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Are We Keeping Our Cash In Our Hotels?, Agnes L. Defranco, Raymond S. Schmidgall
Are We Keeping Our Cash In Our Hotels?, Agnes L. Defranco, Raymond S. Schmidgall
Journal of Hospitality Financial Management
Cash is often known as the most important asset of any business. Without cash, it is very difficult to sustain a business, let alone to grow it. This study therefore investigated the compilation and usage of the statement of cash flows and the cash budget in hotels. The former is a historical document recording how cash was accumulated and used in the previous accounting period while the latter is a forecast to plan for the use of cash in the future. Other cash management practices, ranging from deposits, cancellations, and penalties to a list of accounts receivable and accounts payable …
Cash In Hotels And Clubs: 2020 And Beyond, Agnes L. Defranco, Raymond S. Schmidgall
Cash In Hotels And Clubs: 2020 And Beyond, Agnes L. Defranco, Raymond S. Schmidgall
Journal of Hospitality Financial Management
Cash is the lifeblood of any business. Even if a business has cash but is not properly managed, the operation will suffer. One hundred and sixty clubs and hotels shared their accounts receivable and accounts payable practices. In addition, for the users and usage of the statement of cash flows and cash budgets, how often such statements are prepared are documented as points of comparison. It is found that both clubs and hotels view the cash budget more favorably than the statement of cash flows, and hotels are more vigilant, employing more practices to collect their accounts receivable. Managing the …