FINANCIAL PLANNING AND CONTROLLING IN CATERING AND HOTEL OPERATION
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1.1 BACKGROUND OF THE STUDY
Although we know that setting up hospitality industry in a prominent position in the Nigeria industrial league table with regard to the number of employees and annual turnover, in its present state, it is fairly of displeased original dating from the introduction of the regular mail coaches in the eighty century and developing, further during the colonial Era, with the advent of railway and their motor car which gave ordinary men the means of traveling easily than ever before.
Whenever a person leaves this home for more than a few days, he has to seek hospitality from his kind elsewhere, it may be that he requires a meal because he is too far away to go home and eat. He may be staying away over night which will require a room and a bed.
If a man goes to work in the morning and does not return until late in the night, unless he takes his won food and makes his own tend he will have his meal in a staff canteen of work or to the services he obtained, he will expected at home such as a smile and a welcome. “The view aim of a hospitality industry is pressing that of providing temporary substitute for home”
There had certainly been hotels since biblical times and no doubt before, and all the eastern regions at least enjoy providing travelers, an obligation which has continued up to date. This was even supported by the legal requirement of the United Kingdom (UK).
Hotel proprietors acts of 1958 history in several king garages and some terms come and go in popularity from time to time. The two main roots appear to be Latin and German.
Hospital is a Latin word which means a place for quest while her Bergen is German work which means to hide shelter.
1.2 STATEMENT OF THE PROBLEM
Hotel and catering establishment play a major role in the tourism industry in Nigeria just a the volume of sales of the various individual, catering establishment depends to some extents on the level of efficient management of the financial resources and their level of prices if hotel are to continue in making substantial contribution to the earning of foreign exchange, it must be consigns of the core of financial planning and control of certain aid, hotel establishment and carryout in depth analysis of the main features of their operation decide what problem for accounting and financial control purposes.
The inherent problems existing with respect to financial management in the hospitality industry could be viewed with respect to the following:
- Implore cost control system.
- Lack of people budgetary system.
iii. Inflexibility in the cost structure and nature of products.
- Little attention had been paid to the core of financial planning.
- Complex sales instability and cycle of operations
- Inefficient sourcing of finance and improper advance planning and control on how they should be utilized their stock .
the limitation listed above and others stated in the objective of the motivating force behind the study.
1.3 OBJECTIVE OF THE STUDY
The main objective of the study is to device a means of improving on the management of scares financial resources with particular reference for planning and control in circular hotel Ilorin.
The study also sets out to determine the following objectives.
- The extent to which budgeting and budgetary would aid the proper control its financial resources.
- How the resources of financial form appropriate sources and at the right cost would maximize the owned of the catering and hotel operation.
- To determine the appropriate credit control policy which help in the maximization of bad debt.
- To determine the extent to which management not liquid financial resources would obstinate the possibility of shortage of excessive holding of cash.
- To disclose ho9w costing and budgetary control is used as tool for control in the hotel operations. Route.
- To determine the extent to which the administer of the stock or investors in the hotel operation would help in reducing wastage, pilferage and reduction in excessive investment in perishable stock.
1.4 SIGNIFICANCE OF THE STUDY
Hotel and catering establishment that are successful hardly succeed by chance. They are often the out come of extensive planning and control on the parts of the efficient management team, especially as tit relates to the management of their scarce financial resource, since financial have been describe as the “life blood” of any business venture.
More so, finance had also been describe as the resource had also been described as the resource input to the proper management of men, money materials and machinery without growth planning and control (even in hotels with service in great demand) will be unable to sustain the level of operation required. And control.
Uncertainly and change is a luxury that is hardly enjoyed by hotels and catering establishment operating in a volatile economy like Nigeria, it than follows that by which the planning and control of their financial resources would help its services in the implies competitive business environment.
By carrying out a study on the financial operation in circular Hotel Ilorin. The study will go a long way to achieve the following benefits.
- The study will help to review the optimum stock level.
- The effective management of working capital with the object of reducing excessive investment on it.
- The study will help to add in no small measure to literature in financial management in catering and control the hotel operation.
- The study will also helped to explore the instability in sales and list structure in which plans was devised to instigate against uncertain future.
- To put in place a comprehensive control system for their credit policy.