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Qualification
Finance is the lifeblood of any organisation and this unit examines its importance to a business environment. Accounting provides a means for any business to record and monitor its flow of money. This is an essential process for controlling the financial operations of the business, whilst at the same time reporting financial information for management decision making. This is achieved through the use of formalised financial statements, without which it would be impossible to maintain an appropriate watch on the funds of a business and, therefore, to ensure its long-term future.This unit introduces the key principles behind accounting for hospitality managers, beginning with an overview of the sources of funds and the processes involved for effective costing decisions. An important consideration for business growth is the availability of funds and consequently we will discuss the variety of options open to businesses when selecting appropriate sources of funds. This is a particular important area as no business wants to find itself in a position where it is unable to support the costs of finance or is tied into long-term commitments which it no longer needs. However, this must be carefully balanced with the risks associated with running out of cash should unexpected events occur. This is particularly relevant when decisions are taken regarding the level of stock to hold.The overriding influence for all financial considerations of any business is cash flow. Monitoring cash flow becomes an important priority for managers, and this is stressed throughout the unit through the use of case study examples. This is a fundamental aspect of finance that must be controlled in order to provide the resources necessary to allow activities to operate smoothly and without interruption. At all times, we must keep in mind the importance of maintaining good cash flow to avoid the pressure of unexpected demands on the financial resources of a business which may, in extreme cases, lead to its failure.The content and nature of the three financial statements will be discussed as knowledge of the interpretation of balance sheets and profit and loss accounts is essential for good decision making, as well as to comply with the statutory requirements for reporting.Once the financial statements have been produced, the process of analysis begins with the use of a range of relevant financial ratios. Some of the more commonly used ratios are described, with examples to demonstrate their use. We consider an understanding of basic financial ratios as a means for analysing financial performance, position and stability, and we will examine the potential effects of poor control when problems arise. Within this context, we discuss the significance of concepts such as liquidity and depreciation, and their impact on the financial position of a business.
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