Real Time Accounting - A Compelling Best Practice for Club Profitability

NCCU Author/Contributor (non-NCCU co-authors, if there are any, appear on document)
Ed Rehkopf, Donor to Hospitality and Tourism Administration (Creator)
North Carolina Central University (NCCU )
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Abstract: Real Time Accounting – The Compelling Best Practice for Club Profitability:Most every month a familiar scene takes place in many clubs. The financial statements havebeen prepared and distributed to all stakeholders – the general manager, the department headswith bottom line responsibility, the finance committee, and the board. It’s around the 15th of the month following the end of the reporting period, sometimes later, and the general manager’sphone starts ringing and the questions start coming – “Why are food and beverage revenuesdown?” “Why is golf course maintenance over budget by so much?” “Why is food cost sohigh?” Sometimes there are recriminations – “You told me last month that the cost of food would come back in line this month.” “How can we avoid assessments if we can’t meet our budgetobjectives?” “After last quarter’s overages, you said we’d do a better job controlling payroll, butit didn’t happen!” Often the general manager or department heads don’t have ready answers for what’s going on. “We’ll have to look into it and get back to you,” seems to be a common response – certainly not a confidence builder for the club’s management team!

Additional Information

Language: English
Date: 2021

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