The second edition of Essential Financial Techniques for Hospitality Managers: a practical approach remains a user friendly and hands-on introduction to finance and accounting in the hospitality industry. This fully revised and updated edition continues to be a must-have text for all students of Hospitality and a companion for all managers and employees, and allows them to put their learning into practice to achieve immediate results.

Table of Contents

• Foreword
• Preface
• 1 Introduction to hospitality control
• So, what is a business?
• About hospitality and tourism
• Overall features of the industry
• Features of the different sectors
• The importance of control
• Attitudes to theft
• Stakeholders
• Organisational structures
• Financial control or accounts department
• 2 Understanding management reports
• Financial reports
• Profit & Loss Report
• Performance analysis
• The Balance Sheet
• Adjustments to Accounts
• 3 Managing revenue
• Features of different sectors
• Identifying areas for action
• Improving revenue controls
• Control processes for different sectors
• Revenue management
• Improving sales generally
• 4 Managing costs
• Types of costs
• Ratios
• Raw materials
• Ways of improving GPs
• Labour
• Other costs
• 5 Pricing to achieve profit
• Different types of pricing
• Marketer's method of pricing
• Fitting the methods together
• Breaking even
• 6 Forecasting
• Why bother?
• What is forecasting?
• Timing
• Forecasting new products
• Budgets
• Strategic planning
• Forecasting cash
• 7 Managing cash and stocks
• Cash
• Bank accounts
• Paying bills (creditors)
• Stock management
• Purchasing
• Storage
• 8 Planning and monitoring usage
• Features of raw materials
• Portion and usage control
• Recipe costing
• Standard costing
• Standard costing for payroll
• Sales variances
• 9 Using spreadsheets for management tasks
• The basics of spreadsheet design
• Spreadsheet exercise
• Using spreadsheets for different tasks
• Presenting results
• More practice on spreadsheets
• 10 Being part of a company
• Ownership of business
• Aspects of company accounts
• Shares
• Share ownership
• Franchising and management contracts
• 11 Conclusions and developing your skills
• Key themes
• Anticipating trends
• Developing your financial skills further
• Developing your skills
• Looking after your staff
• Glossary
• Further resources
• Answers to the Exercises