Financial Control in Hospitality
The controlling function inside an organisation is vital for turning a static organisation into a dynamic and learning organisation. As such the role of controlling is to consult on how to improve performance. The module includes the role of a controller as well as its effects/benefits for the organisation.
The balanced scorecard approach is used as the model to explore the tasks of financial control and performance measurement in other areas. Last, but not least the module includes governance and ethical considerations.
- The Control Function of Management
- In the first part of the module, the controlling function within an organisation is clarified along with its tasks and responsibilities.
- Management control alternatives and their effects
- In the second part of this module a resource-based view is applied when looking at how control is applied (result vs process control) as well as on whom (action, personnel, culture). Thereby the pros and cons of each alternative are going to be discussed.
- Financial results control systems
- The structure of financial results control systems are reviewed in a controlling context with the objective to define financial responsibility centres. Based on those centres the planning and budgeting aspect is being considered.
- Ethics and situational influences
- In this part of the module, the trainees examine the impact of control related roles and ethics as well as situational influences. Thereby the organisational context of the controlling function is discussed while focusing on the perceived corporate governance responsibility of leaders in the industry. Management related ethical issues and analysis are also reflected on in the module.