Financial Control for Your Hotel or The Moral Corporation

Financial Control for Your Hotel

Author: Michael M Coltman

Financial Control for Your Hotel gives hotel general managers and finance executives a clear understanding of the techniques of cost control essential to the success of a motel or small hotel. This easy-to-use guide expands readers’ understanding of everything from the basics of hotel finance to improving the bottom line. Industry expert Michael M. Coltman provides clear explanations for organizing the balance sheet and the income statement, as well as for handling purchasing and hiring—areas critical to profitability. Financial Control for Your Hotel also offers valuable guidelines on all areas of finance related to hotel operations, including pricing, income statement analysis, and budgeting. Special coverage of investments helps managers plan for long-term financial growth.

Table of Contents:

Understanding Your Balance Sheet.
Understanding Your Income Statement.
Internal Control.
Guest Account Control.
Purchasing.
Receiving, Storing, and Paying for Purchases.
Employee Policies.
Labor Cost Control.
Income Statement Analysis.
ratio Analysis.
Cost Management.
Using Break-Even Analysis.
Establishing Room Rates.
Room Rate Discounting and Yield Management.
Budgeting.
Working Capital and Cash Management.
Long-Term Investments.
Appendix.
Glossary.
Index.

Interesting textbook: American Pie or Homebrewers Companion

The Moral Corporation: Merck Experiences

Author: P Roy Vagelos

Merck and the pharmaceutical industry are headline news today. Controversies over public safety, prices, and the ability of the industry to develop the new drugs and vaccines that society needs have been covered worldwide. Roy Vagelos, who was head of research and then CEO at Merck from the mid-1970s through the early 1990s, addresses these issues here. Success with targeted research started Merck on a path that would lead to a series of block-buster therapies that carried the firm to the top of the global industry in the 1990s and Vagelos into the top position at the company. Trained as a physician and scientist, he had to learn how to run a successful business while holding to the highest principles of ethical behavior. He was not always successful. He and his co-author explain where and why he failed to achieve his goals and carefully analyze where he succeeded.