Financial Management in Hotel Industry: The Best Practice

Abstract

An overview of the hospitality industry along with the requirement of managing finance has been evident. The scope and significance of the study has pointed out the areas that could benefit from its findings. Literature Review The necessity of having a finance management department in the hospitality industry has been reviewed. Followed by that, the best practices of finance management that are currently in use have been pointed out along with the challenges they might involve. The agency theory has been used to analyse the specific responsibility of the finance management department. The literature gap has pointed out the drawbacks in the existing literature.