Creating Budgets
Expertise / Support / Finance

Creating Budgets

In today's competitive business landscape, managing finances is more important than ever. 

As the hotel leader, you play a critical role in ensuring that your hotel operates within budget, maximizes profits, and provides the best possible experience for your guests. This course will equip you with the tools and knowledge to prepare and monitor budgets effectively, evaluate financial performance, and make data-driven decisions. 

By the end of this course, you will have the confidence and expertise to achieve long-term success and overcome financial challenges.

Learning Outcomes:

Prepare budget information

- Determine and confirm the scope and nature of required budgets. - Identify, access and interpret data and data sources required for budget preparation. - Analyse internal and external factors for potential impact on the budget. - Provide opportunities for colleagues to contribute to the budget planning process.

Prepare budget

- Draft budget based on analysis of all available information. - Estimate income and expenditure and support with valid, reliable and relevant information. - Reflect organisational objectives within draft budget. - Assess and present options and recommendations in a clear format. - Circulate draft budget to colleagues and managers for input.

Finalise budget

- Negotiate budget according to organisational policies and procedures. - Agree on and incorporate modifications. - Complete the final budget in a clear format within designated timelines. - Inform colleagues of final budget decisions and application within the relevant work areas, including reporting and financial management responsibilities.

Monitor and review budget

- Regularly review budget to assess actual performance against estimated performance and prepare accurate financial reports. - Incorporate all financial commitments into budget and budget reports. - Investigate and take appropriate action on significant deviations. - Analyse changes in internal and external environment and make necessary adjustments. - Collect and record relevant information to assist in future budget preparation.

There is no description for this course
Duration (mins) : 180

Course content

  • Lesson Prepare and Monitor Budgets
    • Creating budgets
    • Creating budgets assessment