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      Financial Management for Spas

      Financial Management for Spas

      00367CIN01ENGE

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      This textbook, developed in collaboration with the International SPA Association (ISPA) presents financial topics within the context of the spa environment. Readers will learn practical applications of key accounting and financial management principles.

      Topics include:

      • Compensation practices 
      • Inventory management 
      • Budgeting, 
      • Capital expenditures and business plan development 

      Concepts and practices are framed within the day-to-day business of a spa operation, demonstrating the practical applications of the accounting principles presented in the text.

      Authors: Raymond S. Schmidgall and John Korpi
      ©2011, 11 chapters, Softbound
      ISBN 978-0-86612-360-0

      Please note:

      Attention Instructors:

      This title is distributed in the United States by Pearson Higher Education.  For additional instructor information or to place an order, please visit Pearson's website.

      To find your Pearson customer service representative, visit http://www.pearsonhighered.com/replocator/.

      Table of Contents

      Chapter: 01 Introduction to Spa Financial Management
      Chapter: 02 Accounting for Payroll
      Chapter: 03 Inventory
      Chapter: 04 Income Statement
      Chapter: 05 Ratio Analysis
      Chapter: 06 Pricing and Menu Engineering
      Chapter: 07 Operations Budgeting
      Chapter: 08 Revenue Management
      Chapter: 09 Cash Management
      Chapter: 10 Capital Budgeting and Lease Accounting
      Chapter: 11 Business Plan Development
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      Syllabus

      Prerequisites: None

      Course Description: Designed to provide spa managers and other spa professionals with the financial management skills they need to succeed. Subjects covered include payroll accounting, inventory, income statements, ratio analysis, pricing, menu engineering, operations budgeting, revenue management, cash management, capital budgeting, lease accounting, and business plan development.

      Objectives: At the completion of this course, students should be able to:

      1. Identify and describe generally accepted accounting principles.
      2. Outline the nine steps of the accounting cycle.
      3. Explain the importance of containing payroll costs.
      4. Describe the elements of a spa's compensation plan.
      5. List types of spa inventory and outline the perpetual and periodic inventory systems.
      6. Differentiate between and use the different types of inventory monitoring systems.
      7. Identify the users of income statements and describe the income statement's relationship to the balance sheet.
      8. Explain the purpose of the Uniform System of Financial Reporting for Spas.
      9. Calculate and explain ratios commonly used in the spa industry.
      10. Summarize the limitations of ratio analysis.
      11. Identify key concepts and concerns related to pricing.
      12. Use markup and bottom-up approaches to pricing spa services and products.
      13. Explain the process of preparing an operations budget.
      14. Use information from budget reports to calculate and analyze several kinds of variances related to revenue, cost of goods sold, and labor.
      15. Define revenue management and explain how to use it properly.
      16. Describe various ways to measure revenue management results.
      17. Distinguish between income and cash flows and explain why the distinction is critical.
      18. Prepare a bank reconciliation.
      19. Describe the relationship of capital budgeting to operations budgeting.
      20. Identify some of the advantages and disadvantages of leases and describe common lease provisions.
      21. Discuss the need for business plans.
      22. Outline information that should be included in a spa positioning statement.

      Group Teaching Guidelines: This course comprises eleven chapter sessions that can be combined or broken down to meet a variety of scheduling needs. Class activities are included in the Instructor's Guide.

      Evaluation: The student must complete a comprehensive final examination.

      Learning Resource: Financial Management for Spas, by Raymond S. Schmidgall and John R. Korpi.

      Presentation Files

      These files, available by chapter, are formatted in Microsoft PowerPoint.

      Chapter: 01 Introduction to Spa Financial Management
      Chapter: 02 Accounting for Payroll
      Chapter: 03 Inventory
      Chapter: 04 Income Statement
      Chapter: 05 Ratio Analysis
      Chapter: 06 Pricing and Menu Engineering
      Chapter: 07 Operations Budgeting
      Chapter: 08 Revenue Management
      Chapter: 09 Cash Management
      Chapter: 10 Capital Budgeting and Lease Accounting
      Chapter: 11 Business Plan Development 

      Download

      Related Items

      Course Exam Scan Sheet
      Course Exam Scan Sheet