1st Edition
Hospitality Finance and Accounting Essential Theory and Practice
Hospitality Finance and Accounting provides a uniquely concise, accessible and comprehensive introduction to hospitality, finance and accounting from a managerial perspective. By avoiding unnecessary jargon and focusing on the essentials, this book offers a crucial breakdown of this often overly-complex subject area.
The concise chapters cover the essential concepts, ideas and formulas to be mastered within the hospitality industry including income statements, balance sheets, pricing and budgeting. Each chapter is split into two sections: theory and practice, giving students practical insight into the everyday realities of the hospitality industry through case studies which show how theories are applied to a range of relevant scenarios. Emphasis is placed particularly on the practices of revenue and budget management within the food and beverage industry.
This will be an essential introductory yet practical resource for all Hospitality students and future managers within the industry.
List of figures
List of tables
List of Contributors
Preface
Acknowledgements
1. Measuring Performance
a) Theory ROB VAN GINNEKEN
b) Practice ROB VAN GINNEKEN
2. Balance Sheet and Ratios
a) Theory ROB VAN GINNEKEN
b) Practice AGATHA ENGEL
3. Pricing
a) Theory JOHN MACKILLOP
b) Practice MICHAEL MCCARTAN
4. Finance & Accounting in Food and Beverage
a) Theory JAMES HESFORD, MICHAEL TURNER AND CRAIG MILNER
b) Practice MICHAEL DUTNALL
5. Capital Budgeting
a) Theory MICHAEL TURNER AND JAMES HESFORD
b) Practice ROB VAN GINNEKEN
Index
List of Contributors
Michael Dutnall, MCA is the Executive Chef of the Royal Air Force Club in London. Starting his career as an apprentice in five-star hotel The Connaught in London, he later worked in equally prestigious restaurants, hotels and clubs in the UK. In 2009, he achieved one of the greatest accolades in the culinary world, the Master of Culinary Arts.
Agatha Engel is a Certified Public Accountant and has been teaching Accounting to students in the United States and in Europe for more than 10 years. For the last 5 years she has been teaching Accounting at Hotelschool The Hague.
Rob van Ginneken teaches Finance and Accounting in the Hotel Management program at Breda University of Applied Sciences, The Netherlands. His special interest is ownership, operating and branding models in the international hotel industry. Rob also holds the Wine & Spirit Education Trust Diploma in Wine and Spirits, and is a Certified Educator for WSETu certifications level 1, 2 and 3.
James W. Hesford, PhD, is Assistant Professor in Accounting at the Dhillon School of Business, University of Lethbridge in Calgary, Canada. His research and teaching interests are in managerial accounting, specifically cost management and management control in the hospitality industry.
John Mackillop is Lecturer in Economics and Managerial Accounting at Breda University of Applied Sciences, The Netherlands. He also teaches in the MBA in Global Hospitality Management at Les Roches, Switzerland. Prior to this, he taught in management schools in Scotland, Canada and Switzerland.
Michael McCartan joined Duetto as Managing Director for Europe, the Middle East and Africa in 2014 to spearhead the rollout of the Revenue Strategy technology company throughout the region. He became Group Vice President of the region in 2018. Before joining Duetto, he served as CEO of eRevMax. Michael has an engineering degree from the University of Cape Town and a business degree from the Open University.
Craig M. Milner, MBA, is Senior Lecturer in Management and Organizational Studies at the Dhillon School of Business, University of Lethbridge in Calgary, Canada. Prior to the Dhillon School, he accumulated more than 20 years of management experience at General Motors, Proctor and Gamble, and Frito Lay. Craig also owned and operated a restaurant where he honed his interest and passion for organizational performance and high-performance teams.
Michael J. Turner, PhD, is a Senior Lecturer in Accounting at the UQ Business School, The University of Queensland in Brisbane, Australia. His research and teaching specialization is in hospitality managerial accounting focusing on capital expenditure decision-making, competition, strategy, and the strategic partnerships between hotel owners, management companies and general managers, and the ensuing performance implications.
Biography
Rob van Ginneken teaches Finance and Accounting at the Academy of Hotel Management, Breda University of Applied Sciences in the Netherlands. He obtained Masters in Business Administration and Integrated Risk & Crisis Management from Groningen University and the Université Paris 1 Panthéon-Sorbonne, respectively. His special interest is ownership, operating and branding models in the international hotel industry. Rob also holds the Wine & Spirit Education Trust Diploma in Wine and Spirits, and is a Certified Educator for WSET® certifications level 1, 2 and 3.
A user-friendly and great, up-to-date resource. Perfect for undergraduate students and hotel executives.
Ashraf Hassib, Vancouver Island University, Canada
This text provides an interesting and valuable addition to the existing literature in hospitality finance and accounting. Clearly structured into theoretical and practical application chapters that cover the key concepts required for effective financial management, this is an essential reference source for students and teachers in the hospitality domain
Dr. Angela Anthonisz, University of Northampton, UK
