The hospitality industry is one of the largest and fastest growing industries, with over $550 billion in revenue worldwide. This application is designed to educate students who are seeking a career in the Hospitality Industry (Hotels, Motels, Resorts, Restaurants etc.), and it is also designed to help those who are working in this industry at any position from Front Desk to Night Auditor, Managers, Assistant Manager and General Managers, to understand the concept of accounting and finance process in this industry, so that they can improve the operation and productivity of their organization.
This application covers from basic accounting to the monthly closing process, hotels key performance metrics, and other useful materials with explanations and examples to improve the efficiency and profitability of hotels, while comparing the performance within the same industry. Owners, CEOs, Presidents, Controllers and CFOs can also be benefited from this app as they can calculate their Occupancy %, ADR, RevPAR, projected revenue and a lot more, just by keying in the required information as we have in a separate tab Calculate Your Property to get the results. This app also covers a Food and Beverages section that will assist restaurants in keeping their cost in control. Below are some of the major highlights of this application:
Basic accounting such as forms of business organization, accounts balances, accrual and deferral.
Balance Sheet and Income Statement (Profit and Loss Account): Head of accounts and format used in hospitality industry.
Income Statement: It describes various different segments of revenue, and what percentage your expenses of your total revenue should be to improve the bottom line.
Statement of Cash Flow- indirect method of calculating cash flow.
How to manage Foods and Beverage, Fixed assets and other operating assets in hospitality industry.
STR Report: To compare your property (Hotel) metrics with the competitors in the same market and analyze the results.
Different Balance Sheet and Income Statement ratios to measure the weaknesses and strengths in areas where improvements are needed.
Hotel Performance Metrics.
Pricing Strategies: To set room price, to achieve desired profit margin, numbers of rooms required to sell, and Food and Beverages pricing.
Budget: What percentage the revenue and expenses should be from actual, when preparing the budget.
Monthly Closings: What are the steps required to close your books at the months end.
Calculate Your Hotel: This is a very useful tab, as it helps to calculate your Hotel Occupancy, ADR, RevPAR, RevPOR, GOPPAR, CPOR, TREVPEG, Current Ratio and many other useful ratios just by keying in numbers and the results will be in front of you.
As revealed by Benjamin Disraeli The more extensive of a mans knowledge of what has been done, the greater will be his power of knowing what to do.