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The Budgeting module is a software tool used for preparing periodic and annual budgets for revenues, volumes, labor costs, and all other expense items. It also predicts business volumes and calculates labor and expense requirements for periodic forecasts or annual periods. Budgeting uses established cost standards to develop labor and expense projections that are linked directly to key business indicators (KBIs) such as occupied rooms, covers, and revenue dollars.
LMS Budgeting allows for better performance evaluation by using a flex budget model that accounts for actual business volumes. As the budgeted business volumes change, the budget automatically changes in the right proportion. Expenses are reflected in hours and dollars per unit rather than percentages, which makes them more accurate.
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- Budgets
- Configuring-Viewing Budgets
- Copying a Dataset
- EPEP
- Flex Budgets & Actuals
- Forecasting KBIs
- New Budgets
- Opening Budgets
- Rebuilding the Cost Structure
- Re-Forecasting
- User-Defined Types
The Budgeting Cycle
Phase 1:
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Configuring Budgeting
Before any work can take place, the System Administrator must first enter data for the labor standards, KBIs, number of rooms, size and type of revenue centers, departmental, pay code, pay period, and general accounting information.
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