tailieunhanh - Lecture Managerial Accounting for the hospitality industry: Chapter 11 - Dopson, Hayes
Chapter 11 - Budgeting and internal controls. In this chapter you will learn about the variety of ways hospitality managers utilize budgets and the budgeting process to better operate their businesses. In fact, as you will discover, managers most often prepare not one, but several types of budgets. You will learn about the various types of budgets most hospitality operators prepare and why they develop them. | Chapter 11 Budgeting and Internal Controls The Importance of Budgets Types of Budgets Operations Budget Essentials Developing an Operations Budget Monitoring an Operations Budget Cash Budgeting Managing Budgets through Internal Controls Chapter Outline Learning Outcomes Identify the purposes for the various types of budgets used in the hospitality industry. Create an operations budget and monitor its effectiveness. Create a cash budget. Identify the characteristics of a successful internal control program. The Importance of Budgets Just as the income statement tells a managerial accountant about past performance, the budget, or financial plan, is developed to help you achieve your future goals. In effect, the budget tells you what must be done if predetermined profit and cost objectives are to be met. Without such a plan, you must guess about how much to spend and how much sales you should anticipate. Effective managers build their budgets, monitor them closely, modify them when . | Chapter 11 Budgeting and Internal Controls The Importance of Budgets Types of Budgets Operations Budget Essentials Developing an Operations Budget Monitoring an Operations Budget Cash Budgeting Managing Budgets through Internal Controls Chapter Outline Learning Outcomes Identify the purposes for the various types of budgets used in the hospitality industry. Create an operations budget and monitor its effectiveness. Create a cash budget. Identify the characteristics of a successful internal control program. The Importance of Budgets Just as the income statement tells a managerial accountant about past performance, the budget, or financial plan, is developed to help you achieve your future goals. In effect, the budget tells you what must be done if predetermined profit and cost objectives are to be met. Without such a plan, you must guess about how much to spend and how much sales you should anticipate. Effective managers build their budgets, monitor them closely, modify them when necessary, and achieve their desired results. The Importance of Budgets While each organization may approach budgeting from its own perspectives and within its own guidelines, a budget is generally produced by: Establishing realistic financial goals of the organization Developing a budget (financial plan) to achieve the objectives Comparing actual operating results with planned results Taking corrective action, if needed, to modify operational procedures and/or modify the financial plan The Importance of Budgets The advantages of preparing and using a budget are summarized in Figure . Budgeting is best done by the entire management team, for it is only through participation in the process that the whole organization will feel compelled to support the budget’s implementation. In large organizations, a variety of individuals will be involved in the budgeting process. The Importance of Budgets The Chief Executive Officer (CEO), the highest ranking officer in charge of the overall .
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