100% tevredenheidsgarantie Direct beschikbaar na je betaling Lees online óf als PDF Geen vaste maandelijkse kosten
logo-home
Eerder door jou gezocht
Eerder door jou gezocht
logo
Summary Finance year 1 BUAS International Hotel management (Resit: week 11 2023) €8,50
In winkelwagen
Snel navigeren naar
Voorbeeld
  2.  
  3. Breda University Of Applied Sciences
  4.  
  5. Finance

Samenvatting

Summary Finance year 1 BUAS International Hotel management (Resit: week 11 2023)

2 beoordelingen
 10 keer verkocht

Finance jaar 1 (Rob van Ginneken). Gegarandeerd succes voor je finance tentamen door middel van deze college uitwerkingen (Teams materiaal + hoofdstuk 1, 2 & 4 van het boekje), samenvattingen, uitgewerkte opdrachten en uitleg. Dit document heeft mij geholpen om als een van de weinigen een heel mooi...

[Meer zien]

Voorbeeld 4 van de 41  pagina's

Document informatie

  • Nee
  • Onbekend
  • 13 juni 2022
  • 41
  • 2020/2021
  • Samenvatting

Onderwerpen

Gekoppeld boek

book image

Titel boek:

Auteur(s):

  • Uitgave:
  • ISBN:
  • Druk:

Geschreven voor

Alle documenten voor dit vak (2)

2  beoordelingen

review-writer-avatar

Door: larabreugem2006 • 1 week geleden

review-writer-avatar

Door: daisysmuldersss • 9 maanden geleden

Verkoper

avatar-seller
AlyssaBUAS

Ontvangen beoordelingen

Voorbeeld van de inhoud

Finance
LECTURE 1

How do restaurants, hotels make money?

Restaurants:

-Selling food & beverages as many as possible, right prices, as many as possible guests in the restaurant

-As a restaurateur 1/3 of the money you make you need for the stuff to buy (this is called cost of food and
beverages sold) another 1/3 of the money you make you need to spend it on your staff (training, salary, sick pay)
and 1/3 is left for other expenses

Hotels (lodging industry):

-2/3, 75% of the revenue is from the rooms (largest department so most of the revenue)

-¼ is from food and beverages

-45% of your revenue you need for your staff

Biggest moneymaker is rooms

Why?

 There are hardly any related expenses when you are selling a room (only check-in, check-out and cleaning 
this is only around €15 and you can sell the room for €100 so there is a lot of money left  profit)

Revenue  The total money you get for whatever you are selling, so how many products or services you have sold
x the price you ask

Profit  Expenses you take them from your revenue and the amount you have left is your profit

Owners of Michelin star restaurants  charge much more for table, because:

-Foodcost are higher

-Higher cost for labor (training, degree, skills)

-Seat turnover is one (people are sitting there for hours so you need to get a lot of money out them)

How do hotelchains make money?

- Management agreement
- Franchise
- Lease

300 rooms  large hotel

When there is less occupancy in the hotel, the investors  owners are hurting and not the brand

Perishability good  Revenue you could have gotten, you miss it (rooms is the most perishable product)

,Intercontinental hotel groups  Largest chain operation in the world

Wyndham hotel groups  Has the most properties

A common measure of activity for lodging operations is paid occupancy percentage

Paid occupancy percentage  What percentage of rooms available for sale are actually sold

Paid occupancy % = number of rooms sold : number of rooms available

Transient hotels are primarily for business people. So Monday through Thursday 100% occupancy and in the
weekends less, like 30%

Package  a bundle, interesting way to create demand for your hotel. So in a period with low demand you can
create packages so you attract people. Don’t do this in periods with high demand otherwise you make loss

CHAPTER 1 MEASURING PERFORMANCE + LECTURE 2

Basically, there are 2 ways to look at any business from a financial perspective

1. What a business owns and owes (money it may have borrowed and needs to pay back over time) at a
certain moment in time (balance sheet)
2. Filming to track the activities and results (financial performance) of a business over time (it’s a report,
hospitality firms do this on a daily basis, they like to track the performance of their business day in,
day out)

There are different names for that financial report
- Income statement or profit and loss account  If the report goes about a performance is a past
period (yesterday, last month, etc.)
- Operating budget  If the report is about the expected results in a future period

USALI Uniform System of Account for the Lodging Industry

Figure 1 Income statement USALI




Income (loss)  Net revenue – cost of sales –
payroll – other expenses

, USALI IS A 3 PART INCOME STATEMENT

Section 1  Shows all department revenues such as rooms, food & beverage, spa, miscellaneous income (rent
received from a retailer operating a shop within the hotel)

Section 2  Operating expenses

Section 3  Management fees and non-operating income and expenses




A budget  A financial plan


EXPENSES

It’s all about “Use”, it will be on the income statement for the time you USE it not when you paid for it

Expenses  A cost that is ‘’paid’’ in returning for something value such as labor


EXAMPLES OF EXPENSES

 Selling: ingredients (cost of sales)
 Having inventories: Rent, interest, risk (risk of unwanted use: fire, theft, waste  losses)
 Using labor: salaries
 Using fixed assets: rent/lease, depreciation, maintenance & repairs
 Using 3rd party services: outsourcing (housekeeping for example)
 Using other people’s money: Interest (rente)
 Taxes: Real estate, permits

If you put revenue and expenses in one statement and subtract de expenses from revenue you have the profit

Revenue and expenses are on an income statement and they reflect the businesses successes in terms of value
gained or lost

2 important accounting principles

1. Recognition principle  The cash will be received later, but the business can “recognize” it
Example: There is a wedding party on June 15, the restaurant provides the party with food and
beverages but the weds need to pay for it of course. The owner of the restaurant includes the
revenue on his income statement in that specific month (JUNE) even if they get the payment in
July or August.
2. Matching principle  Directs a company to report an expense on its income statement in the
period in which the revenues are earned

Examples

 What if a hotel guests checks out (February), you send her the bill and she pays a month later? When is the
revenue recognized?

In February, the action takes place in February, neverminded that the money came in in March

 What if a hotel buys a notebook in February? How does this end up as an expense in the income statement?

, Nothing, because you have exchanged money in the bank for an equipment. Buying a laptop is not an expense

Explanation: The laptop is going to down in value because every month it takes a little bit of value because you
use it. At the end of 3/4/5 years the laptop doesn’t have value anymore. You spread out the cost of the laptop
over a few years. In February there is no laptop value lost, but in March, April, etc. you have to take value off,
this is called depreciation

 What if the hotel makes a loan payment in February?

In February we make a loan payment to the bank, you paying somebody back, you don’t lose money so it will
not come on the income statement

Explanation: Interest is the price you pay for someone body else’s money. This is an expense; the hotel has to
pay for having borrowed the money because you pay a little more back. You borrow €10 from someone and
the next day you pay someone back €11, this is an expense.




Http://hotelnewsnow.com/artices/6217/Hotel-Industry-Terms-to-Know 1




EXERCISE


You sold 4850 worstenbroodjes, €1,50 each

You bought 5000 worstenboodjes, €1,00 each

Calculate profit

1. 4850 x 1,50 = €7275 (this is your revenue)
2. What is the cost lost from selling 4850 worstenbroodjes
3. 4850 x 1,00 = €4850 (cost loss)
4. Profit = 7275 – 4850 = €2425




1
IMPORTANT SITE FOR ACCOUNTING TERMS

Dit zijn jouw voordelen als je samenvattingen koopt bij Stuvia:

Bewezen kwaliteit door reviews

Bewezen kwaliteit door reviews

Studenten hebben al meer dan 850.000 samenvattingen beoordeeld. Zo weet jij zeker dat je de beste keuze maakt!

In een paar klikken geregeld

In een paar klikken geregeld

Geen gedoe — betaal gewoon eenmalig met iDeal, creditcard of je Stuvia-tegoed en je bent klaar. Geen abonnement nodig.

Direct to-the-point

Direct to-the-point

Studenten maken samenvattingen voor studenten. Dat betekent: actuele inhoud waar jij écht wat aan hebt. Geen overbodige details!

Veelgestelde vragen

Wat krijg ik als ik dit document koop?

Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.

Tevredenheidsgarantie: hoe werkt dat?

Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.

Van wie koop ik deze samenvatting?

Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper AlyssaBUAS. Stuvia faciliteert de betaling aan de verkoper.

Zit ik meteen vast aan een abonnement?

Nee, je koopt alleen deze samenvatting voor €8,50. Je zit daarna nergens aan vast.

Is Stuvia te vertrouwen?

4,6 sterren op Google & Trustpilot (+1000 reviews)

Afgelopen 30 dagen zijn er 68175 samenvattingen verkocht

Opgericht in 2010, al 15 jaar dé plek om samenvattingen te kopen

Begin nu gratis
€8,50  10x  verkocht
  • (2)
In winkelwagen
Toegevoegd