25th - 26th of November
Course Overview
This highly interactive programme has been devised to provide the delegates with an opportunity to update their financial skills and gain a better understanding of the planning and control processes present in a commercial service organisation. Each delegate will have an opportunity to translate their learning directly in to the workplace with case studies and scenarios based on real business problems and solutions.
Target Audience
This course has been designed for operational and departmental managers working in the hospitality, leisure and tourism sectors who are required to interpret periodic performance report and develop operational strategies to meet business objectives. The ability to understand financial performance is a prerequisite to driving business performance and the principle aim of this course is to improve commercial knowledge and decision making skills.
Course Objectives
The programme enables the participant to:
• interpret the business profit and loss account and improve business decision making
• understand the difference between cash and profit
• understand and interpret the business balance sheet
• utilise methods for controlling material (food and beverage) costs
• utilise methods for controlling labour costs
• interpret business performance using both financial and non-financial approaches in a balanced format
• appreciate the importance of positive cash flows
• implement practical measures to control cash flows
• extrapolate forecasted sales and costs from historical performance
• prepare basic budget plans for revenue and costs
• understand the principles of budgetary control
• understand the environmental factors which impact on the business and use analytical tools for assessing the business position
• explore the impact of the business environment on the projected performance
The individual benefits are enhanced by added benefits for the organisation:
• The course will equip participants with the ability to understand and contribute effectively to decision making in the organisation based on commercial interpretation of business information
• The course content is designed to be based on actual materials and examples from best practice in hospitality organisations
Course Outline
I. Profit and loss accounts
• Key accounting concepts
• Users of accounts
• Comparisons between the role of internal and external reporting
• The meaning of key terms
• Uniform System of Accounts
• The differences between profit and cash
II. Understanding the Balance sheet
• Long term v short term assets
• Working capital
• Debt and equity funding
• Profit measurement in relation to investment
III. The management of cash and working capital
• Planning for cash requirements
• Controlling cash and other current assets
IV. Interpretation of results
• Key performance measures and industry ratios
• The role of other measures
• Balanced score card approaches
V. Improving the planning process
• Revenue forecasting
• Analysing the cost base
• Key performance measures
• Pricing for profit
VI. Introduction to budgeting and forecasting
• The benefits of budgeting
• Business analysis – where are we now and where are we going
• Predicting business growth – business mix and volumes
• Forecasting expenditure – understanding the nature of costs
• Controlling costs – monitoring performance
• Investigating variances against budget
VII. Key aspects of control
• Cost, profit and departmental analysis
• Breakeven analysis
VIII. Group case study
Course Material
The course fee includes everything required for the class work including notebooks, articles, note-paper and pencils.
Prerequisites
The programme does not require any prerequisites.
Certification
A certificate of attendance will be issued upon completion.
Number of attendees
Maximum of 20 participants
Course Fee
AED 2 700 per participant
Instruction materials & refreshments are included in the course fee. Accommodation and transportation are not included in the "Course Fees".
