Hi,I have attached the assessment file which contains 3 parts in it. Part A which is the questionnaire has already been done by me. I need the Part B and Part C done by you.To complete Part B and C...

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Hi,I have attached the assessment file which contains 3 parts in it. Part A which is the questionnaire has already been done by me. I need the Part B and Part C done by you.To complete Part B and C you must refer to the document sent along with the assessment which is the Business Summary of a restaurant. With the help of the business summary please complete Part B by reading the tasks carefully and write answers by reseaching the business plan sent by me.Part C is a Presentation of 15 slides from the business summary, read the task and fulfill the requirement.
Please go through both the documents carefully and complete Part B and C of the Assessment and contact me for further clarifications if needed. Complete the assesment on the same document. References are not needed as it is based on the business summary


T-1.8.1 ACA Restaurant Café’ Business Summary - Diploma of Hospitality Management_v2 Page 1 of 26 ACA Restaurant Cafe’ Business Plan Summary The Business Business name: ACA Restaurant Cafe’ Business structure: Partnership ABN: 2000000000 Business location: Located within ACA Hotel, 505 George Street Sydney NSW 2001 Date established: 1 July 2014 Business owner(s): Emma Supreme; Rufus Clarendon Relevant owner experience Rufus Clarendon has an MBA from the University of Melbourne and 15 years’ experience in financial management and operating various small businesses, including restaurants and cafes. Emma Supreme has two qualifications which includes Bachelor’s in Hospitality and Tourism Management from Western Sydney University and Diploma of Marketing from Sydney TAFE with a 13 years’ experience in Cafe’ Restaurant operations, customer service, sales and marketing. Mission and Vision of ACA Café Restaurant Passionate about ethically sourcing the finest hot and cold gourmet food and beverages with combining unique culinary creations, exquisite décor and superior service provides a truly definitive dining experience. Delivering with great care, improving the lives of people allowing all to eat, drink and dine from with friends and family. Perfect place to start of the day valuing everyday life style that assists to guide our strategic direction and corporate planning. Products/services ACA Restaurant Cafe’ provides an impeccable, unique and compelling combination of café and restaurant experience that associates 50 seating arrangements for breakfast, lunch and dinner cuisine with a new function/party area accommodating 20 guests. It promises the consistently of high quality level of expertise, quality service and knowledge from 11 qualified and experienced employees. ACA Restaurant Cafe’ provides: • high excellence of a line of drinks and beverages for a wide range of delicious, wholesome breakfast including confectionaries, Danish pastries, cakes and sweets • hot and cold gourmet food and beverages T-1.8.1 ACA Restaurant Café’ Business Summary - Diploma of Hospitality Management_v2 Page 2 of 26 • an exhilarating menu for lunch and dinner philosophy of using natural seasonal flavours, enhanced by classic technique and presents only the best and freshest ingredients with a selection of wines that complement the quality cuisine The Market Target market The market has been divided into three target markets or segments: • Individual walk in customers; • Corporate online bookings; • Groups (organisations and business fine dining and events). Marketing strategy Through an integrated marketing mix, the marketing strategy will seek to create customer awareness regarding the value ACA Restaurant Cafe’ that represents toward target markets and work toward maintaining and building customer loyalty and referrals. The Future Vision statement Within five years, the company will have established itself as a premier provider of hot and cold gourmet food and beverages with lunch and fine dining experience for the ethically and socially and culturally aware food lovers. ACA Restaurant Cafe’ will build on the accomplishment of the previous two years, continue to set up its brand and position the foundation to expand to a number of key locations in the Sydney CBD. Strategic directions: • Increase revenue through targeted marketing campaigns. • Control direct and indirect operational costs. • Maintain superior product and service quality standards through work with their suppliers • Establish ACA Restaurant Cafe’ brand as ethical and environmentally responsible company. • Maintain highly trained and motivated staff. The Finances On start-up in 2014, both partners contributed $150,000 to the business to cover initial costs and ensure cash flow. The business also took out a small business loan of $200,000. ACA Restaurant Cafe’ anticipates a profit for the coming financial year of approximately $230,000. This figure represents a 15% improvement over profit figures for the previous financial year. Financial Objectives • Generate at least $110,000 in sales per month. • Minimum 12% increase in gross profit income each year. • Reduce the overhead per store through disciplined growth. • Decrease the cost of sales The Business Business details T-1.8.1 ACA Restaurant Café’ Business Summary - Diploma of Hospitality Management_v2 Page 3 of 26 ACA Restaurant Cafe’ is owned and managed by partners Emma Supreme and Rufus Clarendon. Rufus Clarendon has an MBA from the University of Melbourne and 15 years’ experience in financial management and operating various small businesses, including restaurants and cafes. Emma Supreme has two qualifications which includes Bachelor’s in Hospitality and Tourism Management from Western Sydney University and Diploma of Marketing from Sydney TAFE with a 13 years’ experience in Cafe’ Restaurant operations, customer service, sales and marketing. ACA Restaurant Cafe’ is entering its fifth year of business operation established with ACA Hotel. Its operational function is independent. The business has been well-received by the Sydney consumer market. Continuing effective marketing is considered to be critical to the business’s future success and profitability over the next few years. Registration details Business name: ACA Restaurant Cafe’ Trading name(s): ACA Restaurant Cafe’ Date registered: 1 July 2014 Location registered: New South Wales Business structure: Partnership ABN: 2000000000 GST: Registered for GST on 1 July 2014 Domain names: acarestaurantcafe.com.au Business premises Business location ACA Restaurant Cafe’ is in the Sydney CBD, within ACA Hotel on George Street. Currently the business runs one Café’ and Restaurant jointly established as an independent business to the hotel. The restaurant is 90 m2 and seats 50 patrons. Foot traffic/custom is approximately 250– 300 customers per day. ACA Restaurant Cafe’ is currently leasing its premises. Possible future premises will be leased or purchased to support ACA Restaurant Cafe’ ’s strategic direction. Management and Ownership Name of owner(s): • Emma Supreme; • Rufus Clarendon Details of Management and ownership ACA Restaurant Cafe’ is managed and owned by partners Emma Supreme; Rufus Clarendon Experience Rufus Clarendon has an MBA from the University of Melbourne and 15 years’ experience in financial management and operating various small businesses, including restaurants and cafes. T-1.8.1 ACA Restaurant Café’ Business Summary - Diploma of Hospitality Management_v2 Page 4 of 26 Emma Supreme has two qualifications which includes Bachelor’s in Hospitality and Tourism Management from Western Sydney University and Diploma of Marketing from Sydney TAFE with a 13 years’ experience in Cafe’ Restaurant operations, customer service, sales and marketing. Organisational Chart T-1.8.1 ACA Restaurant Café’ Business Summary - Diploma of Hospitality Management_v2 Page 5 of 26 Key Personnel Current Staff Job Title Name Expected staff Turnover Skills or Strengths Owner Manager Rufus Clarendon - MBA from the University of Melbourne and 15 years’ experience in financial management and operating various small businesses, including restaurants and cafes. Owner Manager Emma Supreme - Diploma of Marketing from Sydney TAFE and 13 years’ experience in Restaurant operations, customer service, sales and marketing. Manager 1 Joe Roux 12 Months Joe has been with company for two years and has 5 years Hospitality Management experience. Has a Diploma in Culinary Management, current RSA, has knowledge and passion for food + wine + cocktails and immaculate personal appearance. However management skills for staff development need improving Restaurant Manager 2 TO BE EMPLOYED 12 Months Experienced in the Hospitality Industry to utilise competitive spirit and high energy to drive the store’s sales goals effectively with the thrive for consistent need for improvement. Must have a sound level of food, wine and cocktail knowledge, Proven ability to achieve KPI's, Financial acumen and current RSA Head Chef Dimitri Alexopoulos 2 Years Has 8 Years kitchen experience post apprenticeship with experience with Greek/Italian / contemporary Australian cuisine. Demonstrated abilities as a team player with excellent mentoring, planning and organisational skills. Key Strength in the development of innovative menus and dishes Sous Chef Nakamura Sato 2 Years 3 years’ experience as a qualified Sous Chef with a Food Safety Supervisor certificate. Completed Bachelors in Cookery from Japan T-1.8.1 ACA Restaurant Café’ Business Summary - Diploma of Hospitality Management_v2 Page 6 of 26 5 years ago with the aim of achieving the highest food standards in order to exceed customer expectations. Ability to work a rotating roster including days, nights, split shifts and weekend shifts Kitchen Hand 1 Frederick Brown 12 Month 6 Years’ experience working as a kitchen hand being an expert in bakery as had 4 years’ experience working for Baker’s Delight. No formal qualification but has a passion for food and a strong customer focus. Great attention to detail, creative flair and excellent communication skills. Kitchen Hand 2 Adelia Nik 12 Months Has worked as an experienced kitchen for 2 Years’ for Serene Resorts as a Kitchen Hand. Supports the chefs during shifts by carrying out a wide range of tasks, in particular the cleaning of kitchen utensils and equipment. Has experience working in a Pizzeria. Passionate, creative and energetic team. Bartender Phil Martin 1 Year 3 Years’ experience as a cocktail bartender, Completed his Bartending Course from Sydney Bar School 3 years ago. Barista Bartley O’Sullivan Energetic and high-motivated Waiter with extensive experience in culinary industry. Expertise lies in fine dining arenas, providing top quality customer services and maintaining a constant professional attitude. Team Leader : Wait Staff 1 Bill Cruise 12 Months Bill has 15 years of Hospitality and customer service training. He has a lot of restaurant experiences to draw on restaurant outlet in a smooth and efficient running of the department through supervision of staff with the established brand of standards. Former Restaurant Owner. Senior: Wait Staff 2 Jack Fry 12 Months Has previous secretarial background, with great customer service skills. Hospitality knowledge is low but studying T-1.8.1 ACA Restaurant Café’ Business Summary - Diploma of Hospitality Management_v2 Page 7 of 26 toward his Advanced Diploma of Hospitality Management and has expressed his high keenness to learn
Answered Same DayJul 24, 2021Southern Cross University

Answer To: Hi,I have attached the assessment file which contains 3 parts in it. Part A which is the...

Moumita answered on Jul 31 2021
153 Votes
Details of Assessment
    Term and Year
    
    Time allowed
    
    Assessment No
    I
    Assessment Weighting
    100%
    Assessment Type
    Written Responses, Report & Presentation
    Due Date
    
    Room
    
    Details of Subject
    Qualification
    SIT60316 Advanced Diploma of Hospitality Management
    Subject Name
    Manage Finances
    Details of Unit(s) of competency
    Unit Code (s) and Names
    BSBFIM601 Manage finances
    Details of Student
    Student Name
    
    College
    
    Student ID
    
    Student Declaration: I declare that the work submitted is my own and has not been copied or plagiarised from any person or source. I acknowledge that I understand the requirements to complete the assessment tasks. I am also aware of my right to appeal. The feedback session schedule and reassessment procedure were explained to me.
    Student’s
S
ignature: ____________________
Date:     _____/_____/_________
    Details of Assessor
    Assessor’s Name
    
    Assessment Outcome
    Assessment Result
    Competent     Not Yet Competent
    Marks
     /100
    Feedback to Student
Progressive feedback to students, identifying gaps in competency and comments on positive improvements:
    __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

    Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student.
Student attended the feedback session.
Student did not attend the feedback session.
    Assessor’s
Signature: ___________________
Date:     _____/_____/________
    
    
    
    
    
    
    
    
    
    

    Purpose of the Assessment
    The purpose of this assessment is to assess the student in the following learning outcomes:
    Competent
(C)
    Not Yet Competent
(NYC)
    1.1 Review and analyse previousfinancial data to establish areas which have generated a profit or loss
    
    
    1.2 Undertake research to review reasons for previous profit and loss
    
    
    1.3 Review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle
    
    
    1.4 Analyse cash flow trends
    
    
    1.5 Review statutory requirements for compliance and liabilities for tax
    
    
    1.6 Review existing software and its suitability for financial management
    
    
    2.1 Use previous financial data to determine allocations for resources
    
    
    2.2 Make informed estimates of new items for inclusion in budget
    
    
    2.3 Prepare budgets in accordance withorganisational requirements and statutory requirements
    
    
    3.1 Circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations
    
    
    3.2 Manage risks by checking there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions
    
    
    3.3 Review profit and loss statements, cash flows and ageing summaries
    
    
    3.4 Revise budgets, as required, to deal with contingencies
    
    
    3.5 Maintain audit trails to ensure accurate tracking and to identifydiscrepanciesbetween agreed and actual allocations
    
    
    3.6 Ensure compliance with due diligence
    
    
    4.1 Ensure structure andformat of reports are clear and conform to organisational and statutory requirements
    
    
    4.2 Identify and prioritise significant issuesin statements, including comparative financial performances for review and decision making
    
    
    4.3 Preparerecommendations to ensure financial viability of the organisation
    
    
    4.4 Evaluate the effectiveness of financial management processes
    
    
    Assessment/evidence gathering conditions
    Each assessment component is recorded as either Competent (C) or Not Yet Competent (NYC). A student can only achieve competence when all assessment components listed under “Purpose of the assessment” section are recorded as competent. Your trainer will give you feedback after the completion of each assessment. A student who is assessed as NYC (Not Yet Competent) is eligible for re-assessment.
    Resources required for this Assessment
    · Computer with relevant software applications, access to internet and weekly eLearning notes
    Instructions for Students
    Please read the following instructions carefully
· This assessment has to be completed      In class At home
· The assessment is to be completed according to the instructions given by your assessor.
· Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided with feedback on your work within two weeks of the assessment due date. All other feedback will be provided by the end of the term.
· Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency.
· If you are not sure about any aspects of the assessment, please ask for clarification from your assessor.
· Please refer to the College re-assessment for more information (Student Handbook).
ASSESSMENT BRIEF
In this assessment task, you will use your skills and knowledge to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for the business unit. Your work willalso include contributing to financial bids and estimates, allocating funds, managing budgets and reporting on financial activity.
The assessment is divided into three parts and weight allocations as below:
TABLE OF CONTENT
    CONTENT
    PAGES
    MARKS
    MARKS ACHIEVED
    PART A:Written Reponses
    
    25
    
    PART B: Manage finances project on ACARestaurant Café
(a simulated work organisation)
    
    65
    
    PART C:Presentation of ACARestaurant Café financial analysis
    
    10
    
    TOTAL
    
    100
    
The learner is required to update and adjust the page numbers and topics based on the amount of their content and the responses made to each task


PART A: WRITTEN REPONSES – 25%
Instructions: Thispart of the assessment comprises the knowledge testing required for the unit BSBFIM601. Thispart includes 8 questions and you must respond to all. Use the spaces below to respond to the questions. Weights and marking allocations are in the marking allocating table.
    Question 1. Planning for financial management. (2 marks)

Explain why it is necessary for all business organisations to have effective financial management systems and explaining how the information held in financial management systems contribute to ongoing business performance and business planning.
    




















    Question 2. Establishing budgets and allocated funds. (3 marks)

a)     What is a Budget?
b)    What data might inform a new budget?
c)     How does analysis of previous financial data assist projected resource estimates and allocations?


    a.















b.











c.












    Question 3. Implement Budgets. (4 marks)
a)     How do profit and loss statements cash flow and using aging summaries contribute to new budgets?
b)    How can you ensure that managers and supervisors in the organisation understand the budget and understand their reporting requirements with regard to financial management?
c)     Budgets are used to identify and track discrepancies between agreed and actual allocations. Explain.
d)    How do budgets contribute to analysis of existing financial management approaches?
    






























    Question 4. Explain financial probity. (3 marks)
    



















    Question 5. List at least 10...
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