Essays on Implementation Plan of The Finance Department Case Study

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The paper "Implementation Plan of The Finance Department" is a great example of a Finance and Accounting Case Study. Eagle’ s Nest Hotel Inc is a US-based hotel chain operating both domestically and internationally. A systematic evaluation was conducted on various investment ideas that the organization can adopt in order to expand its business and become more competitive in its market. The organization has been allocated 125 million US dollars, 60 percent of which is to be used for expansion. After careful consideration of specific factors, the provision of additional products and services that will satisfy the different desires of different clients in all outlets of this hotel was selected as the most suitable strategy.

The specific products and services that were recommended are a special spa, bar, free airport shuttle, and professional baby care. This strategy is in line with the key goal of Eagle’ s Nest Hotel, which is to offer differentiated products and services to clients and hence reach as many customers as possible. Such an investment idea has a great impact on the different departments in the organization such as finance, human resource management, sales and marketing and operations (Gupta.

2009, p. 139). Therefore, all departments in this organization must, in cooperation with each other, adopt strategies that are in line with this objective and work towards achieving it. This paper describes the implementation plan to be adopted by the finance department of the hotel that focuses on achieving this goal. 2.0 Impact on the finance department The finance department in any business organization plays a key role in ensuring that the funds that are available are efficiently utilized on resources that help in achieving organizational goals.

This department controls the inward and outward cash flow and hence, it provides direction as to where and how an organization can invest the available funds (Finkler, Kovner and Jones, 2007, p. 38). As such, any investment idea to be implemented in Eagle’ s Nest Hotel Inc will affect the finance department in this organization in various ways. On top of routine activities, the recommended venture provides additional duties to the finance department to conduct a cost-benefit analysis on the proposed venture in order to determine whether its implementation will be favorable or unfavorable to the organization. Secondly, the finance department has an obligation of allocating the available funds in the most efficient way in order to ensure that maximum benefits are achieved from the new investment (Besley & Brigham, 2008, p.

179). The department has a duty to determine individual expenses that will be incurred in each department, evaluate them and adjust the expenses in line with the available funds. Finally, the finance department has an additional task to prepare financial statements reflecting details about the new venture which should be handed to managers and to directors in order to enhance informed decision-making processes (Besley & Brigham, 2008, p.

179). 3.0 Time plan The full implementation of the recommended business venture is set to take four years. The hotel will concentrate on installing new equipment, providing additional training to the existing staff, refurbishment, hiring additional labor as well as making advertisements on the improvement. Miscellaneous costs are also expected to be incurred during the implementation process. Apart from refurbishment, the rest of these activities will be spread over the four year period.

The following time plan shows yearly completion percentages during the implementation period.

References

Besley, S & Brigham, E F, 2008, Principles of finance, Cengage Learning, Connecticut.

Daft, R L Murphy, J & Willmott, H 2010, Organization: Theory and design, Cengage Learning EMEA, Connecticut.

Finkler, S A, Kovner, C T & Jones, C B 2007, Financial management for nurse managers and executives, Elsevier Health Sciences, Missouri.

Gupta, M 2009, Principles of management, PHI Learning Pvt. Ltd, New Delhi.

Lasher, W R 2010, Practical financial management, Cengage Learning EMEA, Connecticut.

O'Fallon, M J & Rutherford, DG 2010, Hotel management and operations, John Wiley & Sons, New York.

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