Accounting and Financial Analysis in the Hospitality Industry: The Use of Reason in Argument
This book explains how to use numbers and fundamental accounting to operate a successful hospitality department or business. Focusing on the basics, sections progress from accounting and financial analysis to financial statements and management reports to budgeting and forecasting. Throughout the book current hospitality examples, photographs and illustrations are used. This edition includes the latest from the Uniform System of Accounts for the Lodging Industry, Tenth Revised Edition, expanded material on Department Profit and Loss Statements, coverage of the 2009 recession and new practice exercises throughout.
Table of Content
PART I: CREATING A FOUNDATION
- Introduction to Numbers, Accounting, and Financial Analysis
- Foundations of Financial Analysis
- Accounting Department Organization and Operations
PART II: FINANCIAL STATEMENTS AND MANAGEMENT REPORTS
- The Profit and Loss Statement ( P & L)
- The Balance Sheet ( A&L) and Statement of Cash Flow
- Hotel Management Reports
- Revenue Management
- Comparison Reports and Financial Analysis
PART III: BUDGETS AND FORECASTS
- Budgets
- Forecasting–A Very Important Management Tool
PART IV: OTHER FINANCIAL INFORMATION
- Corporate Annual Reports
- Personal Financial Literacy
Glossary
Index
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Salient Features
Accounting fundamentals with a hospitality management focus.
• Emphasizes how accounting concepts and processes can be used as a hospitality, hotel or restaurant manager.
An emphasis on learning core job responsibilities such as how to:
• Analyze the P&L Statement
• Prepare weekly forecasts
• Develop budgets
• Use actual management and financial reports
• Understand the language of accounting and finance
Use of hospitality examples, photographs, and reports–from actual hotels, restaurants and golf clubs.
• Provides a meaningful context for students and applies questions to a specific property
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