Budgeting is one of the most powerful planning & control tools used by current day management within the Hospitality Industry to successfully pursue business goals and create value within your organization.   Budgets direct a business towards the desired performance.  Furthermore, effective budgets not only improve business performance, but also boost employee morale.   Therefore, effective budgeting will vastly improve performance, operational results & cash flow position within an organization.

This seminar reviews in a practical way, the budgetary process within the Hospitality Industry, whereby the participants will comprehend & understand the following topics:

1. Overview of the planning and budgeting process;
2. Understanding the definition, purpose and components of a budget;
3. How to determine the source of budget numbers and fundamentals of budgets within the Hospitality Industry, with special emphasis on Profit Centers (Rooms, F & B and other departments), Cost Centers (ie housekeeping) and Service Centers;
4. The various types of budgets used in the Hospitality Industry;
5. The practical tools used in preparation of the operating budget, cash flow budget & balance sheet budget supported by case studies. The seminar also emphasizes & explains the unique format & composition of the operating budgets used by the Hospitality Industry;
6. Performing a variance analysis and identifying potential sources and causes of variances;
7. Knowing exactly which variances to address in order to plan for next year's budget;

Target Audience

• Business owners & managers;
• Chief Financial Officers;
• Financial Controllers;
• Management & cost accountants;

The seminar features a series of lectures supported by discussion sessions, video presentation and case studies in key areas.