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.

Hospitality Financial Management is an up-to-date finance text that offers hospitality students a uniquely Canadian introduction to financial management specifically for hospitality and tourism majors. The book uses hospitality examples throughout to cover concepts from a practical perspective, explaining and demonstrating the importance of financial management in the hospitality industry.

Accounting and Financial Management: developments in the international hospitality industry presents new and innovative research and developments in the field of accounting and financial management as it relates to the work of managing enterprises and organisations in the international hospitality industry. The content contains contributions from a rich source of international researchers, academics and practitioners including, university and college lecturers, professional accountants and consultants and senior managers involved in a wide range of teaching, scholarship, research, and consultancy in the hospitality industry worldwide. The material is drawn from their work and experience and relates directly to the management of hospitality undertakings. Therefore the up to date case studies and examples used are taken from a wide ranging of companies across the industry including large international chains such as Sheraton, Holiday Inn, and Intercontinental. Divided into three parts: Performance Management, Information Management and Asset Management the book tackles the following issues amongst others: * Performance management in the international hospitality industry * Benchmarking: measuring financial success * The profit planning framework * Making room rate pricing decisions * Hotel asset management UK and US perspectives * Lowering risk to enhance hospitality firm value Accounting and Financial Management: developments in the international hospitality industry presents current developments drawn from a combination of live fieldwork and practical experience and therefore will content will appeal to a wide-ranging readership including practising managers and financial controllers in hospitality organisations, professional accountants and consultants, postgraduate candidates studying for master's degrees in hospitality management, and final year undergraduate students of hospitality management who elect to take an accounting option.

The first comprehensive reference that provides practical information on major areas of financial management and accounting in a hospitality industry environment. It not only deals with the latest accounting and finance topics but also addresses the impact of recent developments in related areas, such as financing, taxes, and information technology. Easy-to-apply techniques and practice aids facilitate the decision-making process and help financial managers as well as controllers, chief accountants, consultants, and small business owners perform their jobs more effectively. Coverage of important issues affecting the industry includes: New accounting laws and regulations; Uniform System of Accounts for the Lodging Industry; Measuring and optimizing operating and financial performance; Wage and Hour Law;Variance analysis for controlling costs, and more!

Abstract: Students and teachers are presented with the fundamental principles underlying the financial management in the hospitality industry. Financial ratio analysis simplifies the interpretation of information. Asset management requires knowledge of what proportion of the assets should be in cash form, as well as what investments are potentially profitable. The cost and risk of financing are affected by degrees of financial leverage and by dividend policies. Management contracts and condominum hotels have allowed companies to concentrate on operations. Working capital and cash budgeting, franchising and property leasing, and business growth and valuation are discussed.

Real-world advice for quick retention of the most important business concepts and skills of hospitality finance Hospitality Financial Management provides a straightforward, practical approach to help the hospitality manager effectively analyze hospitality industry management reports and financial statements; prepare accurate business forecasts, strategic pricing models, and effective cost-control systems; manage working capital; develop and finance growth strategies; perform investment analysis; prepare investment packages; negotiate and structure business deals; and ultimately increase shareholder value and personal wealth. This comprehensive how-to book includes: Feature Stories--brief histories of famous hospitality leaders highlighting how they have used financial management skills to attain success for their companies and significant financial rewards for themselves Learning Outcomes--a summary of key topics covered in each chapter Finance in Action--scenarios that apply the concepts, skills, and techniques presented in the chapter to real-world situations. A step-by-step solution is provided for each problem to walk the reader through the necessary financial calculations The Real Deal--boxed inserts that emphasize the relevance of the book by linking financial concepts to fun facts associated with situations students either have or will encounter in their everyday lives Concept Checks--case studies that reinforce the materials presented and enable students to practice their analytic and problem-solving skills Hospitality Financial Management is the perfect book for undergraduate and graduate hospitality management students, hospitality industry managers, and owners of small hospitality businesses.

Top experts specializing in hospitality management have contributed articles to this new collection which explains recent developments in accounting and finance. The material is drawn from a combination of fieldwork and practical experience. The managerial emphasis means that the content is fully relevant internationally and not constrained by the legal framework of different countries. Accounting and Finance provides an overview of: *analysis and evaluation of performance *planning methods and techniques *financial information and control *financial management. It also shows how operational analysis can be used as a management tool to improve performance. Techniques for predicting the financial success or failure of hotels are suggested. Research into hotel companies in the US and Europe demonstrates key performance indicators used by hotel managers and financial executives. Other contributors explore the interface between accounting and marketing and human resource management and there is thorough coverage of financial strategy formulation. Readers will also find helpful the section on statistics in the analysis and prediction of cost behaviour in hotels. Contributors: Raymond Schmidgall (Michigan State University, USA); Debra J. Adams (Bournemouth University, UK); Professor Elisa S. Moncarz (Florida International University, USA); Richard N. Kron (Kron Hospitality Consulting, USA); Angela Maher (Oxford Brookes University, UK); Peter J. Harris (Oxford Brookes University, UK); Geoff S. Parkinson (BDO Stoy Hayward Chartered Accountants, UK); Paul Fitz-John (Bournemouth University, UK); Paul Collier (University of Exeter, UK); Professor Alan Gregory (University of Glasgow, UK); Tracy A. Jones (Cheltenham and Gloucester College of Higher Education, UK); Jacqueline Brander Brown (The Manchester Metropolitan University, UK); Nina J. Downie (Oxford Brookes University, UK): Catherine L. Burgess (Oxford Brookes University, UK); Ian C. Graham (Holiday Inn Worldwide, Belgium); Howard M. Field (International Hotel and Leisure Associates, UK); Professor Paul Beals (Canisius College, USA); Frank J. Coston (Pannell Kerr Forster Associates, UK).