Essential Financial Techniques for Hospitality Managers

Editor/Author Burgess, Cathy
Publication Year: 2014
Publisher: Goodfellow Publishers

Single-User Purchase Price: $48.00
Unlimited-User Purchase Price: $72.00
ISBN: 978-1-908999-97-9
Category: Business, Finance & Economics - Tourism & Hospitality
Image Count: 38
Book Status: Available
Table of Contents

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.

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This book is found in the following Credo Collections:

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