Hospitality Industry Analysis & Cost Management

This assignment delves into the complexities of the hospitality industry, specifically examining cost management practices. Students are tasked with analyzing different types of costs prevalent in the sector: fixed, variable, and semi-variable. The assignment utilizes provided research papers to support its analysis of cost structures within the hospitality industry, emphasizing hotels as a primary example.

FINANCE IN THE
HOSPITALITY
INDUSTRY

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Sources of finance to raise fund in business.....................................................................1
1.2 Various methods of generating income............................................................................2
TASK 2............................................................................................................................................3
2.1 Different components of cost, gross profit and selling prices..........................................3
2.2 Ways by which stock and cash can be control in business...............................................5
TASK 3............................................................................................................................................7
3.3 Discussing the purpose and process of budgeting control ...............................................7
3.4 Analysis of variances .......................................................................................................8
TASK 4 ...........................................................................................................................................9
3.1 Assessing the source and structure of trial balance .........................................................9
3.2 Evaluating business accounts, adjustments and notes ...................................................10
4.1 Calculating and analysing ratios ....................................................................................12
Recommending appropriate future management strategies ................................................15
TASK 5.........................................................................................................................................16
5.1 Distinguishing cost as fixed, variable and semi-variable ..............................................16
5.2 Calculating contribution per customer and Explaining CVP relationship.....................17
5.3 Justifying short-term management decisions................................................................19
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................20

INTRODUCTION
In the present times, hospitality sector of UK is growing with the very high pace in line with the
travel and tourism sector. Now, customers prefer to stay in the hotel which offers high quality
and luxurious accommodation services to the customers. Further, in the competitive business
arena business unit can survive more effectually only when it offers high-quality services. Along
with this, effectual management of financial resources is also highly required in the hospitality
sector to build and sustain a competitive edge over others. Hence, the company is required to
undertake several tools and techniques which aid in the profit margin of the firm. The present
report is based on different case situations which will describe the sources that business units of
service sector can use to meet the financial requirements. Further, it will also shed light on the
methods which ensure effective management of cash and inventory within the firm. Besides this,
the report will also develop an understanding of the concepts of variance and ratio analysis as
well as break-even point which in turn helps in making suitable business decisions.
TASK 1
1.1 Sources of finance to raise fund in business
Each and every organisation whether it is operating in manufacture or services industry wants to
expand the business. For this, capital is required which will be generated by the business entity
from various sources. As per the present scenario to raise fund worth £50,000 foe sole trader
company, different sources are available (Jones and et.al., 2016). The sources are internal as well
as external which are stated below:
Internal sources of finance: The firm raise fund from the business inside which are known as
internal sources. Various sources for increase financed from internally are such as follows: Retained profits: As per the source profit which remains after paying dividend amount as
well as interest is identified as retained earnings. The remaining profit is to be reused in
the business for increase capital and expand the firm. Sale of assets: Another internal source is the sale of assets where the management sell
those assets which are not used and unable to generate revenue. After selling the asset
whichever fund comes from a market that will be used to increase finance in the business.
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 Personal savings: Here the owner uses its savings which are done in its personal life.
There is not any cost bear by the management to raise fund by this source (Liu and
Pennington-Gray, 2015).
External sources of finance: Further, there are various ways which are used to raise fund from
the external market are known as external sources which are given as below: Equity: Most widely used external source is equity financing in which the firm issue
equity shares in the market with the help of stock market. The shares are purchased by
shareholders and the amount used in the firm for business expansion, for that it has to
give dividend amount to shareholders. Bank loan: Further, as per the source the firm take a loan from various commercial banks
and use in the business. For this, it has to pay interest amount as a cost of finance. Venture capital: It is one type of external sources which allows manufacture and services
industry businesses to provide finance (Slåtten and Mehmetoglu, 2015). It imposes
charges on the firm regarding stake of the overall organisation. Leasing: As per the sources the business gives some part of the asset on lease to another
party and then raise the finance to expansion of the company.
 Financial institutions: There are various institutions which provide finance to the firm
for business expansion. Several financial institutions are such as commercial banks, non-
commercial banks, traditional financial agencies, merchant banks, etc.
1.2 Various methods of generating income
There are various ways by which a restaurant can increase revenue and decrease costs,
which are stated below: Provide differentiate products and services: When the restaurant make and offer
products as well services different from the rivalry firms then number of customers will
be attracted (30 Ways Hotels Can Increase Revenues, Decrease Costs and Boost
Booking, 2013). This leads to generating and increase sales as well as the profitability of
the restaurant.
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 Offer skims, and discounts: Apart from above ways the restaurant should allow to
consumers after providing various schemes as well as discounting offers. These types of
services will help to firm to attract a number of customers which lead to earn higher sales
and revenue (Torres, Singh and Robertson-Ring, 2015). Promotional activities: These types of activities and strategies increase awareness among
the people by which they attract to consumers its food items and services. It leads to
increase sales as well as profitability of the restaurant. Commissions: As per this source the restaurant can generate income by contracting with
travel and tourism companies. In this the restaurant provide consumers to the tour
company for staying and takes commission from respective tour firm. By this it is able to
generate income for the restaurant.
 Sub letting: By providing very small part of the restaurant to stall such as cuisine,
Chinese etc. it can generate income. Provide small part is known as sub letting of the
company which helps to increase income as well as profitability of the restaurant.
TASK 2
2.1 Different components of cost, gross profit and selling prices
The cost of production, prices of products and services as well as profit, these all are very
sensitive and important factor of the organisation. Every firm has the aim to maximise profit and
financial health as well in the industry. In the present case, there is a firm Marks & Spencer is
offering its goods and services worldwide. There are several elements of cost, gross profit as
well prices are given as below:
Cost: It is a sensitive component of the business, and every company needs to manage
and reduce the cost of production which lead to enhance profitability. There are various
components of the cost are such as follows:
Direct costs: Those costs which are directly incurred in the production process are
known as direct costs. In the direct costs basically two categories included in the Marks and
Spencer while selling retail goods and services. Further, the two types are like as related to the
labour as well as material which are explained below:
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 Material costs: Material cost is an important component of the firm due to raw material
is very necessary for producing goods and services (Dogru and Sirakaya-Turk, 2016).
The cost is included in total cost of production which leads to decide the price of
products. With reference to the Marks and Spencer company: the material costs are such
as: purchasing goods and services for further selling, buying required materials, cost of
inventory, cost of products sold etc. Labour cost: To produce or to convert raw material into finished goods there is
manpower is required and a firm has to pay a cost to them. The cost is known as a labour
cost of products. For example: wages to staff of retail shop, online service provider
labours etc. Further, generally four categories of the labour costs are incurred in the
Marks and Spencer company which are: Variable labour, Fixed, Direct as well as the
Indirect labour expenses.
Indirect costs: In the production process expenses which are not directly consists,
identified as an indirect cost. Numerous indirect costs are given as below: Packaging expenses: The M&S sell goods after packing to them, without packing it not
sale into the market. Hence, another element is expenses which are incurred in the pack
the finished goods. For example: packing a particular food item such as to pack chocolate
wrapper is required which is a cost for the firm. Selling and distribution cost: Further, to advertise, promoting and selling the goods in
market cost is to be bear by the firm which is included in total cost. In order to sell the
products business gives advertisement using different sources for example newspapers,
social media, templates etc. In this firm has to give money to the social media, newspaper
agencies etc. which is expense of selling and distribution.
 Overheads: As per the element there is various indirect cost are included in total cost.
The indirect costs are such as indirect labour and material, utility expenses, interest,
depreciation on assets, etc. (Mugassa, 2015). As per the overhead expenses, various costs
incurred in the Marks and Spencer entity are such as rental expenditures of plant and
property, electricity bills, accountants salary, human resource expenses, selling and
distribution, interest amount of debt, other administration costs etc.
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Gross profit: It is a type of profit of the firm where the cost of goods sold is deducted
from total revenue of the organisation. Further, management keeps a record of the financial
transactions then, and only gross profit can be determined. Hence, main elements of gross profit
are such as below:
 Cost of goods sold (COGS): It is the base of calculating the gross profit which is
deducted from the revenue generated by the company. Higher the COGS lead to reduce
gross profit at the end of year.
 Sales or Revenue: Apart from this, the basic component which is taken into
consideration while assessing is gross profit is sales. When company generates more
amount of sales and revenue at the end of year, then gross profit will be also in the
increasing trend.
 Management of the firm: Moreover, the last element which is taken into consideration
at the time of computing gross yield is the management of M&S business enterprise.
Selling price: Price of products and services is to be derive using total cost, market trend,
the financial position of the firm, etc. In the present case M&S can derive price after using its
important components which are as follows:
 Market trend: In this element the company use trend and situation of the market and
industry. In the market if demand is higher, then firm will charge high selling price and in
case of lower demand, it will charge very low amount of price.
 Total cost of production: Other aspect includes is cost which is incurred to produce and
manufacture the products and services. Price will be charge in the same direction of
costing like high cost of production leads to determine higher prices of the goods (Morris
and Goldsworthy, 2016).
 Price of competitors: If the rivals take more price, then M&S will be derive lower price
for attracting more customers. Moreover, selling price determination is depends on the
competitors as well.
 Goodwill or image of the firm: Further, brand image of the company is also considered
while determining the selling price of its products and services.
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 The quality of products: When quality of the services and goods are provided at the
higher level, then price will be determined in more amount.
2.2 Ways by which stock and cash can be control in business
To make the firm profitable, it is necessary to manage and control cost, stock as well as
cash balance of the firm (Li, Wang and 2015). It can be managed by various strategies or
methods which are shown below:
Methods of controlling stock in the business: Just-in-time method: It a technique where the company can reduce wastage or damage
products and enhance the efficiency of the company. Further, it allows selling the goods
at the right time with right quantity. Hence, it is an effective way to manage and control
over the stock of M&S organisation. On the other hand it affects smooth functioning of
the organisation. Fixed re-order stock level: As per the method, the stock is to order for purchasing after
selling out previous products. By this extra inventory will be not there and company able
to sell all the products in the proper manner which lead to control stock of the firm.
However, the management has to appoint person who pay attention on the specific
criteria which lead to increase cost of the production in company.
 Economic Order Quantity: Another method of inventory control is EOQ where the
company is able to control over the stock. Further, it is beneficial in order to reduce
holding as well as ordering cost which lead to minimize overall cost of production.
However, it can be critically evaluated that it is based on formula which is complicated to
calculate and typical to control the inventory sometimes.
Methods of cash controlling in the business: Hire the right employee: When the firm recruit appropriate and skilled employee then
with the help of their efficiency stock as well as cash both are managed. Employees are
the key asset of the firm, so it is necessary to hire skilled employees in the firm. Further,
in this case the company has to pay hire wages or salary to the skilled employees which
lead to enhance cost and reduce profit as well.
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 Proper record of transactions: To record and analyse the financial transactions is very
necessary for the firm. It helps to know financial position, as well as management, is able
to know that where expenses are increases (Jackson and Singh, 2015). It is a widely used
method to control over the cash and increase the profitability of respective organisation in
the industry. Moreover, here the organisation has to appoint the specialist and use
softwares where it has to pay high amount which is a limitation of the method.
 Monitoring and Audit system: By monitoring and checking the accounting transactions
the management able to determine that in which costs is increases. The point where firm
is having high cost then it will take corrective actions which lead to decrease cost and
increase cash balance. However, in auditing process the company has to hire auditor
which are taking higher fees.
TASK 3
3.3 Discussing the purpose and process of budgeting control
Budgetary control may be defined as a process where actual financial results are
compared with the standard measures. Hence, by employing such process business unit can find
out the deviations which take place in financial aspects. In this way, by taking corrective
measure within the suitable time frame company can attain success.
Purpose of budgeting control
Elimination of waste and the heavy increase in the profitability aspect is one of the main
objectives of the business organisation. Moreover, with the motive to create an effectual image in
the mind of higher management personnel make an effort to utilise financial resources according
to the predetermined plan (Assaf and Josiassen, 2016). In addition to this, by practising
budgetary control system company can make the proper anticipation of capital expenses for the
near future.
Process of budgeting control Budget framing: In the very first step manager frames budget by assessing the financial
needs and requirements of each department. Circulation of the budget: At this stage, manager circulates budget at each level of the
department to provide deeper insight to personnel about spending level.
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 Making comparisons: Once, circulation of the budget has been made after that company
makes a comparison of the actual performance with standard amount. Through this,
deviations can be assessed by the firm in an effectual way which takes place in the
respective department such as finance, marketing, etc. (Fong and et.al., 2016).
 Monitoring and control: In the last stage, the manager makes an assessment of the
causes of deviations and thereby takes corrective action business unit can take corrective
measure or action within the suitable time frame.
3.4 Analysis of variances
The difference between budgeted data and actual result is defined as a variance analysis.
There are different types of variances are included in the respective analysis of business
performance. Variance analysis of Yuri's budget is given as below:
Particulars Budgeted Actual Variance
Units sold 100000 75000 -25000
Material 15000 22500 -7500
Direct labour 22500 24375 -1875
Material variance
Particulars Material
Price/rate variance -4500
Usage/ efficiency variance -3000
Total variance -7500
Labor variance
Particulars labour
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Price/rate variance 3750
Usage/ efficiency variance -5625
Total variance -1875
From the above-mentioned table of variance analysis, it can be interpreted that the Yuri is
producing less number of units as per the expected units. Further, material variances as such as
prices and usage are decreasing due to increase prices as well as efficiency to produce goods and
services. Material variance, as well as labour variance both, is unfavourable for the firm that is -
7500 and -1875 respectively. It can be said that the firm has not an appropriate strategy to meet
its goals and objectives.
From the above table it can be assessed that company it is not able to sell the units as per
the budgeted data as well as material and direct labour is also unfavourable for the firm. Here the
management is not utilizes its raw material in effective manner and labours are not more efficient
in order to meet with expected units. Here direct labour and material variances are -1875 and -
7500 respectively. To overcome the situation it can be suggested that the management should use
effective marketing strategies to attract more number of customers which lead to increase sales
as well as units sold in the company. Further, it has to use the potential raw materials in proper
manner by which wastage will reduce and material used in appropriate way.
Moreover, as per the material variance of Yuri's budget, due to increasing prices of
services the price/rate variance is unfavourable for the company. Due to increasing wastage and
damage products or services material efficiency variance is adverse for the firm. In order to
eliminate the adverse situation the company needs to use total quality management and six sigma
approaches by which damage products will decrease and usage variance get increase. Further,
according to labour variance its efficiency variance is not achieved due to labour are not
productive and efficient for generating sales. It can be recommended that the company should
provide better training to employees which lead to increase skills and efficiencies of them.
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TASK 4
3.1 Assessing the source and structure of trial balance
Trial balance may be defined as a summary statement of all ledger accounts which in turn
helps in preparing further financial statements more effectually and efficiently (Rogerson and
Rogerson, 2015.). It is the prior step which in turn helps in analysing financial health and
performance of the firm.
Journal entries
Date Particulars Debit side (£) Credit side (£)
03/03/15
Furniture a/c…Dr
To Creditors a/c…Cr
1525
1525
30/12/15
Bank a/c….Dr
To Interest received from Bank... Cr
500
500
04/06/15
Expenses a/c Dr
To accrued expenses
200
200
Trial balance
Particular Debit (£) Credit (£)
Furniture 1525 -
Interest received - 500
Accrued Expenses - 200
Creditor - 1525
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Cash at bank 500 -
Expenses 200 -
Total 2225 2225
3.2 Evaluating business accounts, adjustments and notes
Adjusted Profit and loss of R. Riggs for the year ended at 31st December 2015
Particulars Amount (£)
Sales Revenue (S) 157165
Less: COGS 94520
Gross Profit (sales - Cp) 62645
Discount Received 160
Interest Received 500
63305
Less: Expenses
Wages and Salaries 31740
Rent 3170
Accrued Expenses 200
Discount allowed 820
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Van Running Cost 687
Bad debts 730
Doubtful debt provisions 91
Depreciation 1630
Net Profit 24237
Balance sheet
Particulars (in £) (in £) (in £)
Fixed Assets
Office furniture and Van 8150
Less: Depreciation 1630 6520
Current Assets
Stock 2400
Debtors 12316
Less: PBDD 496 11820
Prepaid expenditure 230
Cash at bank and hand 4924
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Total Assets 25894
Current Liabilities
Creditors 5245
Creditors of furniture 1500 6745
Accrual expenses 612
Financed by
Capital 11400
add: NP 24237
Less: Drawings 17100
18537
Total Liabilities 25894
4.1 Calculating and analysing ratios
Ratio analysis of R.Riggs for the year ended at 31st December 2015
Profitability ratio analysis
Ratios Formula Calculation
Profitability ratios
Gross Profit Ratio (GPR) (GP / NS) *100 (62645 / 157165) *100 = 39.86%
Net Profit Ratio (NP / NS) *100 (23937/ 157165) *100 = 15.26%
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The above-mentioned table shows that gross and net profit margin of R. Riggs was 39.86% &
15.26%. This aspect shows that gross profit margin of the firm was not higher in 2015 as
compared to sales revenue generated during such period. On the other side, net profit margin of
R. Riggs was highly lower as compared to GP. This aspect shows that in such period business
unit failed to make effectual control on expenses.
Liquidity ratio analysis
Ratios Formula Calculation
Liquidity ratios
Current Ratio Current assets (CA) / Current
liabilities (CL)
18874 / 5657 =3.34
Acid test ratio/ Quick
Ratio
(CA – (Closing stock + prepaid
expenses) / CL
(18874 – (2400 + 230) / 5657 = 2.87
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Graphs and chart clearly present that both current and quick ratios are higher than a
standard limit (Morris and Goldsworthy, 2016). Moreover, in 2015, a current ratio of R. Riggs
was 3.34 which are greater than ideal one such as 2:1. Besides this, according to standard criteria
quick ratio must be .5:1. Hence, by considering all such aspects, it can be said that liquidity
position of company was sound during such period
Efficiency ratio
Ratios Formula Calculation
Efficiency ratios
Debtor’s turnover Ratio Debtors/ (Annual credit sales /
365)
12316 / (157165 * 365) = 28.60 days
Creditors turnover Ratio Creditors / (Annual credit
purchase / 365)
5770 / (94520 * 365) = 20.28 Days
Total asset turnover ratio Net sales / total assets 157165 / 23894 = 6.57
Inventory turnover ratio COGS / inventory 94520 / 2400 = 39.38
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By doing ratio analysis, it has been assessed that debtor and creditors turnover ratio is 28.60 &
20.28 days. This aspect shows that business unit made a payment earlier rather than receiving
from debtors. In this way, such aspect places a high level of influence on the working capital of
the firm. Further, inventory turnover ratio was 39.38 at the end of 2015. Hence, by taking into
consideration such aspect, it can be said that efficiency performance of R. Riggs was average
during 2015.
Recommending appropriate future management strategies
 By considering the profitability ratios, it is suggested to R. Riggs that effectual control is
required on the level of expenses. Hence, the company needs to make modifications in
the existing framework which in turn may result in high-profit margin.
 Further, it is recommended to R. Riggs to employ money in other investment options
rather than preserving with itself. By this, a business organisation can maximise its
profitability aspect to a great extent.
 From efficiency ratio analysis, it is advised to R. Riggs to assess and approach other
suppliers who grant credit for a longer period. In addition to this, the company needs to
make changes in its credit policy which in turn helps in maintaining high working capital
within the firm.
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TASK 5
5.1 Distinguishing cost as fixed, variable and semi-variable
There are different types of costs or expenses which are incurred in the organisation to
produce goods and services. Various costs are such as direct, indirect, fixed, variable, semi-
variable, etc. which includes different specific costs (YanHua and XiaoFei, 2016). Classification
of the variable, fixed and semi-variable cots are given as below:
Fixed costs: In the business and production process expenses or costs which are
remained constant and unchanged according to the level of production, known as fixed cost.
These are includes in the total cost of products and services whether it is decreases or increases
in the firm. The costs are such as follows:
 Rent on property
 Interest
 Insurance
 Depreciation
 Administration cost
 Selling and distribution etc.
Variable costs: Expenses which are varied or get changes according to the production
level are defined as variable costs (Blocher, 2015). When output level fluctuates then variable
costs also affected to the significant level. Different variable costs are such as below:
 Cost of raw materials required to produce finished goods
 Wages rate of labours
 Fuel cost
 Consumable stores etc.
Semi-variable costs: Further, those costs which have not specific nature are known as
semi-variable costs. These are neither variable cost of fixed expenses of the production process.
These types of costs are sometimes changes according to the output level but sometimes not
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(Explain fixed, variable and semi-variable costs, 2016). Examples of the costs are given as
below:
 Cost of maintenance
 Repairing expenses
 Utility or power cost etc.
5.2 Calculating contribution per customer and Explaining CVP relationship
Break-even point is the most effectual tools which in turn help the business organisation
in assessing the number of units which it needs to produce for attaining the situation of no profit
or loss.
Computation of contribution per customer
Particulars Formula Amount
Sales (in units) 10,000 units
Selling price per unit £100,000 / 10000 = £10 per unit
Variable cost per unit £80000 / 10000 = £8 per unit
Sales revenue (in amount) 10,000 * 10 £100,000
Variable cost 10,000 * 8 £80,000
Break-even point (in units) Total fixed cost / (Selling
price per unit – variable cost
per unit)
30000 / (10-8)
= 15000 units
Break-even point (in value) BEP (in units) * selling price
per unit
15000 units * 10
= 150000
Number of units when desired (TFC + target profit) / (SP - (30000+20000)/2
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profit is £20000 VC) = 25000 units
The above presents that for getting the profit of £20000 business unit requires producing
25000 units. Further, by producing and offering 15000 units to the customers business unit will
get the break-even point or situation.
Particular
Each
unit 1st proposal
Each
unit 2nd proposal
Each
unit 3rd proposal
Sales revenue £9
10000 * 10 =
90000 £11
10000 * 11 =
110000 £10
10000 * 10 =
100000
Less: variable cost £8
10000 * 8/ =
80000 £8£
10000 * 8 =
80000 £9.5
10000 * 9.5
= 95000
Contribution £1
10000 * 1 =
10000 £3
10000 * 3 =
30000 £0.5
10000 * 0.5
= 5000
Less: fixed cost 30000 30000 30000
Profit/loss -2 -20000 0 -2.5 -25000
BEP (in Units)
(30000/£1)
= 30000 units
(30000/£3)
= 10000
units
(30000/£0.5)
= 60000
units
BEP (£)
30000U*£9
= £270,000
10000U*£11
= £110,000
60000U*£10
= 600,000
Units need to
produce for getting
desired profit margin
(30000+20000)/1
= 50000 units
(30000+2000
0)/3
= 16666.67
units
(30000+2000
0)/£0.5
= 100,000
units
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From the above table, it has been assessed that break-even point and production units
required for getting desired are highly differed by the increase or decrease take place in the price
level. In this way, by employing the tool of management accounting business entity can take
suitable decisions.
5.3 Justifying short-term management decisions
By considering the CVP analysis, it is recommended to firm to select the second option
which will prove to be more beneficial for it. Moreover, if the company raises the unit price from
£10 to £11 then profit or loss will be zero. Hence, selecting such proposal business unit can
attain the situation of no profit or no loss. On the other side, proposal 1 and three will incur loss
so the company should avoid them to a large extent.
CONCLUSION
It can be articulated from above research report is that there are several internal and external
sources of finance which help to the business and service organisation to purchase a new
machine of worth £50,000. It can be said that there is various method which helps to control and
manage stock as well as cash in the M&S firm. According to Yuri's budget, it is unable to meet
its objectives because all the variances such as units, material and labour are adverse or
unfavourable for the company. It can be concluded by financial ratios that, the R Riggs has
profitability and liquidity position is well in the industry and able to perform better. By last task,
the management should undertake proposal two in the business.
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REFERENCES
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