Angeline Murphy, Kimberly Fitzpatrick, Sherif Elbedeiwy
March 25, 2013
Finance department are in general terms the department that handle the decisions making regarding the organization cash inflows and outflows. The majority of their work highlights the company position in term of cash flows, relatively than net income or accounting revenue. Finance personal usually is accountable for providing financial and business analysis maintain on a range of plans within the organization planning and hospitality brand finance teams. Finance department usually provides foundation and this foundation usually include the following. Income statement variance and trend analysis, financial planning, statement of cash flows, analysis balance sheet, liquidity ratios, sales budget, food and beverage cost budgets and forecasting. Finance job have need of high level of understanding database modeling and total understanding of spreadsheet capabilities, strong methodical skills, a working awareness of financial statements, a capability to persuade others, and a capability to in parallel look for and certify information across the organization.
Key areas that finance personal essential functions that help hospitality business to improve their performance as follow. Organize schedule of financial forecasts and budgets and whole linked analysis, discrepancy reports, and situations or sensitivities. Evaluate and examine P&L (profit and loss) outcomes and recognize steps essential to improve productivity and profit, counting tracking, reporting and analyzing tendency key in areas with established performance standards. Finance also utilizes financial reproductions to examine initiatives with the intention of guide plan, optimize key performance to keep the organizations results on track. Foresee and conduct action plans to meet guest needs, although continuing to conduct the necessary search for ways to improve guest fulfillment. Finance also play important role as a key contact for operational and corporate restaurant and hotel team members and complete particular methodical requests that will be helpful in making decisions to improve overall results.
As was stated in (Walker, 2006), “Managerial or corporate finance involves business activity and decisions to help an organization to: find money to grow the business, make investment investments in real assets, such as kitchen equipment and computers, plan for the company’s financial future, manage the company’s cash on hand. Financial department usually work closely with the operations team to help them forecasting and planning their year to date budget as well as helping with any decisions making that impact the business sales, guests counts, and profit. They also partner with the financial business community including organization investors to help them understand the company financial status. Therefore, financial department team members must work closely with the accounting team, because their common ground and the accounting job depends on the direction that they get from the financial, one of the area that financial team that is critical to their job in the hospitality sector is managing the organizations financial statements since this type of statement are the end results of the accounting process for certain period and critical tool to be communicated to investor and operations to build the company yearly initiatives based on the outcome of the financial statements.
Human resources are very important to any organization whether it be small or big, this department is the heart of the whole operation because of the role that it plays. The human resource department is the first step when it comes to hiring new employees, setting new policies, training, orienting, counseling, developing, mentoring, following and enforcing laws, supporting and firing but most of all it is there for the people. The...
References: Powers, T., & Barrows, C. (2006). Management in the Hospitality Industry (8th ed.). Simultaneously, Canada: John Wiley&Sons Inc.
Walker, J.(2008). Introduction to hospitality (4th ed.). Upper Saddle River, NJ: Prentice Hall.
(2006). Introduction to Hospitality (4th ed.). Retrieved from Introduction to Hospitality, Fourth Edition, by John R.Walker. Published by Prentice-Hall. Copyright © 2006 by Pearson Education, Inc.
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