By Hales J.
''Accounting and fiscal research within the Hospitality makes accounting and finance effortless to profit! as soon as a hospitality supervisor reads this ebook, they are going to instantly develop into a greater supervisor. i will use this publication to coach new managers in my hotel.''— Tom Forburger, Senior Director of Finance, JW Marriott wilderness Ridge lodge & Spa''Accounting and monetary research within the Hospitality teaches the fundamentals of hospitality accounting that each resort supervisor must recognize on the way to do their task after they commence operating within the inn undefined. as well as being a great start line to construct from, it's also a superb source for destiny use. by means of analyzing Accounting and monetary research within the Hospitality undefined, scholars are ensured to have the fundamental instruments which they're going to have to turn into winning managers.''— Mark Koehler, quarter Director of Finance, 4 Seasons motels and inns
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Additional info for Accounting and Financial Analysis in the Hospitality Industry
3%, also a positive change. 1% below the budget. We know that we have $100,000 fewer sales dollars than budgeted, a negative result. 1% is also a negative result from our budget. The final measurement is units. If the entire $1,000,000 in monthly sales was from room revenue, our unit will be the number of rooms sold. Our accounting reports would tell us how many rooms were sold and what the average room rate was. Let’s assume the average room rate was $80. We can then calculate the number of rooms sold by dividing total room sales of $1,000,000 by the average room rate of $80, which gives us 12,500 rooms sold.
Wage cost percentage can go up or down in two ways. An increased wage cost would result from our actual wage expense increasing or our revenues decreasing. Continuing our example: 1. $400 Wage Expense / $1,000 Department Revenue = 40% Wage Cost Percentage 2. $350 Wage Expense / $875 Department Revenue = 40% Wage Cost Percentage If our wage cost expense went up, we would analyze the labor numbers to see where the increase was and what caused the increase. In our first example, our wage expense went up $50 to $400, but our department revenue remained the same at $1,000.
30 COMPARING NUMBERS TO GIVE THEM MEANING Budget Actual financial results for a month, quarter, or year are compared to the established budget. The budget is the formal one-year financial operating plan for a company. Budgets include planned increases in revenues and profits, and productivity improvements in costs and expenses. Comparing actual results to the budget shows whether the business is moving in the direction planned and budgeted and how close it is in meeting, exceeding, or missing the budgeted numbers.
Accounting and Financial Analysis in the Hospitality Industry by Hales J.