Accounting in Hospitality Industry

Becoming a capable leader in a hospitality setting means developing a working knowledge of every key operating process. One of which being accounting – one of the most important administrative duties for any business. The accuracy or otherwise of a hotel’s accounts has a direct impact on the profitability and viability of the entire business. Put simply, no organisation can succeed without flawless accountancy standards at all times. The more accurate and complete the hotel’s accounts, the easier it becomes to maximise revenues, minimise expense and generally keeps tabs on the firm’s financial performance. Without a strong grasp of basic accountancy, there’s only so far a career in hospitality can go.

This exclusive tutorial has been designed for current and prospective hotel managers alike. Explore the role and value of accurate accounting in the hospitality industry, along with the various types of accounts within a hotel. Study profit and loss reports, account balance sheets, revenue and expense records, petty cash, the basics of budgeting and more.