Hospitality & Tourism

Restaurant Financial Management A Practical Approach Hyung-il Jung, PhD Ordering Info/Buy Book

Published. Available now. Pub Date: September 2018 Hardback Price: see ordering info Hard ISBN: 9781771886451 Paperback ISBN: 978-1-77463-143-0 E-Book ISBN: 9781315147390 Pages: 306pp w/Index Binding Type: hardbound / ebook / paperback Notes: 13 b/w illustrations

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Reviews
“Finally we have an accounting/finance book that takes a practical approach. . . . What Dr. Jung has done is give us a textbook that emphasizes the practical skills that operators need to have to be leaders in the industry. I wish that I had this book to learn from when I was a young restaurant manager. It would have made my journey as an operator much easier. It wasn’t until I learned the language of the finance world that I really became successful. Having been an executive with three major corporations (almost twenty years with Walt Disney World Co.), I can tell you that the lessons of this text are crucial for every leader’s ability to achieve their goals. Dr. Jung has laid out the book in an easy-to-follow manner that allows the student to understand the building blocks of accounting and finance. The case study approach allows the learner to absorb the information and realize how to apply it in the world that they will soon be entering. Whether it be revenue, expenses, ROI, or budgeting, the lessons of this text will soon become everyday living for our students. They need this information.”
—From the Foreword by Duncan R. Dickson, EdD, Associate Professor, Tourism, Events, and Attractions, Rosen College of Hospitality Management, University of Central Florida, Orlando

“A fresh and pioneering effort to provide business practitioners and/or students who have limited knowledge of accounting or finance with a framework that develops a bird’s eye view over business operations by consolidating necessary financial aspects. . . . The book’s strength is the gradual progress that connects the concepts of financial accounting to managerial accounting, and finally to that of financial management. By doing so, this book introduces the entire apparatus of concepts and relevant techniques as tools to use in management decision-making process. For this reason, although it is titled Restaurant Financial Management, this book can also be applied to other types of business.”
— Gil Sung Kim, PhD, Dean and Professor, College of Culture and Social Sciences, Chonnam National University Yeosu, Korea

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Now Available in Paperback

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This new book, Restaurant Financial Management: A Practical Approach, provides valuable guidance on how to apply the concepts of accounting and finance to real-life restaurant business activities. This book is unique because it provides an understandable framework that breaks it down into three clear steps of applying techniques of accounting and finance to evaluate a restaurant business: It introduces how to consolidate major activities of a restaurant business into useful accounting information. It explains how accounting information is analyzed and then used to forecast the future. And it introduces the methods of projecting the future and determining the current value of a restaurant business. Using this approach, readers can develop useful knowledge on how to relate accounting and finance to a real-life restaurant business.

Using an imaginary restaurant business (based on a real restaurant) as an example to demonstrate a series of relevant business activities, the book walks the reader through the steps, giving the reader a bird’s eye view of restaurant financial management.

The book introduces various business transactions in simple formats and provides a few necessary sets of analytic tools (or ratios) to measure the effectiveness and the efficiency of the business activities. It covers how those tools are used in forecasting and planning. In the last section of the book, the concept of cash flow is introduced with the techniques of valuing a business. The reason for introducing the concept of cash flow in the last part is that the true value of a business is always determined by its capability of generating cash for its owners.

With this practical book in hand, restaurant managers, owners, and students will be able to make ultimate use of accounting information in a financial framework that measures the value of the restaurant business. The volume can also be used as a self-study guide to restaurant accounting and finance. Its aim is to make accounting and finance easy for restaurant managers.

Key features

• provides an understandable framework that breaks it down into three clear steps of applying techniques of accounting and finance to evaluate a restaurant business


• introduces how to consolidate major activities of a restaurant business into useful accounting information


• explains how accounting information is analyzed and then used to forecast the future


• presents the methods of projecting the future and determining the current value of a restaurant business


• acts as a guide for non-accountants by eliminating excessive technical details


• consolidates the core concepts of financial accounting, managerial accounting, and financial management


• describes how to estimate the market value of the business by applying the concept of cost of capital, life-cycle theory, and valuation technique

Faculty: Request an examination copy. Email info@appleacademicpress.com with your name, university, course titles, enrollment, current title, and decision date.

CONTENTS:
Foreword by Duncan R. Dickson, EdD, Associate Professor, Tourism, Events, and Attractions, Rosen College of Hospitality Management, University of Central Florida, Orlando

Preface

PART I: HOW TO ORGANIZE COMMERCIAL ACTIVITIES INTO FINANCIAL INFORMATION
1. Introduction: The Role of Accounting in a Business

2. Adjusting Entries for Missing Information

3. Analyzing Business Progress Presented in the Financial Statements

PART II: HOW TO USE FINANCIAL INFORMATION FOR FORECASTING AND PLANNING

4. Ratio Analysis: Advanced Tools to Analyze Business Performance

5. Cost Analysis and Control

6. Forecasting and Planning

PART III: CASH FLOW, PROJECTION, AND VALUATION
7. The Concept of Cash and the Cash Flow Statement

8. Long-Term Projection of a Business

9. Risk, Return, and the Time Value of Money (TVM)

10. Valuation of an R&B Grill


Index

About the Authors / Editors:
Hyung-il Jung, PhD
Associate Lecturer, University of Central Florida, Rosen College of Hospitality Management, Orlando, Florida

Hyung-il Jung, PhD, has been teaching at the Rosen College of Hospitality Management of the University of Central Florida since 2005. Before joining the Rosen College, he taught at Roosevelt University in Chicago. Throughout his academic career, he has been emphasizing for students the qualitative interpretation of quantitative data by teaching hospitality financial and managerial accounting, hospitality finance, and feasibility studies.

His interest in this line was developed during his days at Florida International University when he was studying for his master’s degree, after which he spent almost ten years in the industry to practice and cultivate his ideas further, working as a systems designer, an operations analyst, and the controller of a few nationwide foodservice companies that served convention centers and big sporting events, such as ball games, Winston Series Stock Car Races, and National Final Rodeo games. His industry career helped him advance his specialty of liaising between operators and the back of the house with structured assistance that combined accounting information and operational data.

Dr. Jung earned his PhD degree from Virginia Tech.

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