Financial Management in Hotels

Sound financial management is at the core  of any successful business. Of course, having a product or service in high demand, priced attractively for the target market, and delivered in an efficient, customer centric manner doesn’t hurt either. But, even with all of the right market demographics, there is no guarantee of success. By following basic
accounting principles, hotel owners and managers have the information they need to identify trends before they can have a negative impact on the business. They can reduce expenses, readily accommodate anticipated peak business times, and scale back operations during slow periods. The keys to financial success include an annual budget, detailed financial tracking model, ongoing audits, and reporting structure that keep profit and loss information at the manager’s fingertips. Financial success is also driven by accountability, making employees and managers responsible for achieving financial goals in their respective functional area. The book explores theoretical financial concepts relevant to the hospitality organizations. This book is particularly useful for all those who are practicing cost and financial management hospitality accounting, both academically
and professionally.
Print ISBN: 978-1-68250-336-2 | $ 140 | 2017 | Hardcover

Editor: M. Scott Millar