Accounting and Financial Analysis in the Hospitality Industry
The objective of this textbook is to teach students to be conversational in speaking numbers. This means understanding fundamental accounting concepts, developing solid financial analysis abilities, and then applying them to understand and improve the operational performance of their hotel or restaurant. The book will accomplish this by studying the current practices of some of today's leading hotel and restaurant companies. Chapters will be developed under the auspices of a select group of hospitality industry General Mangers, Directors of Finance, and Regional Accounting Managers to ensure that the information is current, accurate and useful. Understanding and applying the information will be the main focus of this book.
This textbook should provide hospitality managers the knowledge and experience to be comfortable in using numbers to operate their departments. This includes developing the ability to perform all accounting and financial aspects of their position efficiently and correctly including revenue forecasting, wage scheduling, budgeting, P&L critiques, purchasing procedures and cost control methods. As a result, they will have more time to spend on the floor with their customers and employees. This knowledge will help them understand their operations and how to improve, change or expand them to increase revenues or profits.
* Introduces the fundamentals of hospitality accounting from an applied perspective with real industry examples
* Developed under supervision of industry experts
* Incorporates career success model to place subject in a larger context for students
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Chapter 1 Introduction to Numbers Accounting and Financial Analysis
Chapter 2 Foundations of Financial Analysis
Chapter 3 Accounting Department Organization and Operations
Chapter 4 The Profit and Loss PL Statement
Chapter 5 The Balance Sheet AL and Statement of Cash Flow
Chapter 6 Hotel Management Reports
Chapter 7 Revenue Management
Chapter 8 Comparison Reports and Financial Analysis
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Accounting and Financial Analysis in the Hospitality Industry. Butterworth ...
No preview available - 2005
Accounting Department Accounting Equation accounts payable accounts receivable Actual Budget Last amount average rate average room rate Balance Sheet Banquet booking pace calculate cash account cash flow company’s compared Consolidated P&L Corporate Annual Report credit card current assets Current Liabilities customer counts daily operations Department P&L Director of Finance dollar employees example expense centers financial analysis financial information financial results financial statements fixed expenses food and beverage formula Gross Operating Profit historical average hotel managers hotel or restaurant House Profit identify important includes increase investment involves labor hours long-term assets market segments Marriott measure financial performance month monthly number of rooms occupancy percentage operating budget operating departments operating expenses Owner Equity P&L Statement prepared products and services reservations REVPAR Rooms Department selling strategy specific STAR Market Statement of Cash Total Department Profits total hotel total room revenue trends understand Variation analysis wage cost week Yield Management