Importance of Accounting in the Hospitality Industry - 0 views
-
From an organizational viewpoint, the process of financial management is associated with financial planning and financial control.
-
Financial planning looks for to quantify various financial resources available and plan the scale and timing of expenditures.
-
Financial control refers to monitoring cashflow. Inflow is the money coming into a specific company, while outflow is a record of the expenditure being made by the company. Handling this activity of funds with regards to the budget is essential for a business.
- ...11 more annotations...
-
This article discusses the importance of accounting in the hospitality industry and how the data that is found is utilized in creating the budget that the property must follow. Companies hire managers and directors who are responsible in forecasting, and ensuring their respective departments meet the budgetary goals for the period / year.