Manage Financial Operations Essay Example | Topics and Well Written Essays - 1500 words

Manage Financial Operations - Essay Example The manager must be aware of the citizenship status of the employees that are hired. The government now imposes fines to companies that hired illegal immigrants. The general manager in the hospitality industry manages the day to day operations of the company. The person oversees the entire work staff. His job entails monitoring the performance of the entire business. A good general manager uses performance metrics such as vacancy rate to determine if the firm is achieving the desired profitability levels. Customer service is a very important factor that affects the ability of the business to retain its customers. There is a ranking for hotels called the five star system that evaluates hotel to provide them with a star ranking. Five star hotels can charge a premium price for their services. The mechanism represents a quality assurance mechanism that also provides goodwill to the brand name of the company. The owner of a business enjoys the benefits of the yearly profits of the firm. The owner does not oversee operations, but their advice and approval is needed for major strategic decisions. In public corporations the common stockholders are the owners of the property. They participate in the profits the company earns when the business entity declares dividends. Common statements vote a few times a year on major business decision through a proxy mechanism. The owners of corporation do not have any personal liability if the company goes bankrupt as far as having to pay for corporate debt. The financial controllers oversee the work of the accounting and finance departments. The work performed by internal accountant includes paying payroll, making purchases, paying bills and other obligations, and creation of financial statement among other things. These professionals have to make sure the company accounting records comply with the general accepted accounting principles (GAAP). It is important to document all financial transaction and keep accurate accounting