The Hospitality Industry : Task 4 Support Functions

The financial mangers goal is acquisition, financing, and management of assets. The challenges are investment, financing, and asset management decisions.

Describe the duties of the financial manager in a business firm. Financial managers measure the firm's performance,

The financial manager establishes goals that will help to reach the organizations objectives, then creates steps in which they will use to achieve those goals.

We need to have sufficient information and right tools for cash flow forecast. Sometimes this cash flowing forecast are likely to be more accurate than other types of complex problem. For example a company started their business with £5,000 and their first month’s sale is £5,500, so their end of sales would be £66,000 and expenses would be £55,440 and their net cash flow is £10,503.

Cash flow is one of the most important aspects of running any business whether large or small. It is one of the single most important reasons why many businesses fail, this does not matter whether how good a business is. Managing a cash flow therefore is vitally important in the smooth running survival and success of a business.

2. Draw a typical organization chart for a corporate finance department. Possibilities may or may not include: Chief Financial Officer, Marketing Analyst, Controller, Sales Administration and Analysis, Accounting Manager, Administrative Assistant, Accounting

Homework: Homework will be assigned randomly. Late submission will result in a deduction of points.

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.

During organization, it is the task of the financial manager to choose on how to use the resources of the organization efficiently. Resources like funds or assets

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)

== = Every organization, irrespective of its size or ownership pattern, has to manage its finances. The overall objectives of an organization cannot be achieved in the absence of financial management. Many organizations fail in their objectives because of financial mismanagement and this failure rate is quite high among the small business enterprises.

“Cash-flow projection statements are about the state of future cash flows, which means they require forecasts. This translates into multiple forecasts—sales forecasts, forecasts of expenses, forecasts for necessary investments, and forecasts for a business’s financing requirements.” (Cadden and Lueder, 2015.) Using a cash flow projection statement to forecast future inflows and outflows is especially vital when managing the finances of a small business. It allows for business owners to prepare and plan for a future fiscal period. To come up with an accurate cash flow forecast, the business owner should closely examine and analyze the company 's historic cash flow statement, meaning expenditures and sales. By examining the statement it can be predicted when there will be an increase sales, and when there may be a dip. This allows the business owner to be prepared with the correct amount of inventory, and to plan for the financial ups and downs.

Cash management includes understanding your business 's "operating cycle" (i.e. cash to cash cycle). To improve your "operating cycle" it is imperative you understand what it means, how to calculate it, and what influences it before you can improve it. Cash expectations your cash balance to be in 6 months?" Most of the time companies are fighting cash flow problems today and can 't think about the future past this week. Forecasting and managing cash flow provide a real sense of control over the business. Implement a Cashboard-Dashboard, 13 week cash flow forecast and review cash flow reports at least monthly. The key for any business is to focus on cash, not just EBITDA and Net Income, as Cash is King!

Safety and quality apart most hotels are striving to be eco-friendly in their choice of equipments too. Most hotels are shifting to equipments that minimize consumption of natural resources like energy and minimize their impact on environment by being ctc free and causing less air pollution, noise and heat pollution. In many a branded hotels latest environment friendly non ODS (ozone depleting substances) refrigeration system, equipments which are based upon HFC-134A (hydrofluro carbon).