Hotel Management Essay
A Reflection on Hotel Management
The notes from the PowerPoint presentation cover the hospitality industry’s financial management, starting with entries to include as account receivables, how to manage and record correctly cash paid in and cash paid out, and details to include in the auditing process of a hotel. In chapter 10, I have learned account receivables are money a person owes a hotel but has not been fully paid. The money is recorded in ledger books for the hotel manager to remember to account for it during recording keeping. Guests allowed to use the hotel services on credit are loyal customers, city guests, or transient guests. This chapter is essential because I learned how to bill guests for hotel services and keep records of them if they have not paid for the hotel services. Also, learning how to prepare account receivable has given me insights into calculating incomes and losses of a hotel.
In Chapter 11, I have learned to keep track of money paid in and money paid out. This information is crucial because it can help me identify areas, I can lose money when dealing with cash-at-hand money. For example, I need to track refund money, money paid through bank, currency money and conversation rates, and money paid using credit cards. This can help me calculate the net profit a hotel generates when all prompt cash payments and incomes have been considered.
In Chapter 12, it covers the auditing process of the hospitality industry. Essential aspects of auditing I have learned include how to reconcile point-of-sale records, account receivables, and room charges paid electronically. Since auditing is about establishing the assurance the business is performing well, I have learned I can use these details and compare them with room statistics, such as the percentage of occupancy against money generated by the rooms. This can help to identify areas the hotel is losing money due to unaccounted records, especially cash records.
Vallen C-10. “Check In, Check Out: Managing Hotel Operations.” PowerPoint Presentation, 1-
Vallen C-11. “Check In, Check Out: Managing Hotel Operations.” PowerPoint Presentation, 1-
Vallen C-12. “Check In, Check Out: Managing Hotel Operations.” PowerPoint Presentation, 1-