Tag Archives: Costing

Throwing money to garbage!! Because it looks ugly!!

Is there anyone with any, any solution??

Developed countries waste foods, as they are having plenty; they throw away the foods which looks ugly.

Whereas, underdeveloped countries waste foods due to lack of infrastructure and technology!!

Some horrible facts are —

1.       1.3 billion tons of foods are wasted every year.

2.       This amounts to US$1 trillion dollars of wasted or lost food.

3.       If wasted food was a country, it would be the third largest producer of carbon dioxide in the world, after the United States and China.

4.       Just one quarter of all wasted food could feed the 795 million undernourished people around the world who suffer from hunger.

5.       Food waste in rich countries (222 million tons) is approximately equivalent to all of the food produced in Sub-Saharan Africa (230 million tons).

6.       A European or North American consumer wastes almost 100 kilograms of food annually, which is more than his or her weight (70 kilograms).

7.       A European or North American consumer wastes 15 times more food than a typical African consumer.

8.       Lack of technology and infrastructure is the main cause of food waste in Africa, as opposed to household food waste in the developed world.

9.       Food waste in Europe alone could feed 200 million hungry people.

10.  Food waste generates 3.3 billion tons of carbon dioxide, which accelerates global climate change.

Get more eye opening information in this video below.

 

World Environment Day (WED) is a day to remember that the Earth’s natural resources are limited, and to celebrate positive environmental actions that protect those resources. Food waste—which represents a third of all food produced globally—is a major area where the Earth’s resources could be used more responsibly. The Barilla Center for Food and Nutrition (BCFN) hopes to reduce food waste by 50 percent by 2020 through the Milan Protocol.

Dedicated to all the Food Handlers on the event of World Environment Day. Living for a Better Tomorrow!!

 

WHAT IS BUDGET?

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A budget is a financial statement, prepared and approved before a financial or accounting time period, of the expected and planned transactions of revenue and expenditure in the monetary and quantitative terms, reflecting the business policy of the Hotel/company. It can also be defined as-
· A guideline to the managers to achieve the business targets.
· A tool to the audit department /directors to measure the business success or shortfall.
· A legal statement for the investors/ share holders, of the future business plan.
· A strategic business plan for the future, after considering past activities.

Some of the basic elements of the budget are:
· It is a business specific, depending of actual situation.
· It is a future plan.[not actual]
· It is time specific. It should be for a specific period, especially financial period.
· Both the revenue and expenditure should be counted.
· Plans should include all the resources and the operations.
· It should be expressed in financial accountable terms.
· As it is a future plan, the actual result may vary from the planed one.
So we can say “a budget is a comprehensive and coordinated statement expressed in monetary terms,reflecting the policy of a hotel and determining its operation in respect of a particular trading period”. E.G.- The financial budget of the hotel abc for the [fiscal] year 1999-2000; The sales budget of the hotel star for the year 1999-2000.

WordPress Tags: BUDGET, statement, period, expenditure, policy, guideline, tool, Plans, result, operation, directors, investors .

Classification of Budget

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Budgets can be classified on the basis of different factors as below –

1)      On the basis of Subject matter :-

a)      Capital Budget: Capital budgets are  concerning with assets and liabilities of the business and are incorporated into the budgeted balance sheet for the fiscal year. These budgets deal with the assets and capital funds of the hotel. Budget for plant, equipment, cash and stocks etc. are, therefore, capital budgets. It reflects the long term business policies.

b)      Operating Budget/ Operational Budget:These are concerned with income, expenses and profits and may be divided into the different operational sectors like sales, purchase, Office administration, Labour/HR, Maintenance etc. Budgets are prepared for the various revenue producing departments. Some of the examples are –Purchase Budget, Sales Budget, Labour Cost Budget, Office Expenses Budget etc. It reflects the short term business policies.

2)      On the basis of Scope/ sections:-

a)      Master Budget

i)        Income-expenditure Budget/ Profit & Loss Budget.

ii)      Assets-Liabilities Budget/ balance sheet Budget.

b)      Departmental Budget / Functional Budget. It is in respect of single department or function of the operation.

i)        Banquet Budget;

ii)      Sales Budget;

iii)    Purchase Budget;

iv)    Operating Budget.

3)      On the basis of behaviour

a)      Fixed Budget: a Budget which is independent on the level of turnover is known as fixed Budget. It is based on one set of conditions, one volume of output, and simple collection of costs such as-

i)        Advertising Budget,

ii)      Office Administration Budget,

iii)    Maintenance Budget.

b)      Flexible Budget: A Budget which provides for several possible levels of turnovers and predetermines costs or cash flows is known as flexible Budget. It contains different estimates in different assumed circumstances. For examples- labour cost Budget in a resort hotel.

WordPress Tags: Flexible Budget, Functional Budget, Master Budget, Operational Budget, Capital Budget, Budget, Capital, turnover, policies.