Unit 4: Financial Control in Hospitality - € 5.99
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Unit 4: Financial Control in Hospitality

Unit 4: Financial Control in Hospitality
BTEC10: hospitality
De unit is geschreven in het Engels en bevat task 1 tm 4 inclusief voorwoord, nawoord, inhoudsopgave etc
ook inclusief de examination van task 2


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1-6-2017

Unit 4:
Financial control
in Hospitality
Project title: Financial Shake-up

Stephanie van Voorst
2H7
Unit 4

Introduction
This unit will introduce me to how physical resources within the hospitality industry are selected,
controlled and accounted for. It will also introduce me to aspects of costing, pricing and operational
finance procedures used in the day-to-day operation of hospitality businesses. I will examine basic
concepts and procedures and learn to apply them in relevant industry scenarios. As future
supervisors, I will develop the knowledge and skills to interpret, understand and explain basic
operational financial information used in the hospitality industry. This is an important part of
operational requirements, encompassing key responsibilities in the hospitality industry, and this
knowledge will be readily transferable across the industry.
I will explore fundamental principles relating to the ways that goods are selected and the criteria that
need to be applied in order to make these decisions. I will look at costing and pricing, including cost
control systems, the relationship between costs, sales and selling price, and the effect of pricing on
profit and loss.
I will have the opportunity to explore the ways that controlling and accounting methods are used in
the hospitality industry. I will carry out calculations that show the path of materials from purchase,
through storage and production, to sale of the finished product. The need to measure performance is
at the heart of business operations, and it is important for me to appreciate how financial statements
can be used as a tool for supervisors and management to evaluate effectiveness. I will gain an
understanding of these issues and the ability to interpret the value of relevant financial reports in a
hospitality business environment.
Learning outcomes:
After writing this unit I should:
Understand the principles of goods selection in hospitality
Understand costing and pricing in hospitality
Be able to apply controlling and accounting methods for resources in hospitality
Understand the use of financial statements to measure hospitality business performance.


Index
Introduction......................................................................................................................................... 1
Task 1 ................................................................................................................................................... 3
1.0 Introduction ............................................................................................................................... 3
1.1 Explain how the principles of goods selection are applied in hospitality operations ............... 7
1.2 Analyse the ways in which the principles of goods selection can be applied differently across
the hospitality industry ................................................................................................................. 10
Task 2 ................................................................................................................................................. 12
2.0 Introduction ............................................................................................................................. 12
2.1 Explain how costing and pricing procedures are applied in hospitality operations................ 12
2.2 examination glass company .................................................................................................. 16
Task 3:................................................................................................................................................ 20
3.0 Introduction ............................................................................................................................. 20
3.1 Apply control and accounting methods for resources in hospitality businesses .................... 21
3.2 Explain how control and accounting methods assist hospitality businesses, giving worked
examples using standard conventions .......................................................................................... 22
Task 4 ................................................................................................................................................. 26
4.0 Introduction ............................................................................................................................. 26
4.1 Describe the purpose of financial statements ........................................................................ 28
4.2 Explain how financial statements are used in the operation of hospitality businesses ......... 31
Epilogue ............................................................................................................................................. 32
Sources .............................................................................................................................................. 32


Task 1
1.0 Introduction
The difference between purchasing and ordering is that purchasing is the process and ordering is just
one step of the purchasing process. During the purchasing process you first have to define
specification. After that you have to select the supplier and agree the contract. And then there is the
step of order the stuff. After that you have to expediting and evaluate the follow up.

Ordering and expediting
Three types of expediting:
Exception expediting: buyer only takes action when the organization sends out signals of
material shortages
Routine status check: preventing materials supply and quality problems few days before
promised delivery, the buyer contacts the supplier to confirm delivery date
Advanced status check: for critical purchase parts a detailed production plan will be handed
over to the buyer and during the process the buyer will carry out periodic checks
For the purchasing process you have to select the right goods which are applied in hospitality
operations. There are many criteria you have to check before you purchase.
Criteria:
The right goods:
Quality: it is very important that the quality of the goods is good. There are different types of
quality for some products. The quality of the item is called as grades. It can be measured by physical
tests, chemical analysis or by any other methods depending upon the nature of a product. The use of
standard specification, brand name or trade name helps in purchasing the squired qualities of
materials. The quality must be built into the product. It is the duty of the purchasing department to
ensure that materials are purchased from those suppliers.
Composition: Nutrient contents in foods can vary significantly because of environmental,
genetic and processing influences such as feed, soil, climate, genetic resources (varieties/cultivars,
breeds), storage conditions, processing, fortification and market share, also each country has its own
consumption pattern resulting in country-specific foods, recipes and brand-name foods (commercial
foods with the same brand-name can have varying composition due to taste or fortification
regulations across borders). And food biodiversity highly influences the composition of foods:


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