Measuring Corporate Social and Environmental †MyAssignmenthelp.com

Question: Discuss about the Measuring Corporate Social and Environmental. Answer: Introduction The main aim of the report is to understand the details regarding the practices followed for financial management and cost control in Hospitality Industry. For any business to attain profitability on a regular basis, the important thing is to find out ways through which costs can be controlled and finances can be managed constantly so that there is no chance of the resources getting wasted (Bratton and Gold 2012). To look into aspects of finances by making full use of the resources is essential to get the business in order. Cost Control is required because a business should always be on the lookout for expansion, through opening up of new branches, adopt proper marketing strategies to draw attention of the target customers. These can only be achieved when expenses get controlled by a significant margin through adopting certain measures to carry out activities within a threshold (Brigham and Ehrhardt 2013). Now the Food and Beverage Manager of restaurant Attica of Victoria is being interviewed for the purpose of finding out information regarding cost control and aspect of financial management. The interview questions and the responses are as follows : Which type of hospitality enterprise does the interviewee manage? The food and beverage manager of Attica had responded by saying that he is the food and beverage manager of this multi-cuisine restaurant, where footfalls are very high in this season. Restaurants are always in demand especially when they are able to maintain the quality with moderate pricing for all the items (Brigham and Houston 2012). The seating arrangement and the menu provided also have bog roles to play for determining the number of employees required. ii) How does the interviewee maintain the cost control of the: a) Front House Operations- Front House Operations basically deals with maintenance of the ambience, the dining room, waiting room and the bar. Managing the front of the house includes customer service, training of the staff, ways to design the dining room and look after ways to promote the restaurant in every possible way (DRURY 2013). Cost gets controlled through developing cordial relationships among the employees, thereby reduce the training period of people looking to learn the art of customer service and hospitality. The manager said that the cost control is done by allowing experienced staff to take over the jobs. Reports of how cost is getting incurred on a regular basis help in keeping a check over the expenses (Epstein and Buhovac 2014). Decoration part of the rooms are done through the recruitments of professional interior designers. Maintenance of quality food as per the cost incurred for the preparation of food is of utmost importance. Back House Operations of a restaurant refer to the activities that take place behind the scene. To allow the business to run smoothly, the back end staffs play vital role to ensure procurement of raw materials is done in an appropriate manner and they are in line with the budget ascertained (Healy and Palepu 2012). Then, the number of items are prepared as per specific instructions so that nothing goes awry. Most importantly, there is a need to keep a constant watch over the fact that the raw materials procured for the preparation of different items are used proportionately by keeping in mind the cost factor, so that there is no wastage. Thus keeping a weekly or daily track of the costs is essential. because money is a precious resource which no business can afford to let them go in waste. He makes sure to monitor closely on all the happenings of the back house so that no untoward incident takes place as far as theft of goods is concerned and also materials get utilized properly (Ker zner 2013). Some of the methods used by the manager for controlling finances in daily business operations are : Maintenance of financial reports The best way to track the return on investments acquired, the expenses incurred for procuring of various items, is through the Profit and Loss Account. This is being taken care of on a daily basis by the manager, by acquiring information from the accounts manager. This helps to ascertain the profit or losses incurred over a period of time and take appropriate measures to make sure that losses get minimized to a great extent (Lam 2014). Review of key financial data The next important method which the manager implements, is to keep a track of the financial data on a regular basis and review them from time to time, so that the deviations can be taken care of. Act upon the trends and findings The manager, in order to let the functioning of business happen smoothly, the reporting system gets compared with the monthly financial statements and internal source documents. Investigation Report On The Findings Of The Interview About Cost Control And Financial Management Practices And Evaluation Of Effectiveness The reponses gathered from the food and beverage manager of Attica goes to show that he has been extremely particular about proper financial dealings and regulation of costs as per the needs and requirements (Sekaran and Bougie 2016). The fact that, Attica is regarded as one of the best restaurants of Australia, the food and beverage manager deserves a lot of credit to ensure that resources are utilized in an optimum manner, menus are updated on a regular basis as per the changing environmental needs and ultimately give the customers, an experience of a lifetime, everytime they go over to Attica for dining (Vernimmen et al. 2014). The fact that he has talked of keeping regular track of financial statements, goes to show how particular he is about maintaining the image of the organization and make the restaurant thrive even more across the region of Australia (Xu and Gursoy 2015). He has also talked of ways to handle finances and keeping a check over them through constant monitoring of the finances through seeking reports from the accounts section. Another critical aspect is that he has made sure to coordinate the cost incurred with the maintenance of quality food on a consistent basis (Zairi 2012). The interview responses from the manager also gave the impression that he is a hard task master, who is very particular about maintaining the standards and most importantly take care of the expenses, so that the resources are utilized in the best possible manner. Conclusion The interview with the food and beverage manager of Restaurant Attica for understanding the cost control and financial management practices followed gave an insight on the kind of steps, a manager takes to ensure smooth functioning of a restaurant. This interview report concludes that maintenance of proper financial reports and statements and taking appropriate control for the deviations, are the secrets behind the making of a top class restaurant. The manager stressed on the fact that regular monitoring has always been his sole motto as this approach would enable the employees to be on their toes and make sure that the resources are utilized appropriately. When the raw materials are used judiciously and wastage gets avoided as much as possible, automatically the finances would be managed better and cost would be controlled. References Bratton, J. and Gold, J., 2012. Human resource management: theory and practice. Palgrave Macmillan. Brigham, E.F. and Ehrhardt, M.C., 2013.Financial management: Theory practice. Cengage Learning. Brigham, E.F. and Houston, J.F., 2012.Fundamentals of financial management. Cengage Learning. DRURY, C.M., 2013.Management and cost accounting. Springer. Epstein, M.J. and Buhovac, A.R., 2014.Making sustainability work: Best practices in managing and measuring corporate social, environmental, and economic impacts. Berrett-Koehler Publishers. Healy, P.M. and Palepu, K.G., 2012.Business analysis valuation: Using financial statements. Cengage Learning. Kerzner, H., 2013.Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. 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