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Accounting and Financial Analysis in the Hospitality Industry (Butterworth-Heinemann Hospitality Management Series)
Author(s): Jon Hales (Author)
- Publisher: Butterworth-Heinemann Ltd
- Publication Date: 1 Aug. 2005
- Language: English
- Print length: 312 pages
- ISBN-10: 9780750678964
- ISBN-13: 0750678968
Book Description
The objective of this textbook is to teach students to be conversational in speaking numbers. This means understanding fundamental accounting concepts, developing solid financial analysis abilities, and then applying them to understand and improve the operational performance of their hotel or restaurant. The book will accomplish this by studying the current practices of some of today’s leading hotel and restaurant companies. Chapters will be developed under the auspices of a select group of hospitality industry, General Mangers, Directors of Finance, and Regional Accounting Managers, to ensure that the information is current, accurate and useful. Understanding and applying the information will be the main focus of this book.This textbook should provide hospitality managers the knowledge and experience to be comfortable in using numbers to operate their departments. This includes developing the ability to perform all accounting and financial aspects of their position efficiently and correctly including revenue forecasting, wage scheduling, budgeting, P&L critiques, purchasing procedures and cost control methods. As a result, they will have more time to spend on the floor with their customers and employees. This knowledge will help them understand their operations and how to improve, change or expand them to increase revenues or profits. The book introduces the fundamentals of hospitality accounting from an applied perspective with real industry examples. It is developed under supervision of industry experts. It incorporates career success model to place subject in a larger context for students.
Editorial Reviews
Review
“Accounting and Financial Analysis in the Hospitality Industry makes accounting and finance easy to learn! Once a hospitality manager reads this book, they will immediately become a better manager. I am going to use this book to train new managers in my hotel.” – Tom Forburger, Senior Director of Finance, JW Marriott Desert Ridge Resort & Spa “Accounting and Financial Analysis in the Hospitality Industry teaches the basics of hospitality accounting that every hotel manager needs to know in order to do their job when they start working in the hotel industry. In addition to being a solid starting point to build from, it is also a good resource for future use. By reading Accounting and Financial Analysis in the Hospitality Industry, students are ensured to have the basic tools which they will need to become successful managers. – Mark Koehler, Area Director of Finance, Four Seasons Hotels and Resorts
About the Author
Jon Hales spent 25 years in the hospitality industry with Marriott International in nine cities across the United States. During his career he worked in two convention hotels as Assistant Controller, two resorts as Assistant Controller and Controller, two suburban hotels as Resident Manager and General Manager and two airport hotels as Controller, Resident Manager and General Manager. In his last two years he was Marriott Executive on Loan to the School of Hotel and Restaurant Management at Northern Arizona University (NAU). Since 1997, he has been a Clinical and Assistant Professor at NAU teaching Front Office Management, Resort Management, Hospitality Accounting, and Senior Seminar. He has continued his hospitality industry experience by completing faculty internships with Four Seasons Resorts and Hotels, Hyatt Hotels, Omni Hotels, Red Lobster Restaurants and Pappadeauxs Restaurants. Dr. Hales is also the owner of a fast food restaurant franchise and has been a consultant for many businesss both inside and outside the hospitality industry.
