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