What is Hotel financial accounting?
Hotel financial accounting is part of the financial practices of the hospitality industry. Unlike traditional corporate accounting, where one compilation of financial records is used, hotel accounting financial reports are made by separate entities before 'consolidated reports’ are made by the hotel.
The key annual reports are not distinct from most accounting reports: I balance sheet, (ii) benefit and loss, and (iii) capital investment reports. These 3 statements are produced for the different departments and assessed by the department. In general, a Certified Public Accountant (CPA), Accountant or Manager is responsible for managing accounting operations and produces financial reports such as Balance Sheet, Benefit & Loss (Income) and Cash Flow, etc.
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Irrespective of the scale of the company, Accounting from the point of view of the hospitality industry is all about tracking and recovering cash flow in and out. Hotel Accounting is considered a perk for improved decision management that gives good fortune to hoteliers if it is managed effectively.
Eligibility
- Candidates should have achieved their 10 + 2 from a recognized board.
- Then they are required to pursue the Hotel / Hospitality course available at the UG level.
- Applicants eligible to undertake hotel financial accounting must have Maths, Accounts, Economics, and English as compulsory subjects.
- On the other hand, applicants for the PG course in hotel/hospitality management must be graduates.
- Candidates should obtain at least 55% marks in their graduation in order to be qualified for admission to PG level courses offered by them in the field of hospitality management.
- AIMA UGAT, AIHMCT WAT, BVP CET, DTE HMCT, JET Entrance Test, must be cleared for all prospective applicants who wish to take Hotel Management courses.
Syllabus
Management Accounting Fundamentals (MAF) Financial Accounting Fundamentals (FAF) Management, Corporate Governance, and Ethics (MGE) Business Economics and Business Finance Fundamentals (BEF)
| First semester | Optional Language (Hindi) Hospitality Communication – I Food & Beverage Production – I Food & Beverage Service – I Front Office – I |
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Second Semester |
Optional Language Hindi Food & Beverage Production – II Food & Beverage Service – II Hygiene & Food Safety Travel & Tourism Management Hospitality Communication – II Environmental & Public Health |
| Third Semester | Optional Language (Hindi) Food & Beverage Production – III Food & Beverage Service – III Front Office – II Housekeeping – II Science and Society |
| Fourth Semester | Optional Language (Hindi) Food & Beverage Production – IV Food & Beverage Service – IV Front Office - III Housekeeping -III Life Skills & Personality Development |
| Fifth Semester | Industrial Exposure Training Industrial practicum with industrial (Project Report on operational aspects of the Star Hotels). |
| Sixth Semester | Specialization Training - Food & Beverage Service Management Hotel Financial Accounting Management Principles & Practice Computers in Hospitality Service -I Marketing of Hospitality Services Human Resources Development |
| Seventh Semester | Food & Beverage Production Management Accommodation Management Hotel Costing Computer in Hospitality Services – I Hospitality Law Entrepreneurship Development |
| Eighth Semester | Allied Hospitality Management Financial Management in Hotels Elective I – Specialisation Elective II Project on Marketing Feasibility & Financial viability |
Salary
Hospitality Financial Analyst salaries vary from 7 lakhs to 12 lakhs per annum. It depends on the type of hotel and in its location.
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