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BUSINESS FINANCES IN HOSPITALITY AND TOURISM Practicum in Culinary Arts and Practicum in Hospitality Services

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Copyright Copyright Texas Education Agency, 2015. These Materials are copyrighted and trademarked as the property of the Texas Education Agency (TEA) and may not be reproduced without the express written permission of TEA, except under the following conditions: 1) Texas public school districts, charter schools, and Education Service Centers may reproduce and use copies of the Materials and Related Materials for the districts and schools educational use without obtaining permission from TEA. 2) Residents of the state of Texas may reproduce and use copies of the Materials and Related Materials for individual personal use only, without obtaining written permission of TEA. 3) Any portion reproduced must be reproduced in its entirety and remain unedited, unaltered and unchanged in any way. 4) No monetary charge can be made for the reproduced materials or any document containing them; however, a reasonable charge to cover only the cost of reproduction and distribution may be charged. Private entities or persons located in Texas that are not Texas public school districts, Texas Education Service Centers, or Texas charter schools or any entity, whether public or private, educational or non-educational, located outside the state of Texas MUST obtain written approval from TEA and will be required to enter into a license agreement that may involve the payment of a licensing fee or a royalty. copyrights@tea.state.tx.uscopyrights@tea.state.tx.us. For information contact: Office of Copyrights, Trademarks, License Agreements, and Royalties, Texas Education Agency, 1701 N. Congress Ave., Austin, TX 78701-1494; phone 512-463-7004; email: copyrights@tea.state.tx.us.copyrights@tea.state.tx.us Copyright Texas Education Agency, 2015. All rights reserved. 2

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Finances The way in which money is used and handled; especially : the way in which large amounts of money are used and handled by governments and companies 3 Copyright Texas Education Agency, 2015. All rights reserved.

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Business Transactions Business Charts and Graphs Financial Services 4 Copyright Texas Education Agency, 2015. All rights reserved.

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Business Transactions 5 An economic event that initiates the accounting process of recording it in a company's accounting system Copyright Texas Education Agency, 2015. All rights reserved.

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Point-of-Sale Systems A computerized system that can be used to: Communicate between staff members Create reports Generate bills Manage inventory Take orders Track revenue 6 Copyright Texas Education Agency, 2015. All rights reserved.

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Property Management Systems A computer software system that can be used for: Accounting records Electronic key systems Guest records Inventory Purchasing Receiving 7 Copyright Texas Education Agency, 2015. All rights reserved.

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Business Charts and Graphs A visual representation to present data from evaluation activities Used to: Calculate expenses Estimate profits for the business Forecast future trends 8 Copyright Texas Education Agency, 2015. All rights reserved.

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Workplace Documents Cash flow projections Inventory Purchase orders Tax forms Time sheets Work schedules 9 Copyright Texas Education Agency, 2015. All rights reserved.

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Property Management System 10 (click on link) Copyright Texas Education Agency, 2015. All rights reserved.

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Using the POS (Point Of Sale) System 11 (click on link) Copyright Texas Education Agency, 2015. All rights reserved.

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Lets Review! 12 1. What do finances involve? 2. What type of software system do most foodservice operations use? What does it do? 3. Why type of software system do most hotels use? What does it do? 4. How are business charts and graphs used in foodservice industry? Copyright Texas Education Agency, 2015. All rights reserved.

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13 Copyright Texas Education Agency, 2015. All rights reserved.

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References and Resources Images: Shutterstock images. Photos obtained with subscription. (Slides 3, 4, 5, 6, 7, 8, 9, 10, 11, 13) Textbooks: Culinary essentials. (2010). Woodland Hills, CA: Glencoe/McGraw-Hill. Draz, J., & Koetke, C. (2014). The culinary professional. Tinley Park, IL: Goodheart-Willcox Company. Foundations of restaurant management & culinary arts. (2011). Boston, MA: Prentice Hall. Reynolds, J. S. & Chase, D. M. (2014). Hospitality services. Tinley Park, IL: Goodheart-Willcox Company. Websites: Small Business Administration Learning Center Online Training Introduction to Accounting This course is designed to provide an overview of accounting. https://www.sba.gov/tools/sba-learning-center/training/introduction-accounting YouTube: Property Management System Patrick van der Wardt of iTesso explains the Property Management System for the hospitality industry. https://www.youtube.com/watch?v=f-1DNK__25o&feature=youtu.be Using the POS (Point Of Sale) System A brief tutorial of the basic functions of the POS system used in the food service department at Umpqua Community College. Topics include: clocking in/out, inputting a customers order, closing a ticket & printing a checkout (sales summary) report. https://youtu.be/rISyrnykrEw Copyright Texas Education Agency, 2015. All rights reserved. 14