...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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...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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...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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...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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...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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...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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...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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...BIO DATA – C A P.G. SUBRAMANIAN- FCA- Membership No. 017575 Fellow member of the Institute of Chartered Accountants of India with over thirty five years of experience at senior level across Industry Verticals covering Manufacturing, Service Sector and hospitality. Having been a person with a flair and interest in knowing and involving myself in all areas of business helped me in handling various portfolios with ease. This trait helped me in my career and all round development as a person such that at later stages I was handling areas which required me to participate as a Core Team Member involved in critical decision making. The following paragraph gives briefly the areas handled by me during my career. INDUSTRY EXPERIENCE: Has over thirty five years experience in the areas of – ➢ Finance including Treasury and Banking Operations including Project Finance ➢ Accounts Including finalization of Accounts, Audit including internal Audit. ➢ Systems & Procedures, Manuals, stock controls, etc., ➢ Cash & debtors and collection management. ➢ Payables management. ➢ Insurance matters. ➢ Direct taxation including Tax Audit, Assessments up to appeal level. ➢ Indirect taxation including excise and sales tax matters. ➢ Human Resources and Administration matters. ➢ Experience of implementing SAP successfully in two organizations. ➢ Legal and secretarial matters including drafting of Board and AGM minutes ➢ Experience of over...
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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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...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 day...
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...| | Table of contents Executive summary i 1. Introduction 1 2. Benefits of visual communication in business 2.1 Definition and value of visual communication 2 2.2 The brain prefers message in different form. 2 * 2.3 Visual communication makes information easily-understood. 2 3. Information visualization techniques in hospitality industry 3 3.1 An brief introduction of hospitality and two visualization techniques 3 3.2 Graphs 3 3.2.1 Use graphs to highlight key information in corporate reporting. 3 3.2.2 Graphs help audience see the substance of data. 3 * 3.3 Photographs make corporate reports more attracting. 4 4. Evaluation of Intercontinental Hotels Group’s annual report 4 4.1 Brief Introduction of Intercontinental Hotels Group...
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...Hospitality Industry Beta Average Prepared By Kurt Harris for KPB Equities Introduction Examining the correlation of movement between the stock prices of hospitality companies and the overall securities market, otherwise known as “Beta,” and compiling those findings to best estimate the beta of a new or non-existing company is a common process in quantitative analysis. The necessity of an accurate beta for new or existing companies cannot be understated in the importance of relation to the proper valuation of equity. Methodology To accurately ascertain beta we used a sampling of hospitality companies within the United States. These companies can be categorized into two separate but similar divisions: Real Estate Investment Trusts (REIT,) whose sole investments include direct hotel investments and/or hotel financing, and either operational holding companies managing several hospitality brands or directly managed hospitality companies. The sampling of hospitality companies were chosen selectively for their ability to fit within the parameters of the study. Those parameters include construction costs, square footage, population size of host city, population density, height of the building, and similarity to subject city (Salt Lake City, Utah.) Results Construction costs on hotels ranging from 8-25 stories in the continental United States yield estimates of between $72.3MM and $78.4MM. The average size of these hotels is between 400,000 and 500,000 Sq. ft. (RSMeans...
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...Contemporary Themes in the Hospitality and Services Industry Globalization and technological advancement have contributed vastly in the past few years, these advancements has advantages and disadvantages in all sectors of hospitality industry. As such it is very important and quite essential to explore and understand the innovative activities and practices. Research has been an important feature in this kind of environment to understand and identify the on-going advances, issues and trends in the hospitality industry. There are a number of academic journals that can list few themes to review in the hospitality sector. some of the issues have been addressed in this annual review of WHATT (IJCHM, Vol. 7 No. 7, 1996 and Vol. 8 No. 7, 1996), and other themes below are seen as new themes, which are research, strategy and organization policy; current perspectives in human resources management; new concepts in management and organization; information technology support; finance and investment. The three main trends that I would like to address are - human resources management, empowerment - management and organization , franchising - information technology, hotel computer systems Human Resources Management- Empowerment “Empowerment has been described as a venue to enable employees make decisions (Bowen & Lawler, 1992) and as a personal experience where individuals take responsibility for their own actions (Pastor, 1996)”. There has not been enough study on empowerment...
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...Commons, and the Marketing Commons Recommended Citation Chu, Yin, "A review of studies on luxury hotels over the past two decades" (2014). Graduate Theses and Dissertations. Paper 13913. This Thesis is brought to you for free and open access by the Graduate College at Digital Repository @ Iowa State University. It has been accepted for inclusion in Graduate Theses and Dissertations by an authorized administrator of Digital Repository @ Iowa State University. For more information, please contact hinefuku@iastate.edu. A review of studies on luxury hotels over the past two decades by Yin Chu A thesis submitted to the graduate faculty in partial fulfillment of the requirements for the degree of MASTER OF SCIENCE Major: Hospitality Management Program of Study Committee: Liang (Rebecca) Tang, Major Professor Tianshu Zheng Fatma Baytar Iowa State University Ames, Iowa 2014 Copyright © Yin Chu, 2014. All rights reserved. ii TABLE OF CONTENTS Page LIST OF TABLES ..................................................................................................... iv LIST OF FIGURES ................................................................................................... v ACKNOWLEDGEMENTS ....................................................................................... vi...
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