Accounting and Financial Analysis in the Hospitality Industry

Front Cover
Routledge, 2005 - Business & Economics - 296 pages
0 Reviews
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
 

What people are saying - Write a review

We haven't found any reviews in the usual places.

Contents

Chapter 1 Introduction to Numbers Accounting and Financial Analysis
1
Chapter 2 Foundations of Financial Analysis
27
Chapter 3 Accounting Department Organization and Operations
47
Chapter 4 The Profit and Loss PL Statement
67
Chapter 5 The Balance Sheet AL and Statement of Cash Flow
89
Chapter 6 Hotel Management Reports
111
Chapter 7 Revenue Management
135
Chapter 8 Comparison Reports and Financial Analysis
153
A Very Important Management Tool
173
Chapter 10 Budgets
229
Chapter 11 Corporate Annual Reports
249
Chapter 12 Personal Financial Literacy
265
Glossary
279
Index
287
Copyright

Other editions - View all

Common terms and phrases

About the author (2005)

Jon Hales spent 25 years in the hospitality industry with Marriott International in nine cities across the United States. During his career he worked in two convention hotels as Assistant Controller, two resorts as Assistant Controller and Controller, two suburban hotels as Resident Manager and General Manager and two airport hotels as Controller, Resident Manager and General Manager. In his last two years he was Marriott Executive on Loan to the School of Hotel and Restaurant Management at Northern Arizona University (NAU). Since 1997, he has been a Clinical and Assistant Professor at NAU teaching Front Office Management, Resort Management, Hospitality Accounting, and Senior Seminar. He has continued his hospitality industry experience by completing faculty internships with Four Seasons Resorts and Hotels, Hyatt Hotels, Omni Hotels, Red Lobster Restaurants and Pappadeaux's Restaurants. Dr. Hales is also the owner of a fast food restaurant franchise and has been a consultant for many business's both inside and outside the hospitality industry.

Bibliographic information