...Unit 2: Finance in the Hospitality Industry AB205H2 Mont Rose College TASK 1 ACT 1.1 Review sources of funding available to business and services industries AC 1.2 evaluates the contribution made by a range of methods of generating income within a given business and services operation. * A review of the sources of funding available to business and service industries (AC 1.1) * An evaluation of the contribution made by various methods of generating income for a large chain restaurant. (AC 1.2) You are in a small business as a sole trader. You wish to purchase some new machinery costing £50,000. Capital expenditure may be financed by a variety of external sources (as well as internal). Capital investment appraisal is an important decision-making function. The selection of a particular project and the most appropriate means of financial it is difficult decisions to make. As a senior manager you will receive some expert advice on what you can do. Ultimately, the final decision will be one for you * Review of the sources of funding available to business and service industries (1.1.) * Evaluation of the contribution made by various methods of generating income for a large chain of restaurants. (1.2) Unit 2: Finance in the Hospitality Industry AB205H2 Mont Rose College TASK 2 AC2.1 discuss elements of cost, gross profit percentage and selling prices for products and services AC2.2 evaluate methods of controlling stock and cash in a business and services environment...
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...Finance in the Hospitality Industry TASK 1: Sources of Finance and costs Sources of funds are very important to decide management decisions as well as long term strategies of any organisation. As per the Sharan (2005, pp. 210-218) following funding methods should be noted. Retain Profits. Increasing the revenue and reducing the cost this can be increased in a systematic manner. Bank Loans. It is advisable to go for a loan under lower interest rate. Because if the loan interest rate is higher than the company's return on investment, then it will cause liquidity problems in the future. Bank Overdraft facility This is subject to higher interest rate and recommended only for a limited time period. Issuing share to the public Ordinary shares less cost to the organisation but more power has been given to them. But preference share has less controls over the company but subject to a higher cost to the organisation since they have to pay pre-determined dividends on time. Franchise option. This is recommended to expand the business chain with an association with medium scale merchants to promote company's products and goodwill. Hire purchase schemes This also important to manage the cash flow situations of the organisation without investing higher capital for equipment’s & plants. Lease Schemes This also important if the company have not greater funds to invest for their assets. But this is subject to higher interest cost. Credit purchases This is important...
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...UNIT 2: FINANCE IN THE HOSPITALITY INDUSTRY Get assignment help for this unit at assignmenthelpuk@yahoo.com LO1 Understand sources of funding and income generation for business and services industries Funding: sources eg retained profits, loans, banks, investors, small business schemes, franchise, hire purchase, sponsorship, lease schemes, creditors, debt factoring Income generation: methods eg sales, commission, sub-letting, sponsorship, grants, tracking mechanisms LO2 Understand business in terms of the elements of cost Elements of cost sales; materials; consumables; labour; overheads; capital; gross and net profits; discount costing Selling prices: product and service costing; formula to achieve a specific gross profit percentage; differential gross/net profit margins; marginal costing; effect of competition; freelance; commission; peak/off-peak trading Control of stock and cash: methods eg storage, purchasing, cash, security, reconciliation, stock-taking Taxation: income tax; Value Added Tax (VAT); corporation tax; schedules; rates; personal/capital allowances; post-tax profits, implications LO3 Be able to evaluate business accounts Trial balance: source; structure eg summary of accounts from sales, purchase and nominal ledgers Final accounts: types eg sole trader, partnerships, limited company, trading account, profit and loss account, balance sheet, adjustments for depreciation, accruals, prepayments, bad debt provision; format eg vertical, double-entry,...
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...RGU: Semester 1-3 (2011/2012) Group timetable - ABS(PG) International Tourism & Hospitality Management (Wk 2, wk starting 03/10/2011) 09:00 10:00 10:00 11:00 11:00 12:00 12:00 13:00 13:00 14:00 14:00 15:00 15:00 16:00 16:00 17:00 17:00 18:00 18:00 19:00 19:00 20:00 20:00 21:00 Mo 03 Tuesday 04/10/2011 Lecture, 12:00-15:00, 04/10/2011 Strategic Management in Tourism & Hospitality - BSM552 Martin, Andrew H409 (FOHSC) ABS(PG) ITHM Tutorial, 11:00-13:00, 05/10/2011 Operations Management BSM311 Air, Carol SB23 (Scotts) ABS(PG) ITHM; ABS(PG) PSCM (Jan) Lecture, 14:0015:00, 05/10/2011 Finance For Managers BSM017 Mackay, Alex 225 (ABS) ABS(PG) IB; ABS(PG) IB (Jan); ABS(PG) IMM; ABS(PG) ITHM; ABS(PG) MGT (Jan); ABS(PG) MGT FT; ABS(PG) PSCM (Jan); ABS(PG) PSCM FT; CMPG-ITM (Sep) Lecture, 18:00-21:00, 05/10/2011 Event Management - BSM143 Leith, Craig 117/118 (ABS) ABS(PG) ITHM Wednesday 05/10/2011 Page 1, published 04/10/2011 - The Robert Gordon University - CELCAT Timetabling (continued...) RGU: Semester 1-3 (2011/2012) Group timetable - ABS(PG) International Tourism & Hospitality Management (Wk 2, wk starting 03/10/2011) 09:00 10:00 10:00 11:00 11:00 12:00 12:00 13:00 13:00 14:00 14:00 15:00 15:00 16:00 16:00 17:00 17:00 18:00 18:00 19:00 19:00 20:00 20:00 21:00 Induction, 14:0015:00, 06/10/2011 Induction Course Howatt, Jill; Nichol, Anne 225 (ABS) ABS(PG) AF; ABS(PG) FM; ABS(PG) HRM; ABS(PG) IB; ABS(PG) ICL; ABS(PG) IMM; ABS(PG) IT; ABS(PG) ITHM; ABS(PG) MGT FT; ABS(PG)...
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...UNIT 11: RESOURCE MANAGEMENT IN HOSPITALITY Get assignment help for this unit at assignmenthelpuk@yahoo.com LO1 Understand the principles and application of resource management to commercial operations Methods: selection; acquisition; maintenance; replacement criteria Principles: procurement strategy; specification; supplier identification; selection criteria; working with specialist suppliers; stock control LO2 Understand the suitability of various forms of finance and taxation available to UK business in general and the hospitality sector in particular Internal: managing the elements of working capital to free resources; internally generated funds; retained profits External: short-, medium- and long term; caring; risk and reward Cost of capital: equity and loan capital costs; weighted average cost computations Systems: the main features of income and corporation tax; schedules; rates; personal and capital allowances; tax credits and debits UNIT 11: RESOURCE MANAGEMENT IN HOSPITALITY LO3 Understand how procurement issues and strategies contribute to the achievement of commercial objectives through purchasing power Systems and processes: standard specification; tendering; estimating/quoting; methods of procurement eg centralised, contract, lease; Pareto analysis; ‘just in time’ (JIT); equipment; materials; services; terms and conditions Procurement officer: role; assessing operational needs; selecting suppliers; quality and quantity control; timing; discounts; receipt...
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...Analytics –Strategy Module (1) • Negotiation Skills (1) • Emerging Market Economies (1) • Market Organization of Infrastructure Sector (1) Management Consulting –Strategy Module (1) Strategic Alliance (1) Business Simulation (1) Strategic Innovation Management (1) Intellectual Property Rights (1) Entrepreneurship and New Venture Development (1) • Network Economics (1) • Economics of Industrial Organization (0.5) Finance Area • International Finance (1) • Investment Analysis and Portfolio Management (1) • Quantitative Techniques in Finance (1) • Strategic Cost Management (1) • Advance Financial Statement Analysis (.5) • Commercial Bank Management (1) • Management of Financial Institution (1) • Strategic Financial Management (1) • Fixed Income Securities (1) • Risk Management and Derivatives (1) • Project Appraisal and Financing (1) • Mergers & Acquisitions, Corporate Restructuring and Valuation (1) • Corporate Tax Planning (1) • Forensic Accounting (.5) • Commodity Markets (1) • Behavioral Finance (1) • Private Equity and Venture Capital Finance (1) • Insurance Management (1) Human Resource and Behavioral Sciences • Behavioral Dynamics in Organization (1) • Employee Relations & Labor Laws (1)* • HR Selection & Recruitment (1)* • Performance Management (1)* • Learning to Lead (0.5) Work Shop * • Human Resource Audit •...
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...UNIT 1: THE CONTEMPORARY HOSPITALITY INDUSTRY Get assignment help for this unit at assignmenthelpuk@yahoo.com LO1 Understand the current structure of the hospitality industry Hospitality industry: hotels; restaurants; pubs, bars and nightclubs; contract food service providers; hospitality services; membership clubs and events; brands and businesses Scale and scope: size; types of ownership; turnover; percentage of Gross Domestic Product (GDP); purchasing power Diversity: products and services eg food, drink, accommodation, conference and banqueting, leisure facilities; levels of service; customer base Organisational structure: operational areas eg food preparation, food and beverage services, accommodation services, front of house services; functional eg human resources, finance, marketing, research and development, security, maintenance Hospitality-related organisations and professional bodies: as current at time of delivery, to include People 1st, British Hospitality Association, Institute of Hospitality, British Institute of Innkeepers, Springboard UK LO 2 Understand staffing in the hospitality industry Staff types: functional specialists; operational; craft; skilled/semi-skilled/unskilled; supervisory; management; apprentices; management trainees; full time/part-time; casual; agency; foreign workers; volunteers Hospitality industry: hotels; restaurants; pubs, bars and nightclubs; contract food service providers; hospitality services; membership clubs and events Structures:...
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...UNIT 12: HOSPITALITY OPERATIONS MANAGEMENT Get assignment help for this unit at assignmenthelpuk@yahoo.com LO1 Understand the operational and economic characteristics of hospitality operations Nature of hospitality products and services: product and service areas eg food and beverages, rooms division, conference and banqueting; tangible and intangible elements; perishability; marketing and sales; plant; equipment; supplies and commodities Patterns of demand: patterns eg opening hours, seasonality, time of day/week, sociological influences, healthy eating and drinking patterns, food and fashion trends, accommodation trends, cultural, regional and ethnic influences, pricing and economic factors, elasticity of demand Customer profile: characteristics eg spending power, types of hospitality business, menu/accommodation range, pricing considerations, expectations and requirements, the meal experience Management issues: issues eg integrated planning and resourcing, business and operational plans, staffing, finance, decision-making (gathering information and data, analysing and evaluating data, reaching decisions, forecasting), operating procedures and systems, control systems, technical and procedural standards, service standards, quality systems, team working and team leading, scheduling, training LO2 Understand product development within hospitality environments Stages in product development: stages to include market research, market segmentation, idea evaluation, concept development...
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...Restaurant Practicum Program; 2. To serve as a resource for students in planning the practicum experience in the Hospitality Industry; 3. To articulate the policies and procedures of the Hotel and Restaurant Practicum Program for students and practicum coordinator; and 4. To describe requirements of the Hotel and Restaurant Practicum Program. Additionally, this manual is meant to be used in conjunction with the over-all policies and guidelines of different hotels and restaurants in regard to their practicum Program including requirements, important students policies, and academic policies of the school. There are many procedures, sequences of courses, deadlines, and through their practicum. Each student has an assigned advisor with whom she/he is expected to keep on-going consultation. The student is the one primarily responsible for knowing the information in this manual and keeping apprised of deadlines and on-going requirements and responsible. The Hotel and Restaurant practicum experience is a major testing ground for the student’s knowledge , skills, and values. The student is supported on this experience by the leadership of her/his practicum coordinator. The goals and activities in this presented are intented to provide helpful guidance and structure to aid in a successful practicum experience for the student and to the participating hospitality industry partners. Students’ excellence in learning is improved through techniques, strategies, and innovation which...
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...Assignment On Finance In The Hospitality Industry Accounting Essay Introduction. According to the Barrows & Powers (2009, pp. 3-5) hospitality industry has included hotels , restaurants and other related organisations to the food industry and it has given more emphasis on providing customer sensitive products and services in order to gain profitability and customer satisfaction. Hence, the application of finance and accounting has been done a great deal to achieve such requirements for the hospitality industry. The applications of finance in the hospitality industry has been discussed under several ways of this assignment. Further it has focused to understand the sources of funding and income generation for the business and services industries as well as understand the business in terms of the element of cost. In addition that it has given more intention to evaluate the financial statements of the selected businesses which are in the hospitality industry. Apart from that, this has emphasise the analysis of the performance of the business by using ratio analysis techniques. Finally it has focused to apply the marginal costing concept to evaluate the short term management decisions. Task - 01. 01.1 Sources of funding available to business and service industries. Sources of funds are very important to decide management decisions as well as long term strategies of any organisation. As per the Sharan (2005, pp. 210-218) following funding methods should be noted. Retain Profits. Increasing...
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...countries,so hospitality sector needs to be expanded globally. Indeed, tourism has become the world¹s largest export industry. The hospitality industry is one of the world¹s largest employers and arguably one of the largest traders of foreign currency and is clearly at the center of the transfer of ideas and the cross fertilization of cultures. those countries suffering from trade imbalances due to high imports frequently look to tourism and hospitality to close the gap. The main challenge to the hospitality industry relates to the human resources issue and also Shortages of skilled employees at all hierarchical levels including management have been reported throughout the hotel industry in many areas of the world. One reason may also be a lack of effectiveness in the way the hotel industry plans and implements training, thus leading to a failure to develop existing employees to master the skills needed today and tomorrow. The hospitality sector needs a lot of well-trained employees and managers.. According to the International Hotel and Restaurant Association (IHRA), the greatest challenge facing the hospitality industry today in the area of human resources is the investment in and delivery of training (International Hotel and Restaurant Association, White Paper 2003). At its heart, the hospitality industry plays an important part physically in bringing people together in a global community International Hospitality Business: Management and Operations will introduce hospitality...
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...Table of Contents Introduction: 2 P1.1: Accounting in tourism or hospitality organization. 3 P1.2: Difference between financial and management accounting 3 P1.3: Difference between a sole trader, a partnership and a limited company 4 P1.5: Use of financial software in Tourism and Hospitality business 5 P1.6: Impact of changes in IT and internet on hotels and airlines 6 P2.1: Double-entry book-keeping 6 P2.2: Calculattion and account for VAT on purchases and Sales 7 P2.3: Cash receipts, cash payments and bank reconciliation 8 P3.1: How a trial balance is constructed 8 P3.2: Trial balance along with adjustments used to prepare fianl accounts 9 P4.1: Sources of finance available to a business 9 P4.2: Reasons and the process of budgetary control 10 P4.3: How to prepare a simple cash budget 11 Conclusion: 12 References…………………………………………………………………………………………………………………………………………….13 Introduction: Business organizations face intense competition in today’s global business world. Tourism and hospitality are very large industry. A lot business organization is competing for their success in tourism and hospitality industry. The success of business organizations depends mostly on managerial decision making. However managers cannot make proper decisions if there is no information available. Financial information is the most important information for all kinds of business organizations. Without proper...
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...Philippines, Hospitality Management curriculum is emerging studies in Philippine Education. There is it called the Bachelor of Science in Hotel and Restaurant Management (BSHRM). It follows the American curriculum of hospitality management and includes: Culinary Arts, Business Administration, Public Relations, Marketing, Tourism Management, Accounting and Human Resource Studies. The Bachelor of Science in Hotel and Restaurant Management (BSHRM) program provides knowledge and skills to students for careers in the Filipino industry of Hospitality, Hotel and Restaurant Management. This program addresses the needs of sectors such as fast food chains, restaurants and resorts and make sure that HRM graduates are efficient, competent and globally competitive. The purpose of this study is to know the qualifications of Hotel and Restaurant Management students, to distinguish the positive and negative impressions of the Lasallian community regarding HRM students that affects the reputation of the HRM department that will lead to improvement of the quality of education the department has. One of the purposes also is to show the society the importance of hoteliers and restaurateurs. The researchers want to pursue the study because we want to prove to everyone that Hotel and Restaurant Management is also a serious course just like any other courses. It is not just an easy-go-lucky course wherein everybody, thinks it is a very easy course to take up. Global Perspective Hospitality management...
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...can help drive revenues. Focusing on the strategy, marketing, HR and IT aspects of services management can help the hospitality industry immensely. This timely book covers the various aspects of the hospitality industry and services management. The first section describes the status of the hospitality industry in India. The first paper gives an overall view of the hospitality industry in India in terms of consumer adaptiveness, brand recognition, consolidation, demand/supply, HR, marketing, finance and infrastructure related aspects. The other papers in this section discuss aspects such as the role of environment safety and security, the role of organisational leadership in the Indian hospitality industry, and the growth and scope of the industry with special reference to the Indian tourism industry. However, there is a lack of flow in the text. The next section deals with HR issues in the hospitality industry, providing a lucid explanation of factors that go into choosing competency modelling techniques in India and the UK. The four papers in this section cover the issues of employee motivation and empowerment, the costs associated with staff turnover in the hospitality sector, and approaches to mapping competencies and identifying appropriate HR strategies in the sector. The third section is devoted to strategic implementation issues involved in the hospitality industry. The first paper explores the practical and research implications of a study undertaken to identify the critical...
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...brighton, paycontroller, hrc, hospitality resource center, time attendance, careers, jobs, applicants, applications, jobs, job, position, positions, clerical, bookkeeping, staffing, personnel, human resource management, labor management, time clocks, new hires, experienced, chefs, executives, hotel executives, resorts, inns, hotels, hospitality, google, yahoo, msn indeed com,career builder, linkedin, facebook, twitter, economy, banquest staff, event planning, hr, human resources, alphahrm, business, investors, hotel owners, hotel operators, wordpress, drupal, security, security jobs, hotel security jobs, hotel managers, hotel manager jobs, hotel front desk jobs, hotel attendant jobs, hilton hotels, intercontentiental hotels, ritz carlton, four seasons, travel lodge, embassy suites, holiday inn, holiday inn express, crowne plaza, travel agents, travel industry, clerks, assistants, accounting, finance, market, sales, marketing directors, sales managers, vice presidents, presidents, senior executives, vp, board members, executive chef, dubai, los angeles, santa clarita, ventura, burbank, saugus, van nuys, lax atl, jax, hawaii, spas, bed and breakfast, shopping, touring, travel jobs, cruises, crew personnel, salaries, paychecks, pay day, hire me, monster, Meta description: Hotelstaffer com is the latest online job posting site that specifically and exclusively caters to the employment needs within the hospitality industry Employers within the hospitality industry We offer a free 15...
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