This course teaches financial management procedures and analytical techniques in the context of hospitality decision making.

Focal Points

Key Characteristics of Financial Management in the Hospitality Industry

The  first  part  of  the  module  consists  of  an  introduction to  financial management basics and its relationship to accounting. An overview of the Uniform System of Accounts for Hotels (USAH) is given.

Financial Reports and Analysis

The second part of the module deals with preparing year-end financial statements such as balance sheets and profit and loss statements. Also, the question of how to analyse and interpret those statements will be dealt with.

Budgeting/Forecasting

Budgeting and forecasting for the hospitality industry is highlighted in the third part of the course.

Capital Budgeting and Cash Flow Analysis

Capital budgeting and cash flow analysis centers on preparing capital budgets. Trainees are shown how to set up a cash flow statement and how to interpret those figures.