Though it’s not the most glamorous or visible job in the hospitality industry, this branch of accounting plays an important role in ensuring a hotel’s profitability. It also touches on all aspects of a hotel’s operation, making this a valuable skill whatever your role
Instructor: Manish GuptaLanguage: English
It’s in the nature of the hotel business that revenue is sometimes unpredictable. In addition, there’s often an opportunity for employees and other parties to commit fraud, leading to leakage of funds belonging to the company.
Identifying the causes of inefficient revenue collection and finding long-term solutions is called income auditing or revenue control. This can entail monitoring financial statements, evaluating and reforming administrative processes, instituting other checks and balances, and implementing technology like online payment solutions and point-of-sale systems.
A formal revenue audit can take several days and consists of methodically evaluating the following aspects of how a hotel conducts business:
These tasks can (and should) also be performed on a continuous basis. Due to the wide range of areas touched on, a working knowledge of revenue auditing is useful to all types of managers, not only those in the financial field.
Due to the nature of this introductory course, forensic accounting is not covered in detail. We will, however, arm you with the following knowledge:
Ignoring income auditing in the hospitality industry means leaving money on the table every month. This is obviously unacceptable, but it’s often the case that nobody on the hotel’s management team has the training, time, or motivation to take responsibility for this. Doing so can resolve several unidentified problems and raise your status within the organization.