Sample Report on Finance in Hospitality Industry by global assignment help

Sample Report On Finance in Hospitality Industry

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INTRODUCTION .......................................................................................................................... 1 TASK 1 ........................................................................................................................................... 1 1.1

Sources of funding ........................................................................................................... 1

1.2

Methods of generating income ......................................................................................... 2

TASK 2 ........................................................................................................................................... 3 2.1 Elements of cost, gross profit percentages and selling prices for products and services...... 3 2.2 Methods of controlling stock and cash in a business and services environment .................. 4 TASK 3 ........................................................................................................................................... 6 3.3 Process and purpose of budgetary control ............................................................................ 6 3.4 Variances from budgeted and actual figures ......................................................................... 8 TASK 4 ......................................................................................................................................... 10 3.1 Source and structure of the trial balance ............................................................................. 10 4.1Calculation of ratios ............................................................................................................. 11 TASK 5 ......................................................................................................................................... 13 CONCLUSION ............................................................................................................................. 16 REFERENCES ............................................................................................................................... 1

List of tables Table 1: Cost ................................................................................................................................... 4 Table 2: Budget ............................................................................................................................... 8 Table 3: Profit and Loss ................................................................................................................ 10 Table 4: Balance sheet .................................................................................................................. 10 Table 5: Ratios .............................................................................................................................. 11 Toll Free No. +44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment Help Provides Best Artificial Intelligence Assignment Help to student of colleges and university at an affordable price.

Table 6: Breakeven cost ................................................................................................................ 14 List of figures Figure 1: Process of Budget ............................................................................................................ 7 Figure 2: Cost ................................................................................................................................ 14

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INTRODUCTION Finance is important tool for the effective run of the organization. It ensures success as well as survival of the firm in market with greater profitability. Present study deals in hospitality industry and give details about various sources available to fund the same industry. Budget is analyzed for the overview of firm’s performance. Report study about cost elements and their importance for putting prices of services. Addition to this, it also evaluates methods for generating income as well as stock and cash control.

TASK 1 1.1 Sources of funding There are various sources available to open chain of fast food restaurant. These can be explained as follows

Internal –These can be arranged within company with the help of owner or any recognition so that they can get funds at lower cost. It includeso Owner’s capital- It is arranged by the owner of company. He or she brings this amount from his personal saving and invest the same in the organization. Repayment period can be stretched but he looses his right on the amount for personal use (Barrows and Powers, 2008). Business has easy access to such types of finance. o Retained profit- It is huge amount kept aside from the profit earned by the firm and invests the same into organization for expansion or to meet continues operation. There is no need to pay interest as well as principal amount (Boadi, 2006).



Externalo Hire purchase- It is very beneficial for new opening of the firm because they can have access to higher technology. They provide tools and technology to organization on payment of installment basis (Debarshi, 2011). Toll Free No. +44 203 3555 345 Mail Us: help@globalassignmenthelp.com

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o Leasing- Under this fast food restaurant chains gets building and land at their convenience because there is no need to pay whole amount immediately. Till the payment of whole amount they use resources as rental basis because ownership is transferred on the full payment (DeFranco and Lattin, 2006). o Loan- It is very helpful for expansion of business or newly opened organization because they can get huge amount on the basis of interest and repayment of the same on specified time period. It affects credit rating of firm positively or negatively (Gautam, 2008). Therefore chain of fast food restaurant has various alternatives to fund their projects so that they can work efficiently with greater profitability (Hofmann and Lampe, 2013). 1.2 Methods of generating income Income is the main thing for which chain of fast food restaurants makes lot of efforts so that they can increase their income continuously. There are various method used for this. These are as follows

Fee for services- Under this, restaurant get extra income by providing additional services such as parking facility which leads to have huge amount. It helps to recover cost of product and higher profitability (Jauhari and Rishi, 2012).



Product innovations- In this, more features are added to product to make it attractive so restaurants keep innovated in their foods and beverages so that they can attract customer at large volume. It leads to increase in the volume of sales which in turn ensures effectiveness of firm (Jauhari and Sanjeev, 2012).



Intangible assets- Under this, brands, goodwill makes huge impact on the revenue of company because customers perceive quality of the services provided. It helps to grow business at large scale and capture market share so that it can survive for long run with leading position (Jauhari, 2012).



Expansion- Restaurants expands their projects at large scale to cover market potential which in turn helps to increase revenue by the higher volume of sales. It builds image of the firm in overall market so that customers gets attraction towards it to take advantages of higher quality services (Osei-Assibey, 2013). Toll Free No. +44 203 3555 345 Mail Us: help@globalassignmenthelp.com

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Physical appearance- It is the way to attract customers because effect and lucrative infrastructure and services create positive perception in their minds. Comfort and ambiance is provided by proper concentration on look of the restaurants (Park and Jang, 2014).

Therefore firms get profitability to a great extent by adopting above mentioned method which helps to recovers its cost.

TASK 2 2.1 Elements of cost, gross profit percentages and selling prices for products and services Cost make huge impact on the selling prices as well as profit of services because cost is covered by putting appropriate prices. There are three main elements of cost which are as followsď&#x201A;ˇ

Direct cost- It is directly engaged in the production of services and helps Marks & Spencer Group to provides good quality of services to customers. Under this staffing Toll Free No. +44 203 3555 345 Mail Us: help@globalassignmenthelp.com

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costs involved for the recruitment and selection of efficient staff, payment of wages (Prince, 2008). 

Indirect cost- It is indirectly connected with the production of services and added value in them. Marks & Spencer Group has to bear security, electricity and stationary cost. It can be controlled by locating switch boards on the nearby area of workers and tight supervision over the order of stationary so that wastage is eliminates (Sanjeev, Gupta, and Bandyopadhyay, 2012).



Fixed cost- This remains fixed through whole process and added huge amount to the prices of services. It includes salaries, rent, tax, and depreciation of equipments (Schuessler, 2011). Table 1: Cost Particular Wages Cost of stationary Staffing cost Electricity charges Fixed charges Total cost Profit % Selling prices

Amount 100 50 60 40 60 310 12.90 350

From the above table it is shown that Marks & Spencer Group has incurred cost of £ 310 and selling prices £ 350. On this firm is getting profit 12. 90%. 2.2 Methods of controlling stock and cash in a business and services environment Marks & Spencer Group can apply various methods to control stock as well as cash expenses in the business so that it can get higher profitability at lower cost. These are as follows

Economic order quantity- Under this, Marks & Spencer Group maintains stock by keeping software which provides details related to excess or shortages of material. It helps firm to reduce cost of godown charges and quick availability of required stock. It

ensures smooth flow of production in the organization and helps to achive higher productivity(Senadza, 2014). ď&#x201A;ˇ

Just in time- It is very convenient because order is placed on the requirement only so that Marks & Spencer Group does not have bear huge cost of maintenance as well storages charges. But it is very dangerous when they demands for large stock because suppliers may not have sufficient stock on the spot (Singla, 2013).

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Vender management inventory- It is good method to control inventory because in this company contact to suppliers and give overall details related to requirement of stock. Suppliers take overall responsibility related to maintenance and transportation of material at specified location. It helps in better management of inventory and saves cost (Sun, Wang, and Bai, 2014).

Cash controls Cash plays a vital role in the Marks & Spencer Group because it provides life blood to company and ensures payment of debt on time. Firm uses various types of methods for smooth flow of income so that it can meet its daily operation. These are as follows-



Bank reconciliation- It is internal control system for the firm provides details of difference in amount between bank statements and records kept by Marks & Spencer Group. By this company come to know about variance and try to maintain balance on both the level so that they can have good control over cash available in the company (Tahani and Li, 2011).



Electronic fund transfer- It is the process of transfer of funds from one to another account. Cash can directly transfer via electronic means such as pay pal so that people who have access to this fund are minimized (Winand, Zintz and Scheerder, 2012).

Therefore Marks & Spencer Group should have proper control over cash which ensures its survival and growth in the long run with increased profitability (Yu, 2008).

TASK 3 3.3 Process and purpose of budgetary control Budgetary control is the most important tool for the success of business because it helps to control expenses and increase profitability.It has following objectives which assist Yuri to work efficiently 

It helps in planning of action related to overall department such as finance, production and marketing (Sun, Wang, and Bai, 2014).



Provides coordination among all departments to achieve target (Debarshi, 2011).



Helps to communicate about the various policies, programs and information needed for preparation of budge.



Serves as control tool in the organization by restriction and policies related to income and expenditure.



Tool for the evaluation of overall performance of firm so that expected results are achieved (Boadi, 2006).

Therefore budget play significant role in the overall Yuri so that it can better utilize resources with minimum cost. Process of budgetary control Toll Free No. +44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment Help Provides Best Artificial Intelligence Assignment Help to student of colleges and university at an affordable price.

Figure 1: Process of Budget (Source: Monitor results, 2013) 

Forecast current budget period- It can be of six months or twelve months which provides details related to that specified period so that organization can achieve their target by paying concentration on that(Sun, Wang, and Bai, 2014).



Preparing & approving budget for the next budget period- Under this, study is done on regarding time period of future budget so that they can plan for the current period effectively.



Measuring performance- Outcomes are measured against expected result so that firm can come to know about the level of improvement in the actual performance which helps to increase efficiency of firm.



Investigating differences- Difference obtained from the expected and actual results are taken into consideration for the discussion on corrective steps (Debarshi, 2011). Toll Free No. +44 203 3555 345 Mail Us: help@globalassignmenthelp.com

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

Corrective action- Firm takes appropriate corrective decision to eliminate difference so that they can get expected results which in turn increase profitability of company. Thus Budget is very important tool for measuring performance and ensuring success of

overall organization. 3.4 Variances from budgeted and actual figures Variance budget of Yuri is as followTable 2: Budget Budgeted

Actual

Variance

Unit sold

100000

75000

(25000)

Material £

15,000

22,500

(7500)

Direct Labor £

22,500

24,375

(1,875)

Material £ Labor £ Price/rate variance

(4500)

3750

Usage/efficiency variance (3000)

(5625)

(7500)

(1875)

Total variance

From the above information of Yuri, a cutlery manufacturer’s variance budge, it is concludes that company has huge variance from the budgeted figurers. It can be said that firm is not working efficiently because there is too much difference in the labor used as well as material which in turn organization is bearing greater cost. Variances are in negative showing that Yuri is not performing well and it does not possess effective inventory control. It has planned for selling 100000 units but they failed to meet target and variance becomes negative by 25000. It decreases expected profitability in the firm (DeFranco and Lattin, 2006).

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Kindly Contact us at: help@globalassignmenthelp.com Yuri has budgeted material ÂŁ 15000 but actual consumption is 22500 therefore there is no control over consumption of material so it is going negative by 7500. It is not good sign for progress of organization because they are investing large amount but earning very less. Budge showing that direct labor will require ÂŁ 22500 but actual result drawn is 24375 due to lack of efficient workers (Sun, Wang, and Bai, 2014). It brings variance of 1875 which indicating that company has employed 1875 more than required which again not beneficial. Yuri has price variance in negative as 4500 for material and 3750 for labor due to lack of knowledge on the part of members who are directly engaged with the production process. That is the reason it has efficiency variance also which make total variance as 7500 for material and 1875 for labor in negative which can harm overall performance of Yuri (Boadi, 2006).

Therefore Yuri should take care of optimum utilization of resources which brings higher productivity at lower cost in the firm. It must provide proper training to make worker highly skilled so that they can work well on per hour basis with greater efficiency. Yuri should adopt various techniques to improve work method so that employees can get expertise to give their best Toll Free No. +44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment Help Provides Best Artificial Intelligence Assignment Help to student of colleges and university at an affordable price.

(Sun, Wang, and Bai, 2014).There is already scarcity of steel as raw material for company so it should apply tight supervision on the consumption of raw material and training of worker so that they can contribute towards effective utilization of resources (Sun, Wang, and Bai, 2014).

TASK 4 3.1 Source and structure of the trial balance Table 3: Profit and Loss Profit and loss account for the year ended 31st December 2012 Income Sales Interest received Total income Less: Cost of goods sold Gross Profit Discount received Less: Expenses Wages and salaries Rent Discounts allowed Van running costs Bad debts Doubtful debt provision Depreciation Net profit

Amount £

Amount £ 157165 50 157215 94520 62695 160 62855

31740 3170 820 687 730 91 1630

38868 23987

Amount of interest had not recorded by mistake so it has mentioned by now by £ 50 which alter net profit by the same amount and now it has become 23987. Table 4: Balance sheet Balance Sheet as on 31st December 2012 Particulars

Fixed Assets Office furniture and Van Less: Depreciation current assets stock Debtors Less: provision for doubtful debts Prepaid expenses Cash at bank and hand Total Assets

7175 1630

5545

2400 12316 496

Current Liabilities Creditors Creditors of furniture Accruals Financed by Capital add: Net profit Less: drawings

11820 230 4274

5245 525 212

18724 24269

5982 11400 23987 17100 24269

In the above balance sheet mistake has rectified by recording of furniture with ÂŁ 7175, cash at bank with 4374 and accruals with 212 which brings changes in total asset as well as liabilities.

4.1Calculation of ratios Table 5: Ratios Ratios

Formula

Calculations

Value

đ??şđ?&#x2018;&#x;đ?&#x2018;&#x153;đ?&#x2018; đ?&#x2018; đ?&#x2018;&#x192;đ?&#x2018;&#x;đ?&#x2018;&#x153;đ?&#x2018;&#x201C;đ?&#x2018;&#x2013;đ?&#x2018;Ą â&#x2C6;&#x2014; 100 đ?&#x2018; đ?&#x2018;&#x2019;đ?&#x2018;Ą đ?&#x2018;&#x2020;đ?&#x2018;&#x17D;đ?&#x2018;&#x2122;đ?&#x2018;&#x2019;đ?&#x2018; đ?&#x2018; đ?&#x2018;&#x2019;đ?&#x2018;Ą đ?&#x2018;&#x192;đ?&#x2018;&#x;đ?&#x2018;&#x153;đ?&#x2018;&#x201C;đ?&#x2018;&#x2013;đ?&#x2018;Ą â&#x2C6;&#x2014; 100 đ?&#x2018; đ?&#x2018;&#x2019;đ?&#x2018;Ą đ?&#x2018;&#x2020;đ?&#x2018;&#x17D;đ?&#x2018;&#x2122;đ?&#x2018;&#x2019;đ?&#x2018;

62695 â&#x2C6;&#x2014; 100 157165 23987 â&#x2C6;&#x2014; 100 157165

39.89%

Profitability Ratios Gross Profit Ratio Net Profit Ratio

15.26%

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18742 5982 18742 â&#x2C6;&#x2019; 2400 5982

Debtorâ&#x20AC;&#x2122;s turnover Ratio

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12316 157165/365

28.60 days

Creditors turnover Ratio

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5245 94520/365

20.25 ays

Current Ratio Quick Ratio

3.1 2.73

Activity Ratios

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Kindly Contact us at: help@globalassignmenthelp.com From the above table it can be said that R. Riggsâ&#x20AC;&#x2122;s profitability ratio shows that company is not earning good amount of profit as it shown that gross profit ratio is appropriate as 39.89% but net profit ratio is very low. It is indicating that firm has ÂŁ23987 as profit on the sales of ÂŁ157165 which shows 15.26% net profit. It is ensures company is not generating higher income by its productivity. Although R. Riggs has lower revenue but is has sound liquidity and have good potential to pay debts as well as all the liabilities (DeFranco and Lattin, 2006).It shows that Toll Free No. +44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment Help Provides Best Artificial Intelligence Assignment Help to student of colleges and university at an affordable price.

company has more liquidity as 3.1 and capable of performing well and has capacity to expand itself in the market. There are 28 days for collection of due payment by the debtor who were given credit and 20 days for payment of credit. It shows that firm needs to pay its debts early than collection of credit sales. Therefore financial position of company is sound as result seen by the ratio it ensures overall good performance (Sun, Wang, and Bai, 2014). Recommendation R. Riggs have good financial position but profitability is going down due to heavy expenditure so company must try to control over these. It should provide training to worker for increase their capacity to work better. Firm should invest in the profitable projects because its financial position is sound and they have enough power to expand in the market with leading position.

TASK 5 5.1 Fixed, variable and semi-variable costs Various cost involved in the product and by adding profit in that cost business determined prices for that so that they can get sufficient amount of profit. These are as followsFixed cost- Fixed cost does not change with the volume of production and remains constant throughout whole production process. I includes salaries of management, rent of building, depreciation of equipments used (Cost Classification, 2014). Variable cost- It keeps on change with volume of production. Because it is used as per the actual requirement it consist raw material, wages.

Figure 2: Cost (Source; Cost Classification, 2014) Semi variable cost- It consist part of fixed and part of variable cost. There is fixed cost at initial stage and then variable cost is added to this as per the uses. Like telephone bill.

Table 6: Breakeven cost Project 1

Project 2

Project 3

Project 4

Existing(ÂŁ000)

Reduction by 10 %

Increment by 10%

Change in variable

(ÂŁ000)

cost (ÂŁ000)

Sales Revenue

100

110

100

Less Variable

Contribution

Less Fixed Cost

Budgeted Loss\

(10)

(20)

(25)

Costs

Profit

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đ?&#x2018;&#x2021;đ?&#x2018;&#x153;đ?&#x2018;Ąđ?&#x2018;&#x17D;đ?&#x2018;&#x2122; đ??šđ?&#x2018;&#x2013;đ?&#x2018;Ľđ?&#x2018;&#x2019;đ?&#x2018;&#x2018; đ??śđ?&#x2018;&#x153;đ?&#x2018; đ?&#x2018;Ą đ??śđ?&#x2018;&#x153;đ?&#x2018;&#x203A;đ?&#x2018;Ąđ?&#x2018;&#x;đ?&#x2018;&#x2013;đ?&#x2018;?đ?&#x2018;˘đ?&#x2018;Ąđ?&#x2018;&#x2013;đ?&#x2018;&#x153;đ?&#x2018;&#x203A;

Project 1: Breakeven point (Units) = 30000/20=15000 Breakeven point (Value) =30000/20%= 150000 No. of units required to be sold for achieving expected profit= 30000+20000/20=2500. Desired profit =

fixed cost + desired profit = 2500 units contribution Project 2:

Breakeven point (Units) = 30000/10= 3000 Breakeven point (Value) = 30000/11.11%= ÂŁ 270027 No. of units required to be sold for achieving expected profit= 30000+20000/10=5000 units Project 3: Breakeven point (Units) = 30000/30=1000 units Breakeven point (Value) = 30000/27.27% =ÂŁ 110011 No. of units required to be sold for achieving expected profit= 30000+20000/30=1800 units

Project 4: Breakeven point (Units) = 30000/5 = 6000 Breakeven point (Value) = 30000/5%= 600000 No. of units required to be sold for achieving expected profit= 30000+20000/5= 10000 units Toll Free No. +44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment Help Provides Best Artificial Intelligence Assignment Help to student of colleges and university at an affordable price.

CONCLUSION Finance the life blood of organizations, assist corporations to move ahead and play a significant role. This report concludes about availability of finance in services industry which helps organization to generate profitability by different methods.

Report elaborates about

performance of Marks and Spencer with the help of profit percentages and selling prices as well as methods for effective control on cash. Further it analyze budget for Yuri, cutlery manufacturers and evaluates overall financial performance of R. Riggs by the help of financial ratio which ensures companyâ&#x20AC;&#x2122;s liquidity, profitability.

REFERENCES Journal and Books Barrows, C. W. and Powers, T., 2008. Introduction to Management in the Hospitality Industry, Study Guide. John Wiley & Sons Boadi, B. Y., 2006. Income-generating activities: a viable financial source for African academic libraries? Bottom Line: Managing Library Finances. 19(2). pp.64 – 77. Debarshi, B., 2011. Management Accounting. Pearson Education India. DeFranco, A. L. and Lattin, T. W., 2006. Hospitality Financial Management. Wiley. Gautam, P. B., 2008. Opportunities and Challenges of Tourism Financing: A Study on Demand and Supply; Status, Structure, Composition and Effectiveness of Tourism Financing. Universal-Publishers. Hofmann, E. and Lampe, K., 2013. Financial statement analysis of logistics service providers: ways of enhancing performance. International Journal of Physical Distribution & Logistics Management. 43(4). pp.321–342. Jauhari, V. and Rishi, M., 2012. Challenges faced by the hospitality industry in India: an introduction. Worldwide Hospitality and Tourism Themes. 4(2). pp.110 – 117. Jauhari, V. and Sanjeev, G. M., 2012. Responding to the emerging strategic and financial issues in the Indian hospitality industry. Worldwide Hospitality and Tourism Themes. 4(5). pp.478 – 485. Jauhari, V., 2012. Summing up key challenges faced by the hospitality industry in India. Worldwide Hospitality and Tourism Themes. 4(2). pp.203 – 211. Osei-Assibey, E., 2013. Source of finance and small enterprise's productivity growth in Ghana. African Journal of Economic and Management Studies. 4(3). pp.372 – 386. Park, K. and Jang, S. C., 2014. Hospitality Finance and Managerial Accounting Research: Suggesting an Interdisciplinary Research Agenda. International Journal of Contemporary Hospitality Management. 26 (5). Prince, E. T., 2008. Research note: how the financial styles of managers impact financial and valuation metrics. Review of Accounting and Finance. 7 (2). pp.193 – 205. Toll Free No. +44 203 3555 345 Mail Us: help@globalassignmenthelp.com Global Assignment Help Provides Best Artificial Intelligence Assignment Help to student of colleges and university at an affordable price.

Sanjeev, G. M., Gupta, K. and Bandyopadhyay, R., 2012. Financial challenges in the Indian hospitality industry. Worldwide Hospitality and Tourism Themes. 4 (2). pp.163 â&#x20AC;&#x201C; 173. Schuessler, S., 2011. Establishing the Synergy Between Finance & Marketing in Lodging Operations. GRIN Verlag. Senadza, B., 2014. Income diversification strategies among rural households in developing countries: Evidence from Ghana. African Journal of Economic and Management Studies. 5(1) pp.75 â&#x20AC;&#x201C; 92. Singla, R. K., 2013. Business Studies. VK PUBLICATIONS.

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