Hospitality Financial Management

by Agnes L. DeFranco, Thomas W. Lattin

Real-world advice for quick retention of the most importantbusiness concepts and skills of hospitality finance Hospitality Financial Management provides astraightforward, practical approach to help the hospitality managereffectively analyze hospitality industry management reports andfinancial statements; prepare accurate business forecasts,strategic pricing models, and effective cost-control systems;manage working capital; develop and finance growth strategies;perform investment analysis; prepare investment packages; negotiateand structure business deals; and ultimately increase shareholdervalue and personal wealth. This comprehensive how-to book includes: Hospitality Financial Management is the perfect book forundergraduate and graduate hospitality management students,hospitality industry managers, and owners of small hospitalitybusinesses.

384 pages, Hardcover

First published October 20, 2006

Reviews

[Anthony · Rating 5 out of 5]

I read the first 4-5 chapters. All was written in a very clear way, so that by the end of the 4th chapter you really do get to understand the general financial framework for a hotel business.

What was especially useful for me (although common sense), is the chapter dedicated to working capital and cash. Key point - if you don't use inventory, sell it! There is no use of keeping excess supplies, when they could be converted to marketable securities.

- If your get significant cash receipts daily, you can ask a bank to invest cash to earn interest overnight (inter-bank trading).

-Key things to understand: balance sheet, profit and loss, cash flows, historical and ratio analysis, budgeting.

-Keep daily payroll expenses statistics.