Title page




Table of contents 


1.1 Introduction

1.2 Statement of the problem 

1.3 Objectives of the study

1.4 Significance of the study

1.5 Research methodology 

1.6 Research hypothesis 

1.7 Plan of the study


2.1 Market feasibility and fundamentals

2.2 Financial planning and control 

2.3 Control ratio and variance analysis 

2.4 Budgeting and budgetary control

2.5 Management of working capital 

2.6 Control of cost and costing 

2.7 Capital structure in hotel operations 

2.8 Management reporting 

2.9 References 


3.1 Brief history of circular hotel limited Ilorin 

3.2 Design of the study

3.3 Sources of data

3.4 Method of data analysis 

3.5 Limitation of the study


4.1 Data presentation 

4.2 Data Analysis

4.3 Findings of the study 


5.1 Summary

5.2 Conclusion 

5.3 Recommendations




Although we know that setting up hospitality industry in a prominent position in the Nigeria industrial league table with regards to the number of employees and annual turnover, in its present state, it is fairly of displeased origin dating from the introduction of regular mail coaches in the eightieth century and developing further during the colonial era, with the advert of railways and their motor car which gave ordinary men the means of travelling easily than ever before. Whenever a person leaves his home for more than a few days, he has to seek hospitality from his kind elsewhere. It may be that he requires a meal because he is too far away to go home and eat. He may be staying away overnight which will require a room and a bed. If a man goes to work in the morning  and does not return until late in the night, unless he takes his own food and makes his own tend he will have his meal in a staff canteen at work or to the services he obtained, he will expected at home such as a smile and a welcome. “The object of a hospitality industry is pressing that of providing temporary substitute for home”.

There had certainly been hotels since biblical times and no doubt before, and all the eastern regions at least enjoy one to provide for travelers, an obligation which has continued up to date. This was even supported by the legal requirement of the United Kingdom (UK). Hotel proprietors acts of 1958 the history in several languages, and some terms come and go in popularity from time to time. The two main roots appear to be Latin and German.

Hospital is a Latin word which means a place for guests, while her Bergen is a German word which means to hide shelter. 


Hotel and catering establishments play a major role in the twist industry in Nigeria just as the volume of sales of the various individual, catering establishment depends to some extent on the level of efficient management of their financial resources and their level of prices if hotels are to continue in making substantial contributions to the earnings of foreign exchange, it must be conscious of the importance of financial planning and control of certain aid, hotel establishments and carryout in depth analysis of the main features of their operation decide what problems for accounting and financial control purposes.

The inherent problems existing with respect to financial management in the hospitality industry could be viewed with respect to the following:

i. Implore cost control system

ii. Lack of people budgetary system 

iii. Inflexibility in the cost structure and nature of the products.

iv. Little attention had been paid to the importance of financial planning.

v. Complex sales instability and cycle of operations.

vi. Inefficient sourcing of finance and improper planning and control with respect to how they should be utilized.

The problems listed above and others stated in the objectives of the motivating force behind the study.


 The main objectives of the study is to device a means of improving on the management of scarce financial resources with particular reference to planning and control in circular hotel Ilorin. The study also sets out to determine the following objectives:

1. The extent to which budgeting and budgetary would aid the proper control of its financial resources.

2. How the resources of financial form appropriate sources and at the right cost would maximize the wealth of the investors in catering and hotel operations.

3. To determine the appropriate credit control policy which help in the minimization of bad debt.

4. To determine the extent to which management, not liquid financial resources would obstinate the possibility of shortage of excessive holding of cash.

5. To show how standard costing and budgetary control is used as a tool for control in the hotel operations.

6. To determine the extent to which the management of stock or investors in the hotel operations would help in reducing wastage, pilferage and reduction in excessive investment in perishable stock.

7. Finally, to appraise the system in use at circular hotel Ilorin.


Hotels and catering establishments that are successful hardly succeed by chance. They are often the outcome of extensive planning and control on the parts of the efficient management team, especially as it relates to the management of their scarce financial resources, since financial have been described as the “life blood” of any business venture.

Moreso, finance had also been described as the resources input to the proper management of men, money, materials and machinery without growth planning and control (even in hotels with service in great demand) will be unable to sustain the level of operations required. Therefore, long range forecast can be useful for planning and control. Uncertainly and change is a luxury that is hardly enjoyed by hotels and catering establishment operating in a volatile economy like Nigeria, it then follows that there is every need for hotels to determine ways and means by which the planning and control of their financial resources would help its service in the imply competitive business environment.

By carrying out a study on the financial operations in circular hotel Ilorin. The study will go a long way to achieve the following benefits:

a. The study will help to review the optimum stock level.

b. The effective management of working capital with the object of reducing excessive investment on it.

c. The study will help to add in no small measure to literature in financial management in catering and hotel operation.

d. The study will also helped to explore the instability in sales and list structure in which plans was devised to mitigate against the uncertain future.

e. To put in place a comprehensive control system for their credit policy.


The tools for data collection was mostly interview and questionnaire, comprised of open ended and close ended questions, descriptive method of data analysis was used.

The primary and secondary data collection used including going to the case of study and related establishment, to carry out personal and direct administration of questionnaire, personnel interviews, interview of personal and the company and statements issued by the company that are relevant to the study was equally used.

The secondary method of data collection and analysis involves the collection of processed data; information from other sources other than the company extensive use of the library facilities in the campus (Kwara State Polytechnic), Kwara State Library Complex Ilorin was also used, such materials as journals, magazine and texts relating to the area under the study was extensively used.


In order to provide solution to the research problems identified, to pursue the purpose of this study, the following hypothesis were formulated and tested empirically:

Hypothesis One:

(1) Hi: Financial planning and control enhance hotel operations.

Ho: Financial planning and control does not enhance hotel operations.

Hypothesis Two:      

(2) Hi: There is a relationship between financial planning, and control of hotel operations.

Ho: There is relationship between financial planning, and control of hotel operations.


The entire study is made up of five chapters, chapter one took a critical review of hospitality industries, the theoretical background the need for the study and what the study had setout to achieve.

Chapter two reviewed related literature that have “direct relationship to the study” the variance analysis and views of various authorities control, and management as it affects accounting and finance.

Chapter three focused on the research method, the sources of data through descriptive analysis and brief history of the case of study. 

Chapter four based on the data analysis, data presentation and findings of the study.

Chapter five served as the conclusion and recommendation and the areas of further research of the study.



In the course of receiving the data collected in this research work, the ever occurring observation is that the rate of turnover varies significantly from one department to another.

Armstrong (1994), stated that gross turnover cost figures seem helpful in some cases, it is at the same time misleading in that they fail to juxtapose high turnover, with low turnover areas. Absorption rate of new employees, mostly skilled workers and the group are frequently seen with high turnover rate.

Cole (1992), stressed that a turnover rate of 26% would be considered perfectly satisfactory by most firms, while a turnover rate of 10% would be considered a major problem for an organization.

The analysis of data received from various sources during the field survey through questionnaire is presented in this chapter. So also is the test of research hypothesis.


There are basically three ways of going into a catering and hotel business which include: starting from the scratch through development, buying an existing business which can be developed further and buying a franchise. The service of an accountant is very useful in the early stage of going into a hotel business thereby debunking erroneous belief that accountants are only used for the preparation of audited accounts. Other experts required at early stage of hotel operations are: legal advisers, marketing experts, investment analysis etc. (Edward Dawin, 1990).

The fundamental objective of market feasibility is to help identify a market opportunity and the means of exploiting that market to meet the set objectives. The extent or depth of a market feasibility study will vary considerably according to the needs of the situation.

The basic aims of food and beverage control system can be simply stated as satisfying both the customer requirement and the financial requirements. To achieve this system must seek to avoid excessive costs without sacrificing quality and competitors price of the product being marketed.

Cost control in hotel operations is a very difficult task, this is further consumed by the business orientation earlier discussed. The effect of this is that, it leaves very little time for control task and hence the importance of daily or weekly food cost report and overall control system could be grouped into four mutually inter-related procedure which form a continues cycle of operations. These procedures are: planning activating, comparing and correcting.



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