International Accounting Day presents an ideal opportunity to reflect on the importance of accounting practices and procedures within your business and to consider how you can best utilise these practices to survive and thrive in the current economic climate.
Accounting can be traced back several millennia and whilst it has developed considerably since then, the main principles have remained the same. Accounting involves the recording, reporting, analysis and summarising of financial data. As the main measuring tool it is vital to the survival and health of a business.
Within many businesses, the creation and maintenance of financial accounts is outsourced to accountants or delegated to someone else within the business in order to enable the owner to focus on other areas, such as building relationships with clients or marketing and sales, which are perhaps perceived to be more important. Yet whilst this may have been justifiable in the past, the current climate makes it even more critical for hospitality leaders and business owners to get to grips with the financial side of their business.
Accurate and up-to-date accounting information is critical not only in order to fulfil legal requirements and important for the discovery and prevention of theft, but it also reflects what is happening within the business, it provides the data to identify trends and patterns which can highlight areas of hidden value and it informs decision making. If business owners are too removed from the figures, they will miss out on insight and opportunities which could have far reaching impacts on their business.
Before being able to identify cost inefficiencies and respond to patterns a business first needs to ensure that their financial house is in order and to identify any roadblocks which might be slowing things down. If the thought of a balance sheet makes your head spin or you are unsure where to start, why not take a look at our upcoming course and events, or send us an email at [email protected] to see how we can help.
arena4finance regularly provide training support for recognised industry bodies including the Institute of Hospitality, the MasterInnholders, TUCO and the European Clubs Association. Debra Adams, founder of arena4finance and a qualified accountant, has been involved with the hospitality industry for almost 30 years and has delivered courses and training to numerous organisations in the hotel and restaurant sector including world renowned hotel schools such as Ecole Hotelier Lausanne and Glion Institute in Switzerland. She is the author of the highly acclaimed text book 'Strategic Management Accounting for the Hospitality, Tourism and Leisure Industries'. She is also a regular speaker at hotel conferences and business seminars. Debra leads the team at arena4finance, who have had many years of experience developing and delivering one day, online and more extensive courses in hospitality finance for both finance professionals and operational heads of department in hotels, restaurants and leisure facilities. Our courses are powered by our online learning community resources at www.finance4hospitality.co.uk For more information about arena4finance, email [email protected] or visit our website www.arena4finance.co.uk
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