Financial Management for Hospitality Decision Makers
Financial Management for Hospitality Decision Makers is written specifically for those 'decision makers' in the industry who need to be able to decipher accountant 'speak' and reports in order to use this information to its best advantage and achieve maximum profits.
The area of accounting and finance is a vital but often inaccessible part of the hospitality business. However, having the knowledge and the ability to use it properly makes all the difference to the turnover and success of a business. Financial Management for Hospitality Decision Makers is written specifically for those industry executives who need to be able to decipher, appreciate and utilise valuable financial management tools and techniques in order to realise maximum profits.
Highly practical in its scope and approach, this book:
· Outlines the procedure and purpose behind various financial activities - including budgeting, year-end financial statement analysis, double-entry accounting, managing and analysing costs, working capital management, and investment decision making
· Demonstrates how an appropriate analysis of financial reports can drive your business strategy forward from a well-informed base
· Clearly highlights the key financial issues you need to consider in a host of decision making situations
· Includes a range of problems to help readers appraise their understanding of concepts - with solutions provided for lecturers at http://textbooks.elsevier.com.
At all times, the book rigorously applies itself to the specific needs of the hospitality decision-maker, contextualising and explaining financial decision making and control in this light.
Combining a user-friendly structure with frequent international cases, worked examples and sample reports to illuminate the theory, Financial Management for Hospitality Decision Makers is ideal for all students of hospitality, as well as being a vital source of information for practitioners already in the industry.
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31 December Accounting for Hospitality accounting system accounts payable accounts receivable achieved activity adjusting entries allocated appraisal approach average room rate balance sheet breakeven calculated capital cash flow Chapter company’s contribution margin cost centres Cost of sales current assets current liabilities debit decision depreciation determine discount double room earned efficiency variance equity example Exhibit expense financial management fixed asset fixed costs flexible budget variance highlights hospitality industry increase indirect costs International Thomson Publishing inventory turnover investment centres labour rate laundry loss statement Management Accounting manager’s marketing month net present value occupancy level operating owners pastries payback payment period present value Problem profit and loss purchase rate of return ratio Required responsibility accounting responsibility centre restaurant result revenue revpar room sales sales volatility schedule selling signifies single rooms static budget target Total transactions variable cost wages year-end year’s