budget to the budget committee Sideways: Managers of departments which are interdependent need to know about the performance of areas other than their own. For example, if there is a rooms’ problem this may have an impact on food and beverage areas that are patronised mainly by room guests Down: Activity centre managers organise meetings of their staff to inform them of the results and of what needs to be done. Slide No Trainer After review by activity centres or departments, the budget committee meets again to finalise the budget. Managers must be mindful of budget deadlines and take care to produce their draft budget in formats explained in the budget manual. A review of templates and forms is conducted and the budget is finalised. Activity centre or department managers inform colleagues of final budget decisions in their own activity centres. In each centre, all staff members will need to be informed of the final budget and its requirements. This may, for example involve employing, dismissing, or altering hours of employment of staff. Other examples include changing suppliers or initiating new promotional campaigns. The budget committee also begins to compile master budgets for distribution. Master budgets are a summary of planned activity. Trainers can explain by way of examples: Sales budget Labour budget Purchasing budget Cash budget Selling and administrative expense budget Budgeted profit and loss or income statement Budgeted statement of financial position. The next slide shows the final budget that would be created from the revenue and expenses in the examples on the slide. Slide Slide No Trainer Notes This is created from the revenue and expense calculations on previous slides.
Trainer can summarise the communication process into the following: Up: This occurs when activity centre managers take the budget to the budget committee Sideways: Managers of departments which are interdependent need to know about the performance of areas other than their own. For example, if there is a rooms’ problem this may have an impact on food and beverage areas that are patronised mainly by room guests Down: Activity centre managers organise meetings of their staff to inform them of the results and of what needs to be done. Slide No Trainer After review by activity centres or departments, the budget committee meets again to finalise the budget. Managers must be mindful of budget deadlines and take care to produce their draft budget in formats explained in the budget manual. A review of templates and forms is conducted and the budget is finalised. Activity centre or department managers inform colleagues of final budget decisions in their own activity centres. In each centre, all staff members will need to be informed of the final budget and its requirements. This may, for example involve employing, dismissing, or altering hours of employment of staff. Other examples include changing suppliers or initiating new promotional campaigns. The budget committee also begins to compile master budgets for distribution. Master budgets are a summary of planned activity. Trainers can explain by way of examples: Sales budget Labour budget Purchasing budget Cash budget Selling and administrative expense budget Budgeted profit and loss or income statement Budgeted statement of financial position. The next slide shows the final budget that would be created from the revenue and expenses in the examples on the slide. Slide Slide No Trainer Notes This is created from the revenue and expense calculations on previous slides.
TG_Prepare_&_monitor_budgets_refined.docx