Hotel Accounting
About Hotel Accounting
Accounting
or Accountancy is the measurement, processing, and communication of
financial and non-financial information about economic entities such as
businesses and corporations.
Regardless of the business size,
Accounting from the perspective of the Hotel Industry is all about recording
and retrieving in & out cash flow.
Separate accounts must be
maintained for receipts like Wines, Beer, Spirits, etc., and payments
made against them, the balance is transferred to the Profit and Loss
Account.
Hotel Accounting provides many benefits, such as
• Better Cost Management
•
Revenue Enhancement - Hotel owners be able to maximize their revenue
by easily analyzing and optimizing their cashflow while streamlining
their budget and forecasting strategies.
• Better Manpower utilization
•
Business Insights - An in-depth analysis help the hoteliers better
utilize their data and identify their operating expenses and costs,
department-wise.
• Improved Operations - Financial streamlining is done for improving operations.
•
Financial statements are available which convey the financial position
and performance of the hotel, for a certain period of time.
• Better financial business decisions
Who should take the Hotel Accounting Exam?
• Accounting and finance professionals
• Hotel owners
• Anyone who wants to assess their hotel accounting skills
• Accounting and finance managers and senior executives engaged in hospitality or hotels
• Accounting consultants
• Any professional with skills and knowledge of hotel accounting
• Anyone interested in hotel accounting
Hotel Accounting Certification Course Outline
1. Meaning and Scope of Accounting
2. Taxation
3. Banking and Finance
4. Costing & Auditing