"The business function concerned with profitability, expenses, cash and credit..."
This covers the financial aspects of food and beverage management, including cost control, budgeting, forecasting and financial reporting. It ensures the business is profitable and efficient.
Budgeting and Forecasting: The process of creating a financial plan, estimating income and expenses, and projecting future revenue and costs.
Cost Control: Techniques for managing and minimizing expenses, such as inventory management, menu engineering, portion control, and waste reduction.
Financial Statements: The documents that communicate a company's financial performance, including the balance sheet, income statement, and cash flow statement.
Financial Ratios: Tools for analyzing a company's financial health and performance, such as liquidity ratios, profitability ratios, and efficiency ratios.
Cash Management: Strategies for managing cash flow and optimizing working capital, including cash flow analysis, credit management, and short-term financing.
Pricing Strategies: Techniques for setting prices that balance market demand, profit goals, and cost considerations, such as cost-plus pricing, value-based pricing, and dynamic pricing.
Investment Decision-making: The process of evaluating capital investment opportunities and determining the feasibility, return on investment, and risk involved.
Taxes and Regulations: Understanding and complying with financial regulations, laws, and tax requirements, such as sales tax, employment taxes, and reporting requirements.
Accounting Principles: The fundamental principles and practices used to maintain accurate financial records, such as GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards).
Auditing: The process by which an independent auditor examines financial records and statements to ensure their accuracy and conformity with accounting standards.
Management Information Systems: The use of computer systems and software to manage financial data and automate financial processes, such as accounting, budgeting, and reporting.
Risk Management: Identifying, assessing, and mitigating financial risks, such as fraud, theft, inflation, interest rates, and foreign exchange rates.
Personal Financial Management: The process of managing an individual's personal finances.
Corporate Financial Management: The process of managing a company's finances, including financial planning, budgeting, and analysis.
Investment Management: The process of managing investments, including asset allocation, risk assessment, and portfolio management.
Financial Risk Management: The process of identifying, evaluating, and mitigating financial risks.
Cash Management: The process of managing a company's cash flow to ensure adequate cash reserves for daily operations.
Credit Management: The process of managing a company's credit policies and credit risk.
Tax Management: The process of managing a company's tax liabilities and ensuring compliance with tax laws.
Treasury Management: The process of managing a company's financial assets and liabilities, including cash, investments, and debt.
Financial Planning and Analysis: The process of developing financial plans, analyzing financial data, and evaluating performance.
International Financial Management: The process of managing a company's finances in a global business environment, including currency exchange rates and international tax laws.
"...maximizing the value of the firm for stockholders."
"...short- and long-term financial resources..."
"Financial managers (FM) are specialized professionals directly reporting to senior management, often the financial director (FD)."
"The function is seen as 'Staff', and not 'Line'."
"...to ensure the objectives of the enterprise are achieved."
"Profitability, expenses, cash and credit..."
"...so that the organization may have the means to carry out its objective as satisfactorily as possible."
"...to carry out its objective as satisfactorily as possible."
"The efficient acquisition and deployment of financial resources..."
"...stockholders."
"Profitability" is one of the key areas of concern in financial management.
"The financial director (FD)"
"...the business function concerned with profitability, expenses, cash and credit..."
"...to ensure the objectives of the enterprise are achieved."
"The business function concerned with... cash and credit..."
"...senior management"
"Expenses" are one of the key areas of concern in financial management.
"...efficient acquisition and deployment of both short- and long-term financial resources..."
"To ensure the objectives of the enterprise are achieved."