BUSINESS FINANCES IN HOSPITALITY AND TOURISM Practicum in Culinary Arts and Practicum in Hospitality Services

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Finances The way in which money is used and handled; especially : the way in which large amounts of money are used and handled by governments and companies 3 Copyright © Texas Education Agency, All rights reserved.

Business Transactions Business Charts and Graphs Financial Services 4 Copyright © Texas Education Agency, All rights reserved.

Business Transactions 5 An economic event that initiates the accounting process of recording it in a company's accounting system Copyright © Texas Education Agency, All rights reserved.

Point-of-Sale Systems  A computerized system that can be used to:  Communicate between staff members  Create reports  Generate bills  Manage inventory  Take orders  Track revenue 6 Copyright © Texas Education Agency, All rights reserved.

Property Management Systems  A computer software system that can be used for:  Accounting records  Electronic key systems  Guest records  Inventory  Purchasing  Receiving 7 Copyright © Texas Education Agency, All rights reserved.

Business Charts and Graphs  A visual representation to present data from evaluation activities  Used to:  Calculate expenses  Estimate profits for the business  Forecast future trends 8 Copyright © Texas Education Agency, All rights reserved.

Workplace Documents  Cash flow projections  Inventory  Purchase orders  Tax forms  Time sheets  Work schedules 9 Copyright © Texas Education Agency, All rights reserved.

Property Management System 10 (click on link) Copyright © Texas Education Agency, All rights reserved.

Using the POS (Point Of Sale) System 11 (click on link) Copyright © Texas Education Agency, All rights reserved.

Let’s Review! What do finances involve? 2. What type of software system do most foodservice operations use? What does it do? 3. Why type of software system do most hotels use? What does it do? 4. How are business charts and graphs used in foodservice industry? Copyright © Texas Education Agency, All rights reserved.

13 Copyright © Texas Education Agency, All rights reserved.

References and Resources Images:  Shutterstock™ images. Photos obtained with subscription. (Slides 3, 4, 5, 6, 7, 8, 9, 10, 11, 13) Textbooks:  Culinary essentials. (2010). Woodland Hills, CA: Glencoe/McGraw-Hill.  Draz, J., & Koetke, C. (2014). The culinary professional. Tinley Park, IL: Goodheart-Willcox Company.  Foundations of restaurant management & culinary arts. (2011). Boston, MA: Prentice Hall.  Reynolds, J. S. & Chase, D. M. (2014). Hospitality services. Tinley Park, IL: Goodheart-Willcox Company. Websites:  Small Business Administration Learning Center Online Training Introduction to Accounting This course is designed to provide an overview of accounting. YouTube™:  Property Management System Patrick van der Wardt of iTesso explains the Property Management System for the hospitality industry.  Using the POS (Point Of Sale) System A brief tutorial of the basic functions of the POS system used in the food service department at Umpqua Community College. Topics include: clocking in/out, inputting a customers order, closing a ticket & printing a checkout (sales summary) report. Copyright © Texas Education Agency, All rights reserved. 14