Hospitality Accounting and Budgeting

The key to success in the hospitality industry is profitability. The course begins with an introduction to financial processes in hospitality organizations and an overview of the relevance and use of numbers in helping managers achieve profitability. The recording of financial activities is explored through the Uniform System of Accounts, accounting cycle and accounting equations. With this foundation, students prepare financial statements and analyze hospitality operations and liquidity through a variety of operating and financial ratios. Students learn forecast methodologies for seat turnover, occupied rooms and revenue for hotels and restaurants. In addition, they learn about the role, preparation and analysis of operating and cash flow budgets. The course also integrates Microsoft Excel skills such as formatting spreadsheets, formulas and charts with course content.