Wiki

Twitter icon
Facebook icon
Google icon
LinkedIn icon

Cash flow

Cash flow is the term often used to describe the inflow and outflow of liquid assets from operations. A cash flow statement is one of the top three financial statements used in foodservice operations, along with income statements and balance statements. An income statement indicates profit and loss for a specified accounting period. A balance statement shows the assets and liabilities of an organization at a given time. Neither of these shows the amount of funds available to meet current financial obligations, which is the purpose of a cash flow statement.

Cash flow statement

The cash flow statement provides an overview of the cash inflows and outflows of an organization. While the profit and loss statement (income statement) can provide one perspective on the organization's profit performance, it fails to provide an indication of the organization's cash flows. This is because the profit and loss statement is prepared on the basis of accrual accounting and not cash flow accounting.

Casinos

Casino/ hotels have been one of the most rapidly growing and expanding sectors of the lodging industry over the past 15 years. Casino/hotels vary in size from limited service like 150/200 hotels in small markets such as remote Native American reservations (Eagle Pass, Tex, some areas of North and South Dakota) or smaller riverboat jurisdictions in Iowa and Louisiana to large opulent hotels worthy of five star or diamond ratings as are found in Las Vegas and Connecticut. Four of the seven largest hotels (rooms wise) in the world are casino/hotels.

Centralization

An organization is a structure where elements of a system are united and consolidated under a single center. This type of organization can be applied to computer systems, networks, employees, and business facilities, as well. Centralization arose in the 1980s, when computers became able to establish better control in organization departments. The advantages of centralization are increased organization of a system, cost reduction due to standardization of equipment and procedures, and increased efficiency.

Chain restaurants

Chain (also called multi-unit) restaurant companies dominate the modern retail landscape, but for all intents and purposes the chain restaurant segment is a post World War II phenomenon. There were multi-unit operators prior to 1950, but they were few and far between. Since 1954, chains have been slowly growing to the point of now representing more than one out of every two dollars in U.S. foodservice sales.      

Change management

In all sectors, organizations have to respond to external and internal environmental factors and improve on performance. Change management is usually seen as the planned organizational response to these two objectives. External factors include political, economic, social, and technological events or circumstances which influence the environment in which an organization functions. These can operate at both a macro level and a micro level, either affecting the sector as a whole or sub sections or specific organizations within it.

Characteristics of service

Increasingly, products from the hospitality industry are becoming more difficult to differentiate. Operators are clever and quick to duplicate the tangible efforts of their competition. The similarities in the menu variety at Applebee's and Chili's or the guestrooms at Hawthorne Suites and SpringHill Suites or the travel experi ence purchased through Expedia and Travelocity are all examples of this phenomenon. Consequently, the marketplace is left with homogeneity of the physical product being offered.

Check out

This is the last stage of the guest cycle and is one of the last contacts that a guest has with the hotel. The main objective here is to settle the guest account, to update room status information, and to create a guest history record. It is also important here to establish if the guest has enjoyed his/her stay. Due to changes in technology there are other check out options available, namely, express check out and self check out.

Cleaning schedule

Every guest expects a clean room. In fact, in the USA it could be a hotel owner's requirement by state law to provide a clean room. Guestroom decor may be old or new, contemporary or traditional, bright or subdued, but it must be clean and comfortable. Thus, cleaning schedules is the housekeeping departments' most important management function. Without a clear and well thought out schedule every day may present one crisis after another.