BUDGET AND BUDGETARY CONTROL
Budgeting is one of the main planning activities of a HEAD OF THE DEPARTMENT. It is the process by which, based on the actual performance of establishments in the past, estimates of expenditure & receipts are made & adjusted for forecasting future outcomes. Nowadays all hotel management colleges in delhi make their students aware about budget & budgetary control among them The Hotel School is the best options which train their student in such optimum level so they can be an effective manager in near future.
TYPES OF BUDGET
Budgets may be of different kinds, based on types of expenses involved
➡ Capital budget
➡ Operating budget
➡ Pre-opening budget
Categorized by departments involved
➡ Master budget
➡ Department budget
Categorized by flexibility of expenditure
Fixed budgets
Flexible budget
But in these article, we will only discuss the operating budget which is the most important budget to run the business smoothly.
Operating expenses include the following types of costs: Salaries & wages, employee benefits, contract service, operating supplies, linen, uniforms, pest control, miscellaneous expenses etc.
Controlling operating expenses: Now the questions arise here that how to control expenses, one who wants to be a good manager should do an effective operating control, to control the expense one must follow the following information
Effective documentation- All inventories should be documented to monitor their usage rates & costs.
Zero Base Scheduling- This refers to hiring employees by taking into account the actual occupancy for a specified period of time following the staffing guide
There are many hotel management colleges in delhi who provides the training & skill required to make such budgets.
Go Green to Reduce Operating Costs
If you do have an office space, consider reducing energy usage. Replace regular light bulbs with compact fluorescent lighting, look to reduce heating and cooling costs by improving your insulation and windows, and cut back on the amount of physical waste. Encourage employees to communicate via email or other electronic meant this can drastically decrease the cost of your monthly office supply order.
Cutting operating costs for your small business isn’t impossible, but depending on how comfortable you are working with a lean budget. Don’t hesitate to spend money on the services and people you really need, but take an extra moment or two to consider the long-term cost of ongoing services or expensive technology.
Budgeting is one of the main planning activities of a HEAD OF THE DEPARTMENT. It is the process by which, based on the actual performance of establishments in the past, estimates of expenditure & receipts are made & adjusted for forecasting future outcomes. Nowadays all hotel management colleges in delhi make their students aware about budget & budgetary control among them The Hotel School is the best options which train their student in such optimum level so they can be an effective manager in near future.
TYPES OF BUDGET
Budgets may be of different kinds, based on types of expenses involved
➡ Capital budget
➡ Operating budget
➡ Pre-opening budget
Categorized by departments involved
➡ Master budget
➡ Department budget
Categorized by flexibility of expenditure
Fixed budgets
Flexible budget
But in these article, we will only discuss the operating budget which is the most important budget to run the business smoothly.
Operating expenses include the following types of costs: Salaries & wages, employee benefits, contract service, operating supplies, linen, uniforms, pest control, miscellaneous expenses etc.
Controlling operating expenses: Now the questions arise here that how to control expenses, one who wants to be a good manager should do an effective operating control, to control the expense one must follow the following information
Effective documentation- All inventories should be documented to monitor their usage rates & costs.
Zero Base Scheduling- This refers to hiring employees by taking into account the actual occupancy for a specified period of time following the staffing guide
There are many hotel management colleges in delhi who provides the training & skill required to make such budgets.
Go Green to Reduce Operating Costs
If you do have an office space, consider reducing energy usage. Replace regular light bulbs with compact fluorescent lighting, look to reduce heating and cooling costs by improving your insulation and windows, and cut back on the amount of physical waste. Encourage employees to communicate via email or other electronic meant this can drastically decrease the cost of your monthly office supply order.
Cutting operating costs for your small business isn’t impossible, but depending on how comfortable you are working with a lean budget. Don’t hesitate to spend money on the services and people you really need, but take an extra moment or two to consider the long-term cost of ongoing services or expensive technology.
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