The paper "Finance and Accounting in Hospitality Management" is a great example of a finance and accounting assignment. Q Hotels group has 21 four-star hotels in the United Kingdom and each of the hotels is having its unique characteristics and a team of staff. Visitors can stay at the countryside retreat or they can also stay at the heart of the city. As the desire and expectation of every customer are different thus this each hotel always provides a hand to help the visitors. The banquet department of Q Hotels can arrange more than 250 strong conferences with excellent executive lunch or dinner or both.
It also arranges luxury wedding ceremonies. Q hotels are very popular in the UK and have won many awards for outstanding performance and excellent customer service. Here we will analyze the actual and budgeted profit and loss account of Q hotels for the period of 3, 4 & 5 and the forecasted sheet for the period of 6, 7 & 8. Budgeting is very much necessary for an organization and especially for a hotel. Thus analysis of the comparison between actual performance and the budgeted performance is needed to analyze to determine the effectiveness of the hotel in the hospitality industry.
Analysis of Profit and loss account of period 3As we are focusing on the banquet department thus our analysis will be based on the department in the P& L account of Food. From the P& L account of period 3, it can be seen that the actual total income from lunch in this period is 23.5 and the budgeted income was 23.0. Thus it can be seen that the actual income is higher than the budgeted income which shows that the banquet department has performed well in earning income from conference lunch.
The total income from lunch in the previous in the same period was 24.6. Thus it showing that total income from lunch has decreased over the years. Total banqueting income is 49.2 in this period of 28 days ended on 30th March 2014. The budgeted income from banqueting activity was 75.3. Thus it can be seen that Crewe Hall has earned a total budget deficit of 26.1.
The total income from banqueting activities in the previous year in the same period was 72.0 thus the earnings have decreased by 22.8.
QHotels., 2014. WHAT DO YOU KNOW ABOUT QHOTELS?. [Online]. Available at: http://www.qhotels.co.uk/about-us/. [Accessed on July 1, 2014].
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