For non-accountant hospitality managers, accounting and financial management is often perceived as an inaccessible part of the business. Yet having a grasp of accounting basics is a key part of management. Using an 'easy to read' style, this book provides a comprehensive overview of the most relevant accounting information for hospitality managers. It demonstrates how to organise and analyse accounting data to help make informed decisions with confidence.
With its highly practical approach, this new Edition:
- Quickly develops the reader's ability to adeptly use and interpret accounting information to further organisational decision making and control
- Demonstrates how an appropriate analysis of financial reports can drive your business strategy forward from a well-informed base
- Develops mastery of key accounting concepts through financial decision making cases that take a hospitality manager's perspective on business issues
- Presents accounting problems in the context of a range of countries and currencies
- Includes a new chapter that addresses a range of financial management topics that include share market workings, agency issues, dividend policy as well as operating and financial leverage
- Includes a further new chapter that provides a financial perspective on revenue management
- Includes accounting problems at the end of each chapter to be used to test knowledge and apply understanding to real life situations
- Offers extensive web support for instructors and students that includes powerpoint slides, solutions to end of chapter problems, test bank and additional exercises.
The book is written in an accessible and engaging style and structured logically with useful features throughout to aid students’ learning and understanding. It is a key resource for all future hospitality managers.
Table of Contents
1. Introduction: Hospitality Decision Makers’ Use of Accounting 2. Analysing Transactions and Preparing Year End Financial Statements 3. Double Entry Accounting 4. Adjusting and Closing Entries 5. Financial Statement Analysis 6. Internal Control 7. Cost Management Issues 8. Cost-Volume-Profit Analysis 9. Budgeting and Responsibility Accounting 10. Flexible Budgeting and Variance Analysis 11. Performance Measurement 12. Cost Information and Pricing 13. Working Capital Management 14. Investment Decision Making 15. Other Managerial Finance Issues 16. Revenue Management
Chris Guilding is Professor of Hotel Management in the Department of Tourism, Sport and Hotel Management at Griffith University, Australia. His teaching specialism is in management accounting and he has taught on MBA, Masters in Hospitality Management, Professional Golfers Association, Australian Institute of Company Directors courses as well as undergraduate programmes. In addition to Australia, he has taught in Canada, Holland, Hong Kong, New Zealand, Singapore and the UK.
"This is an eminently readable book, which achieves its learning objectives with relevant real life examples and end of chapter exercises. It covers the basics as well as more advanced topics like revenue management, pricing tools and hotel management contracts in an incisive style that will appeal to everyone." Ruth Mattimoe, Lecturer in Management Accounting and Financial Statement Analysis at Dublin City University