Importance of Accounting in the Hospitality Industry

Importance of Accounting in the Hospitality Industry Broadly speaking, the process of financial management takes place at two levels. At the individual level, financial management involves tailoring expenses according to the financial resources of an individual. Individuals with surplus cash or access to funding invest their money to make up for the impact of taxation and inflation. Else, they spend it on discretionary items. They need to be able to take the financial decisions that are intended to benefit them in the long run and help them achieve their financial goals. From an organizational point of view, the process of financial management is associated with financial planning and financial control. Financial planning seeks to quantify various financial resources available and plan the size and timing of expenditures. Financial control refers to monitoring cash flow. Inflow is the amount of money coming into a particular company, while outflow is a record of the expenditure being made by the company. Managing this movement of funds in relation to the budget is essential for a business. At the corporate level, the main aim of the process of managing finances is to achieve the various goals a company sets at a given point of time. Businesses also seek to generate substantial amounts of profits, following a particular set of financial processes. Financial managers aim to boost the levels of resources at their disposal. Besides, they control the functioning on money put in by external investors. Providing investors with sufficient amount of returns on their investments is one of the goals that every company tries to achieve. Efficient financial management ensures that this becomes possible. WHY IS ACCOUNTING IS IMPORTAN IN THE HOSPITALITY INDUSTRY? A proper accounting system is essential to any business whether big or small in order to manage its daily functions and keep the businesses running successfully. For any successful business, the main obligation is to maximize profits, minimize any loss and at the same time maintain its position as a responsible entity within the society Behind every successful business is a sound financial model. This simple theory holds true in any business, whether it is retail, manufacturing, or high tech. It most certainly is true in the hospitality business. By employing basic accounting principles, hotel owners and managers have the information they need to optimize performance in every operational area, from inventory and payroll to sales and marketing. They can reduce expenses, be prepared to accommodate guests during peak business times, and scale back operations during slow periods. Rather than relying on intuition and reacting to events, successful owners have the financial facts readily available to proactively make the right decisions at the right time.ÂÂ   A good financial system goes well beyond developing an annual budget. The financial system needs to provide the mechanism for managers to easily track performance against the budget, identify issues and rapidly make adjustments, and create and use reports that will give them accurate financial status at any point in time. Just as importantly, there must be managers in place who are trained and accountable for meeting financial objectives.ÂÂ   A good financial system goes well beyond developing an annual budget. The financial system needs to provide the mechanism for managers to easily track performance against the budget, identify issues and rapidly make adjustments, and create and use reports that will give them accurate financial status at any point in time. Just as importantly, there must be managers in place who are trained and accountable for meeting financial objectives.ÂÂ   DIFFERENCE FINANCIAL ACCOUNTING WITH TH E FANANCIAL MANAGEMENT There are two broad types of accounting information: Financial Accounts: geared toward external users of accounting information and Management Accounts: aimed more at internal users of accounting information Although there is a difference in the type of: information presented in financial andmanagement accounts, the underlying objective is the same to satisfy the information needs of the user. Financial accounts describe the performance of a business over a specific period and the state of affairs at the end of that period.ÂÂ   The specific period is often referred to as the Trading Period and is usually one year long.ÂÂ   The period-end date as the Balance Sheet Date .Companies that are incorporated under the Companies Act 1989 are required by law to prepare and publish financial accounts.ÂÂ   The level of detail required in these accounts reflects the size of the business with smaller companies being required to prepare only brief accounts. The format of published financial accounts is determined by several different regulatory elements: Company Law, Accounting Standards and Stock Exchange. Financial accounts concentrate on the business as a whole rather than analysing the component parts of the business.ÂÂ   For example, sales are aggregated to provide a figure for total sales rather than publish a detailed analysis of sales by product, market etc. Most financial accounting information is of a monetary nature By definition, financial accounts present a historic perspective on the financial performance of the business Management accounts are used to help management record, plan and control the activities of a business and to assist in the decision-making process.ÂÂ   They can be prepared for any period (for example, many retailers prepare daily management information on sales, margins and stock levels). There is no legal requirement to prepare management accounts, although few (if any) well-run businesses can survive without them. There is no pre-determined format for management accounts.ÂÂ   They can be as detailed or brief as management wish. Management accounts can focus on specific areas of a business activities.ÂÂ   For example, they can provide insights into performance of: Products, Separate business locations (e.g. different hotels in chain) and Departments / divisions. Management accounts usually include a wide variety of non-financial information.ÂÂ   For example, management accounts often include analysis of: Employees (number, costs, productivity etc.), Sales volumes (units sold etc.) and Customer transactions (e.g. number of calls received into a call centre) Management accounts largely focus on analysing historical performance.ÂÂ   However, they also usually include some forward-looking elements e.g. a sales budget; cash-flow forecast

What a Black Man Wants Rhetorical Analysis

Fredrick Douglas wrote and presented his What the Black Man Wants speech during the post civil war time period to demonstrate his straightforward views on the fact that even though the black race had just acquired freedom, they remained without equality and civil rights which gave their current freedom no meaning. Throughout his entire speech, Douglas rules over his audience with his parallel and emotional diction choice along with his assertive tone shifting towards anger and the answering of his own questions multiple times to emphasize his seriousness.When Fredrick speaks to his audience, he does not choose all his words with the separation of blacks and whites in mind. He uses words such as â€Å"our†, â€Å"my friends† , or â€Å"my fellow men†, which he uses whenever he talks of his race’s desires. His words combine the whites and blacks as one, displaying to his audience that despite the discrimination, Douglas still believes that everyone is all pa rt of the same family. He places these including words all throughout his speech, assisting in the audiences grip of what Douglas wants them to know.He wants them to know everything he views about his desires for civil rights and is confidently upfront about it, using phrases such as â€Å"I want†¦Ã¢â‚¬  or â€Å"All i ask for is†¦Ã¢â‚¬  in a parallel structure that way the audience does not miss one single detail. This is why throughout the entirety of his speech a lot of the same equality words resurface, and the repetitive use of the same phrases, typically starting with â€Å"I†, or â€Å"We†, or â€Å"Us†, do so as well.Again, he does this on purpose that way every point he makes and every desire he wishes to see fulfilled is imbedded in each audience members mind, and hopefully sparks a desire in at least one of them for a change. Although Fredrick approaches his diction choice with an emotional and parallel structure, his assertive tone is w hat is really at work. His entire purpose, in short, is to persuade people towards equal treatment of races and civil rights for black people.He states what he wants, backs it up with his intense emotional views and points he wants to make, and uses the same sentence structure throughout the whole speech so that the audience does not miss a beat. Fredrick openly says in the second paragraph, â€Å"I do not agree with this. †, when talking about the objection of the premature Negro’s rights to suffrage. He openly discusses his emotions towards other topics of conflict as well without any fear. In paragraph three he gladly admits, â€Å"†¦women, as well as men, have the right to vote, and my heart and voice go with the movement to extend suffrage to women†¦Ã¢â‚¬ This sentence adds rocket fuel to Fredricks lunar expedition to justice. During his time period, women’s suffrage was almost as sought for as Black’s suffrage, therefore by extending his wishes for civil rights to the opposite gender and race he wins the favor of most women further strengthening his purpose. His attitude strengthens as well come paragraph four. His tone shifts from being assertive to angry.He starts exclaiming his thoughts on the white folks need for antagonising; how they should â€Å"Do nothing with us! † a instead of harassing a black man they should, â€Å"Let him alone! You see him on his way to school, let him alone, don’t disturb him! † His anger creates an emotional anchor in the audience that isn’t sympathy like he requested no one to have, but guilt. Just as seen in the scarlet letter, guilt holds more power over other individuals than anything else, therefore this anchor will hopefully set forth the action to change within his audience.Douglas uses his deeply assertive tone to address multiple rhetorical questions that hold high significance to him. There is a recurring pattern as well. He asks each question a t a minimum of two times each, immediately provided the answer to the specific question, stating the answer a few times as well, or even answering it with another question like he did in paragraph three when he says, â€Å"Why do we want it?†¦ This is the sufficient answer. Shall we at this moment justify the deprivation of the Negro of the right to vote, because someone else is deprived of that privilege?†These questions he asks come directly from the white people, and maintain high topics of interest to Douglas. That’s why when he goes over each one, he tends to be more and more assertive and angry as he nears the end. He wants nothing more than to spark a change. He hopes that by making an emotional impact while dropping an anchor on top of them with all black peoples thoughts carved into it, that they will take responsibility and for once make justice.His rhetorical question from paragraph four where he imitates, â€Å"What shall we do  with the Negro? â₠¬ , his answer of â€Å"Do nothing! Leave him alone! † is an example of him being the spokesman for his race. Although this is demonstrated throughout the entire speech, it is more so present in the questions in the third and fourth paragraphs. He took a whole new approach and stated his opinions with a hope that his audience would make the right choice with the info. Just the fact that he presents this speech after the civil war when they were granted freedom really intensifies the problem of civil justice.Fredrick Douglas showed his audience that that freedom they had acquired honestly hardly meant a thing besides the fact that they couldn’t be owned anymore and could attend schools. Not only was his audience impacted but his fellow citizens as well. Through his parallel and heavy diction choice combined with his intense tone, and his direct focus on making sure that white people understood the answers to all the questions and points of view, his speech with heavy h opes would inspire the few good-hearted people out there to spark that needed change in racial justice. What a Black Man Wants Rhetorical Analysis Fredrick Douglas wrote and presented his What the Black Man Wants speech during the post civil war time period to demonstrate his straightforward views on the fact that even though the black race had just acquired freedom, they remained without equality and civil rights which gave their current freedom no meaning. Throughout his entire speech, Douglas rules over his audience with his parallel and emotional diction choice along with his assertive tone shifting towards anger and the answering of his own questions multiple times to emphasize his seriousness.When Fredrick speaks to his audience, he does not choose all his words with the separation of blacks and whites in mind. He uses words such as â€Å"our†, â€Å"my friends† , or â€Å"my fellow men†, which he uses whenever he talks of his race’s desires. His words combine the whites and blacks as one, displaying to his audience that despite the discrimination, Douglas still believes that everyone is all pa rt of the same family. He places these including words all throughout his speech, assisting in the audiences grip of what Douglas wants them to know.He wants them to know everything he views about his desires for civil rights and is confidently upfront about it, using phrases such as â€Å"I want†¦Ã¢â‚¬  or â€Å"All i ask for is†¦Ã¢â‚¬  in a parallel structure that way the audience does not miss one single detail. This is why throughout the entirety of his speech a lot of the same equality words resurface, and the repetitive use of the same phrases, typically starting with â€Å"I†, or â€Å"We†, or â€Å"Us†, do so as well.Again, he does this on purpose that way every point he makes and every desire he wishes to see fulfilled is imbedded in each audience members mind, and hopefully sparks a desire in at least one of them for a change. Although Fredrick approaches his diction choice with an emotional and parallel structure, his assertive tone is w hat is really at work. His entire purpose, in short, is to persuade people towards equal treatment of races and civil rights for black people.He states what he wants, backs it up with his intense emotional views and points he wants to make, and uses the same sentence structure throughout the whole speech so that the audience does not miss a beat. Fredrick openly says in the second paragraph, â€Å"I do not agree with this. †, when talking about the objection of the premature Negro’s rights to suffrage. He openly discusses his emotions towards other topics of conflict as well without any fear.In paragraph three he gladly admits, â€Å"†¦women, as well as men, have the right to vote, and my heart and voice go with the movement to extend suffrage to women†¦Ã¢â‚¬  This sentence adds rocket fuel to Fredricks lunar expedition to justice. During his time period, women’s suffrage was almost as sought for as Black’s suffrage, therefore by extending his wishes for civil rights to the opposite gender and race he wins the favor of most women further strengthening his purpose. His attitude strengthens as well come paragraph four. His tone shifts from being assertive to angry.He starts exclaiming his thoughts on the white folks need for antagonising; how they should â€Å"Do nothing with us! † a instead of harassing a black man they should, â€Å"Let him alone! You see him on his way to school, let him alone, don’t disturb him! † His anger creates an emotional anchor in the audience that isn’t sympathy like he requested no one to have, but guilt. Just as seen in the scarlet letter, guilt holds more power over other individuals than anything else, therefore this anchor will hopefully set forth the action to change within his audience.Douglas uses his deeply assertive tone to address multiple rhetorical questions that hold high significance to him. There is a recurring pattern as well. He asks each question a t a minimum of two times each, immediately provided the answer to the specific question, stating the answer a few times as well, or even answering it with another question like he did in paragraph three when he says, â€Å"Why do we want it?†¦ This is the sufficient answer. Shall we at this moment justify the deprivation of the Negro of the right to vote, because someone else is deprived of that privilege?†These questions he asks come directly from the white people, and maintain high topics of interest to Douglas. That’s why when he goes over each one, he tends to be more and more assertive and angry as he nears the end. He wants nothing more than to spark a change. He hopes that by making an emotional impact while dropping an anchor on top of them with all black peoples thoughts carved into it, that they will take responsibility and for once make justice.His rhetorical question from paragraph four where he imitates, â€Å"What shall we dowith the Negro? †, his answer of â€Å"Do nothing! Leave him alone! † is an example of him being the spokesman for his race. Although this is demonstrated throughout the entire speech, it is more so present in the questions in the third and fourth paragraphs. He took a whole new approach and stated his opinions with a hope that his audience would make the right choice with the info. Just the fact that he presents this speech after the civil war when they were granted freedom really intensifies the problem of civil justice.Fredrick Douglas showed his audience that that freedom they had acquired honestly hardly meant a thing besides the fact that they couldn’t be owned anymore and could attend schools. Not only was his audience impacted but his fellow citizens as well. Through his parallel and heavy diction choice combined with his intense tone, and his direct focus on making sure that white people understood the answers to all the questions and points of view, his speech with heavy hopes would inspire the few good-hearted people out there to spark that needed change in racial justice.

9th Grade Narrative Essay Topics at a Glance

9th Grade Narrative Essay Topics at a Glance There are endless stories to tell, so choose the one which will do the job best for the goal of your narrative. There are a lot of things worth sharing. Somebody works part-time and doesn't have sufficient time to do each of the assignments. Write about a time once you learned a tough truth about yourself. Students then choose their very own persuasive piece to analyze and learn a number of the definitions related to persuasive writing. Once they become aware of the techniques used in oral arguments, they then apply them to independent persuasive writing activities and analyze the work of others to see if it contains effective persuasive techniques. Every student demands help with homework from time to time. Therefore, many students and employees decide to obtain cheap essay rather than writing it themselves. Writing quality essays is the principal use of our services. Descriptive Essay on Market can be employed by tourists or visitors that don't have any prior understanding of a marketplace. Descriptive Narrative Essay Example may be used mainly to recreate a function. Reviewing some narrative essay examples will be able to help you to organize your information and help you decide how to compose each paragraph to acquire the best outcomes. The cost of an essay rides on the quantity of effort the writer has to exert. At length, by reading narrative essay samples readily available on our website or other sources, you can select a topic for your own paper. The way the topic affected you'll play a huge part in the way you will write your essay. A photo essay is a group of pictures with a total topic or theme. The body paragraphs supply the significant characters of the narrative essay that is vital in creating an appropriate story. The most crucial part of writing a narrative essay is the collection of the story you wish to tell. Appropriate outline of a story is crucial in ensuring that there's no detail missed about the study for a proper narrative essay. Nowadays it is extremely difficult to locate a trustworthy essay writing service. Most online resources will supply you with resources on the best way to write an ideal narrative essay. As a result, if you truly feel as if you don't have enough time to finish your paper or you don't have any clue on how best to compose a narrative essay, there are several on-line writing companies which you're able to turn to for support. The cornerstone of a thriving personal narrative essay is a fantastic topic! Such approach always pays off because it offers you an exceptional insight into the practice of essay writing that is targeted at achieving excellent outcomes. A suitable conclusion will offer succinct information in the essay by discovering the principal points about the characters and events of the story. Your inner world of ideas and feelings is equally as important to the essay as the real events that took place, so make sure you don't leave it out. There are struggles that may easily be eliminated when you're in the early phases of writing your personal narrative essay. Although you may make a normal story sound spectacular using the ideal words and the suitable technique, more than often the topic receives the credit for a valuable item of work. Writing a narrative essay is all about telling a story using your initial voice. Introducing 9th Grade Narrative Essay Topics In some instances, it represents a quarter of your overall grade. It must be personal and reflective. It is suggested to look for the one which has a great reputation and offers high-quality papers at inexpensive rates. It will allow you to gather interesting topics and you may pick the one that is best for you. Templates like Descriptive Essay about Office can be helpful for someone who's planning to go to an office.

Mental Health Crisis in the African American Community Essay

Mental illness is an increasing problem in America. Currently about 26.2% of Americans suffer from a mental disorder. A mental illness/disorder is a medical condition that disrupts a person’s thinking, feeling, mood, and ability to relate to others and daily functions. Mental illness can affect humans of any age, race, gender and socioeconomic status. However the care that is needed to effectively cure and help the people affected by the illness is not equal for everyone here in American, especially for African Americans. Health care for mental illness is an issue in the African American community for Men, Women and Adolescents due to the underserving and lack of mental healthcare providers, the cultural stigma of having mental illness and†¦show more content†¦There is no way to get help if you have no clue to what the actual problem is. Many African Americans underestimate the severity of mental illnesses. â€Å"Mental illness is frequently stigmatized ad misunderstood in the African American community.† (NAMI) This is one of the serious issues that people in African American communities suffer with, which is ignorance. Not understanding what is wrong is what will make the problem worse because they choose to ignore the signs or seek help with in families and religious affiliations. (Willie) Many people believe that if they pray or talk to family members it will help them with their psychiatric problems however they are only coping with the issue. This is mainly because of the distrus t that many people in the African American population have with psychiatrist and mental health professionals. They often believe that these people are Caucasian, whom could not truly identify with the issues that they are facing on a socioeconomic level. However many not know that, â€Å"In actuality, however, even though African Americans are underrepresented as psychologist, they are well-represented among mental health providers in general, and can be found among the ranks of master’s level clinicians, such as professional counselors and clinical social workers.† (Myers) Therefore the myth that if they get help it would not be with someone identifiable is somewhat true for psychiatrics, however for other mental healthShow MoreRelatedMental Health And Behavioral Issues Essay765 Words   |  4 PagesClinical Social Workers use a person-in-situation (also referred to as person-in-environment) viewpoint to treat mental health and behavioral issues. They may work with i ndividuals, couples, families or other types of groups (Psychology and Counseling Group, n.d.). 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