Financial monitoring of a hotel business as a tool for making management decisions
The relevance of the use of financial monitoring in the hotel industry is determined by the difficulties of modern business in the Russian Federation. These difficulties require early detection of factors and causes of emerging threats. The article defines the role and importance of financial monitoring in the management of a hotel enterprise, formulates its tasks in the strategic planning system, identifies the stages of its implementation, and highlights the structure and main directions of its development. Despite the instability of the development of the hotel industry, the strategic aspects of the hotel enterprise become especially important, which are adjusted under the influence of the results of financial monitoring. Financial monitoring should be carried out in a timely manner and its result should be an effective distribution of profit after tax, management of strategic risks, the cost of the hotel business, and projects for its development. The author concludes that the monitoring system of a hotel business has a complex and multi-stage structure that directly depends on the structure of its management, the number and magnitude of tasks set by its owners, so its necessary elements should include: providing borrowed funds; conducting rapid diagnostics of the financial and economic state; improving the pricing policy for hotel products and hotel services (a system of discounts and tariffs, special offers, loyalty programs, etc.); optimizing accounting and tax policies; assessment of the effectiveness of investment and innovation projects related to the introduction of modern technologies; development of a budgeting policy based on the identification of centers of responsibility for managing the income and expenses of a collective accommodation facility.
Fedorchukova S. G. (2021) Financial monitoring of a hotel business as a tool for making management decisions. Research Result. Business and Service Technologies, 7(2), 59-68, DOI: 10.18413/2408-9346-2021-7-2-0-6
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