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Financial Management is a process of scheduling, classifying, guiding and controlling the financial activities such as long-term liabilities, stockholder’s equity and many more. Financial management in the hospitality industry means the disciplined management of finance for profitability, decision-making, optimising supply, revenue and demand etc.
No, you are not. The hospitality industry needs to manage its financial planning, fiscal control and decision-making. These help them in improving their profit gains. The managers also have to focus on the sales forecasts and budgets of a business to create a financial plan. It is an important role of a financial manager to adjust prices in the field of the hospitality industry to improve room occupancy.
This is an assignment question from the course HOS3211. Anyone looking for HOS3211 assessment answer? Today is your lucky day then!
Have a look at the question.
All set? So, how do you solve this question? I’ll tell you how I would solve it. The first thing will be to familiarise me with the following concepts that will make the path to the solution clear and obstacle free.
Financial planning is a process that begins with the sales forecast. It is generally used to create or estimate the revenue for the budget. It is a key role of the finance manager to establish the revenue. They play the role of an agent to make sure that the sales forecasts are accurate and attainable. If due to any reason, the forecast for sale is incorrect, the created budget will be flawed. Finance manager also has an important role in creating the operating budgets which involve expected revenue, occupancy costs, employee headcount and additional expenses.
What have I realised over the years? The companies use previous year costs and revenues as a guide for the existing year. Yet, zero budget and flexible budgets are more popular in the field of hospitality. The flexible budget is used to adjust the revenue and cost whereas Zero budget need branch managers to check and verify every expense.
It can be defined as a process which is designed to offer realistic declaration related to the accomplishment of the objective. It works with a few basic principles such as authorisation limitation, separation of duties & responsibilities, review the financial report, physical control of assets, etc. The role of a manager is to get accounting information and updates of the budget. In some cases, the manager can also be needed to perform additional tasks and duties.
The main concern for financial management is to decide the room pricing in the field of hospitality. The organisation can create pricing models which should include demand, expenses, and occupancy of the rooms.
When the price of rooms is adjusted in order to optimise the room occupancy, it can be said that the financial manager is doing yield management. Let me explain with an example.
Let us assume that the price of a room is increased. Then the demand for the room will be decreased and vice-versa. In case, if the increase in rate and demand is not satisfactory to raise the overall revenue of a hotel, the change will decrease the profit rate.
Let’s assume that the supply is constant. We know that constructing new rooms are an expensive and time taking process, so supply is not going to change in the short run.
To solve the above assignment question, you must have adequate knowledge about the topics of financial management that I just discussed. But let us face it. There could be a lot of issues while solving the above question. Sometimes, you could not get relevant information or maybe you cannot understand how to implement the ideas on paper in a logical manner.
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Andy Johnson has been offering finance assignment writing help to the students of the Australian universities. He started as a finance expert at one of the fortune 500 organisations. After a few years with his job, he realised that he wanted to aid students who are struggling with their daily academic needs and assignment queries. That’s when he came on board with My Assignment Services. His knowledge and skills have earned him quite a reputation with the students and professionals alike in the industry. He has qualified the CFP Certification Program.
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