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Introduction to Financial Management for Hospitality Industry

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Additional Info

  • Type of Module/Course: Prescribed Stream Module
  • Level of Module / Course: Postgraduate Course
  • Year of Study: 1st
  • Semester: Spring semester
  • Number of credits allocated: 4,5 ECTS
  • Number of teaching units: 3
  • Name of lecturer / lecturers: MICHAEL BEKIARIS – ANDREAS ANDRIKOPOULOS
  • Content outline:

    The objective of the course is to supply the students with the knowledge that is needed for financial decision making in the hospitality industry and for efficient financial management of hospitality enterprises. This course highlights the dimensions of organizational culture which are associated with financial knowledge and processes. The course is divided in three sections. The first section refers to general principles of financial management and strategy. The second section refers to state-of-the-art financial practices and tools, which are employed in Greece and worldwide. The third section refers to financial issues that are special to the hospitality industry, placing particular emphasis on the structure of the European market for hospitality services.

  • Learning outcomes:

    At the end of this course, the student will know:

    • How to determine the financial status of a hospitality enterprise, by analyzing its financial statements
    • The principal financial operations of a hospitality enterprise, the accounting cycle, as well as the processes that govern the grant of credit.
    • Investment appraisal methods, with applications to expansion, restructuring, acquisitions etc.
    • The nature and use of the products which are available in financial markets.
  • Prerequisites:

    Basic principles of management and business economics

  • Module Contents (Syllabus):
    • Accounting principles
    • Financial statements analysis for hospitality enterprises
    • Use of accounting information for the purpose of decision making
    • Hotel accounting
    • Principles of valuation and financial management
    • Investment appraisal in the hospitality industry
    • Valuation of hospitality enterprises
  • Recommended Reading:
    Α) Principal Reference:
    • Hospitality Financial Management / Robert E. Chatfield & Michael Dalbor, Prentice Hall
    • Financial Management for the Hospitality Industry / Andrew W., Damitio J. and Schmidgall R. Prentice Hall, 2007
    Β) Additional References:
    • Financial Management for hospitality decision makers / G. Guilding, ΒΗ
    • Management accounting for hospitality and tourism / Richard Kotas
    • Accounting for hospitality, tourism and leisure / Gareth Owen
    • Business accounting for hospitality and tourism / H. Atkinson, A. Berry, R. Jarvis
    • Hospitality management accounting / Michael M. Coltman, Martin G. Jagels
    • Investment Appraisal and Financing Decisions” / S Lumby & Jones C. Thomson Learning Publ., 1999
    • Financial Management /  Brigham E, Gapenski L,  Dryden Press 1994
    • Accounting and Financial Management: developments in the international hospitality industry / P. Harris – M. Mongiello, ΒΗ
    • Management Accounting for Hospitality, Tourism, And Leisure Industries: A Strategic Approach / Debra Adams
  • Learning activities and Teaching Methods:
    • Lectures on the fundamentals of financial management
    • Individual and group study and projects
    • Cases studies on Greek hotels
    • Review of international theory and practice of hospitality financial management
  • Assessment/Grading Methods:

    Written exams

  • Language of Instruction: Greek
  • Mode of delivery: Face to face
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