Name: Financial Management
Uploaded: 2024-04-09
Duration: 4 min 4 s
Description: Financial Management. Rajwant Kaur (4520301) Sagar Aneja (4557333) Chester ( Dilpreet Singh (.

Financial Management. Rajwant Kaur (4520301) Sagar Aneja (4557333) Chester ( Dilpreet Singh (. 

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Rajwant Kaur (4520301) Sagar Aneja (4557333) Chester (    Dilpreet Singh (

OBJECTIVES:. [image] Looking up view of tall buildings. 

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[image] Looking up view of tall buildings

Financial management 


 Identify the function of financial management


 How it makes an important contribution to the success of the business enterprise.


 Explain the need for network systems in a H & T environment.


 Provide examples of where prudent financial management has contributed to the success of a hospitality operation.

Finance is an essential prerequisite for the launch of any business. Effective financial management and timely fund collection are also essential to a company's whole existence, including when it is closed or put up for sale. Therefore, managing and accounting for the company's finances is necessary throughout its whole life cycle.. 

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Finance is an essential prerequisite for the launch of any business. Effective financial management and timely fund collection are also essential to a company's whole existence, including when it is closed or put up for sale. Therefore, managing and accounting for the company's finances is necessary throughout its whole life cycle.

Financial Management. [image] Calculator pen compass money and a paper with graphs printed on it. 

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[image] Calculator pen compass money and a paper with graphs printed on it

According to Joseph and Massie “Financial Management is the operational activity of a business that is responsible for obtaining and effectively utilizing the funds necessary for efficient operations.”
 According to Howard and Upton “Financial Management is the application of the planning and control functions to the finance function.”

FUNCTIONS OF FINANCIAL MANAGEMENT. [image] Magnifying glass showing decling performance. 

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[image] Magnifying glass showing decling performance

Evaluating Capital Requirements: Assessing the financial needs of the hospitality business to optimize revenue. For instance, a hotel manager might evaluate the need to invest in renovations or new amenities to attract more guests and increase revenue. Evaluating Capital Constitution: Determining the appropriate mix of long-term and short-term debt and equity for the hospitality establishment. For example, a restaurant owner may analyze the financial structure to decide between taking out a loan for expansion or seeking investors for equity financing. Determining the Source of Capital: Identifying and evaluating various sources of funds for the hospitality business. This could include obtaining credit from financial institutions for a new hotel construction project or issuing shares to raise capital for a restaurant chain's expansion. Taking Investment Decisions: Hospitality managers decide on relevant projects and investment opportunities to ensure safe and lucrative returns. For instance, a resort manager may invest in upgrading recreational facilities to attract more guests and increase profitability.

FUNCTIONS OF FINANCIAL MANAGEMENT. Managing Surplus Money: Handling excess funds generated by the hospitality business. This could involve declaring dividends to investors or reinvesting profits into initiatives such as improving guest experiences or expanding services. Managing Liquidity: Balancing cash flow to meet day-to-day operational expenses while also reinvesting funds back into the hospitality business. For example, a hotel manager must ensure there is enough cash on hand to cover payroll and utility bills while also budgeting for marketing expenses to attract more guests. Financial Control: Monitoring and controlling financing activities in the hospitality industry. This could include implementing cost control measures to manage expenses or using financial forecasting methods to plan for seasonal fluctuations in demand.. 

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Managing Surplus Money: Handling excess funds generated by the hospitality business. This could involve declaring dividends to investors or reinvesting profits into initiatives such as improving guest experiences or expanding services. Managing Liquidity: Balancing cash flow to meet day-to-day operational expenses while also reinvesting funds back into the hospitality business. For example, a hotel manager must ensure there is enough cash on hand to cover payroll and utility bills while also budgeting for marketing expenses to attract more guests. Financial Control: Monitoring and controlling financing activities in the hospitality industry. This could include implementing cost control measures to manage expenses or using financial forecasting methods to plan for seasonal fluctuations in demand.

In the hotel and tourism industry, a robust and reliable network infrastructure is crucial for ensuring a positive guest experience and efficient operations. The hospitality sector heavily relies on technology to manage various aspects of the business, from reservations and billing to housekeeping and guest services. A high-speed, secure internet connection has become an expectation rather than a luxury for today's tech-savvy travelers, who use the internet for a wide range of activities, including staying connected with loved ones, accessing work-related materials, streaming entertainment, and researching local attractions.. 

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In the hotel and tourism industry, a robust and reliable network infrastructure is crucial for ensuring a positive guest experience and efficient operations. The hospitality sector heavily relies on technology to manage various aspects of the business, from reservations and billing to housekeeping and guest services. A high-speed, secure internet connection has become an expectation rather than a luxury for today's tech-savvy travelers, who use the internet for a wide range of activities, including staying connected with loved ones, accessing work-related materials, streaming entertainment, and researching local attractions.

The vital importance of network infrastracture in the hotel and tourism industry

Enhancing guest satisfaction and operational efficiency. 

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Enhancing guest satisfaction and operational efficiency

An outdated network infrastructure can lead to slow or unreliable connectivity, frustrating guests and negatively impacting the hotel's reputation. Many hotels now offer smart room features, such as automated lighting and temperature controls, voice assistants, and mobile device integration, all of which rely on a stable and secure network infrastructure to function optimally.

Beyond guest satisfaction, an up-to-date network infrastructure is essential for efficient hotel operations. Hotel management relies on a multitude of systems to manage reservations, billing, housekeeping, and more. These systems often require a stable network connection to function properly. Outdated infrastructure can lead to sluggish performance, system crashes, and data loss, causing disruptions and inefficiencies for hotel staff.

Investing in modern network infrastructure can streamline operations, enhancing staff productivity and reducing the risk of errors. Additionally, newer technologies, such as cloud-based solutions, can reduce the need for on-site hardware and maintenance, resulting in long-term cost savings for the hotel.

•••••..-utt:•. EMBRACING TECHNOLOGICAL ADVANCEMENTS FOR COMPETITIVE ADVANTAGE. 

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EMBRACING TECHNOLOGICAL ADVANCEMENTS FOR COMPETITIVE ADVANTAGE

With a secure and reliable network, hotel management can access real-time data, optimize inventory and staffing levels, and deliver a more personalized guest experience.

Newer technologies, such as cloud-based solutions, can reduce the need for on-site hardware and maintenance, resulting in long-term cost savings for the hotel.

By embracing technological advancements and partnering with IT professionals, hotels can enhance the guest experience, drive customer loyalty, and position themselves as leaders in the industry.

Financial Management

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