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Functioning of the Hospitality Industry - Assignment Example

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This assignment discusses the functioning of the hospitality industry. It describes the roles of the restaurant manager, general manager and owner. It also outlines the financial management and accounting in the industry, including some taxes imposed and cost-volume-profit analysis, etc…
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Functioning of the Hospitality Industry
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Download file to see previous pages The manager must be aware of the citizenship status of the employees that are hired. The government now imposes fines to companies that hired illegal immigrants.
The general manager in the hospitality industry manages the day to day operations of the company. The person oversees the entire work staff. His job entails monitoring the performance of the entire business. A good general manager uses performance metrics such as the vacancy rate to determine if the firm is achieving the desired profitability levels. Customer service is a very important factor that affects the ability of the business to retain its customers. There is a ranking for hotels called the five-star system that evaluates hotels to provide them with a star ranking. Five-star hotels can charge a premium price for their services. The mechanism represents a quality assurance mechanism that also provides goodwill to the brand name of the company.
The owner of the business enjoys the benefits of the yearly profits of the firm. The owner does not oversee operations, but their advice and approval are needed for major strategic decisions. In public corporations, the common stockholders are the owners of the property. They participate in the profits the company earns when the business entity declares dividends. Common statements vote a few times a year on the major business decisions through a proxy mechanism. The owners of corporations do not have any personal liability if the company goes bankrupt as far as having to pay for corporate debt.
The financial controllers oversee the work of the accounting and finance departments. The work performed by an internal accountant includes paying payroll, making purchases, paying bills and other obligations, and create financial statements among other things. These professionals have to make sure the company accounting records comply with the generally accepted accounting principles (GAAP). It is important to document all financial transactions and keep accurate accounting records to comply with state regulations such as the Sarbanes Oxley Act of 2002. ...Download file to see next pagesRead More
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