Start Date: 11/03/2025
Duration: 1 day - 9.30am - 4pm
Location: Online
Full Fee: €85
Network Members Fee: €65
Programme overview
The programme has been designed to provide practical and actionable training on finance management for members, with a specific focus on budgeting and payroll in the context of restaurant and hotel operations.
Learning Outcomes
By the end of the training, participants will:
- Understand how to effectively manage payroll costs and their impact on the business.
- Be equipped with the knowledge and tools to create, monitor, and adjust budgets for improved decision-making and profitability.
- Gain confidence in applying financial management principles to real-world hospitality scenarios.
Course Content
- Payroll Management
- Understanding Payroll Costs:
Explore what goes into payroll costs, including wages, taxes, benefits, and hidden costs like training and turnover. - Calculating the True Cost of Employees:
Learn how to calculate the full financial impact of an employee on the business, including fixed and variable costs. - Strategies for Managing Payroll Costs:
Discuss approaches to monitor and control payroll as a percentage of revenue, ensuring alignment with industry benchmarks.
- Budgeting Fundamentals
- Introduction to Budgets:
- What is a budget, and why is it essential for financial planning and business success?
- Overview of budgeting methodologies and which ones are best suited for restaurants and hotels.
- Gathering Information for a Budget:
- Identify the data needed to create an effective budget (e.g., historical financials, sales forecasts, cost estimates).
- Sources of information: internal records, industry benchmarks, and supplier insights.
- Creating and Managing a Profit & Loss Budget:
- Step-by-step guidance on building a P&L budget for a bar/restaurant and a hotel.
- Demonstration: Sample budget comparison for both a bar/restaurant and a hotel, showcasing how to analyse variances and track progress.
- Practical application: Using budget analysis to make informed decisions that improve profitability.
- Cashflow Budgeting:
- The critical differences between P&L budgets and cashflow budgets.
- Why both are necessary for managing operational costs and ensuring liquidity.
- Tips for creating a cashflow budget tailored to hospitality businesses.
Practical Application
- Real-world examples and scenarios specific to the hospitality sector (restaurants and hotels).
- Interactive exercises: Participants will work through budgeting and payroll scenarios to reinforce learning.
- Tools and templates provided for attendees to implement budgeting and payroll strategies in their own businesses.
Trainer profile
John Carolan ACMA, Solve Outsource
John Carolan is a Chartered Management Accountant, holds a Bachelor of Business Studies Degree and Diploma in Taxation. John is a member of the Irish Tax Institute and an active member of the Chartered Institute of Management Accountants (CIMA) and MIP committee. Also, John has previously represented his Institute at the CRO accountant’s forum.
With over 20 years of experience working in a number of diverse, indigenous and multinational organisations at senior management level and built up a wealth of knowledge in a number of different industries. These include Grafton Group PLC, GLS, Campbell Bewley Group, Heaton’s, and An Post. Many of these roles were involved in company restructure and change management. This experience has given John the ability to critically analysis a company’s systems and controls. Consequently this has enabled development and implementation of improvements that lead to increased productivity and more importantly, better financial and business information for senior management and business owners. Above all, John believes that regular communication with all clients is hugely important. Providing clients with a clear financial picture of where their business is at and how it is performing is hugely valuable to them and their business.
