Financial Role Of The Hospitality Industry

The hospitality industry is a very lucrative and rewarding career choice. Choosing a career in this field is not for the faint at heart. A career in this industry requires an individual that is ambitious, self-motivated, and has a charismatic personality. However, the hard work comes with many personal and financial rewards. Hospitality covers all careers that can come underneath the lodging, restaurants, event planning, theme parks, transportation, and tourism. However, this paper will go in depth explaining the role of general management, growth of employment, and human

This sector works closely next to some other sectors within the hospitality industry. People frequently enter this moving sector from the fast food (quick service) outlets, restaurants, bars, cafes, pubs, catering or food services. Hotels were always major providers of food services, entertainment (business and conference services), leisure and sporting. (Cooper and Shepherd, 1998)

The purpose of a finance department is to assist the business in achieving profit levels. This can be achieved by;

Our team chose the hotel industry in the United States for our economic analysis. The hotel business has existed since the earliest times, and has influenced the development of the economy since the founding of this country.

Developing Hospitality Properties and Facilities The Business of Resort Management Tourism and Gastronomy Reframing Organizations: Artistry, Choice, and Leadership A Manager's Guide to Self Development Business Law Human Resource Management for the Hospitality and Tourism Industries Project Management: A Systems Approach

Financial management is important to the organization because it provides pertinent finance and accounting information to help managers accomplish the purpose of the organization. Financial accounting provides accounting information to external users. On the other hand, managerial accounting is more for managers (internal users) to use for things like planning, budgeting, etc. The definition of finance has changed over the years, but it’s used to ultimately evaluate previous decisions and make assessments for future decisions of the organization.

The finance function of the business usually controls the cost, money going in and out of the business. They would keep a record of cost going out the business, and calculate whether the business is making a profit or loss. The finance department are responsible for sending invoices to customers, clearing cheques which are received, and also preparing payrolls so they can pay staff salaries. Anything to do

Most entrepreneurs consider this is the most important function in the business. This is because all businesses need a regular stream of income to pay the bills. With Finance staff record all the money earned and spent so that the senior managers always know how much profit (or loss) is being made

Financial Manager main responsibility used to be monitoring a company’s finances; they also help develop strategies or plans for the long-term financial goals of their business.

The hospitality industry or the lodging industry is one of the most major service oriented industries in the world, inhabiting a noteworthy stand in the global economy. This self-sustaining industry has been successful in creating more than 258 million jobs across the world and contributing to around 9.1% of the world GDP. The figure would touch 296 million in 2019 according to the expectations of UNWTO. Presently, the industry has gained a worldwide economic segment having a direct and indirect impacts on the world economy. The rapid growth of this industry is being experienced by various countries including India. The hospitality sector of India is growing at a fast rate and referred as one of the most beneficial enterprise in terms of profit and contribution to the economy through foreign exchange. Hotels are a critical part of the industry and play their part in providing services and

Finance is the study of how organizations and people handle concerns associated with money and the markets and how to generate a profit in the future. The role of finance is essentially about the management and analysis of information about money and how to manage money for an organization.

The finance department functions include keeping records of financial activity for example the sales made by the business and providing managers with information that they can use in decision making for example cost of making products. For McDonalds the finance department would have to keep track of how many sales they make per day and what kind of meal or burger makes the most money. For Chester Zoo the finance department would have to do the same which is keeping records of how many sales they make per day and how much profit they make.

Financial Management is a critical aspect of any business in order to achieve a sustainable and efficient cash flow. It is essential in maintaining the link between a business’s future financial goals (profit maximization) and the resources that it has in order to achieve its objectives. Businesses demand certain common goals that increase a bussiness's all around achievement, Some of which involve; growth amongst assests, An increase in efficiency in all areas of the business whether it be management or not. And the ability to meet short term and long term debts. Finacial management undertakes the responsibility to implement and acheive these goals for the business using a range of strategies shaped to meet the needs of the business and

The Hotel is situated in the bustling East Cork market town of Midleton, located just 14 miles (15 mins drive)

Finances are the studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects.