You’ve managed to make it through the early stages of start-up. You have a solid product, you’re generating revenue, and your future looks bright. But no matter how well things are going in other areas of your business, there’s one place where they will always be difficult—bookkeeping. There are just too many moving parts in any hotel operation to do…
We at hotelier books are Certified Bookkeeping Experts and have been analyzing and reporting financial data for over a decade. In the journey we’ve seen things happen to even the best run businesses. Financial issues pop up out-of-the-blue when you least expect them. Some are due to management missteps while others stem from external factors. In this blog we will…
There are four main steps in hotel bookkeeping, which include: recording transactions; classifying transactions; posting the recorded transactions to journals and ledgers; and preparing financial statements. Step 1: Recording Transactions Recording transactions includes every action taken by the hotel’s employees and owners during their day-to-day operations. For instance, receiving payments from checking out guests or paying bills for supplies. All…
A hotel bookkeeper is responsible for complete hotel bookkeeping tasks which consists of keeping track of all transactions pertaining to the hotel, including guest activity and purchases made in the hotel. The bookkeeper must balance total receipts with total expenditures at regular intervals throughout the day; this includes tracking cash brought into or removed from the premises. If money goes…
Bookkeeping is the back bone of financial management for hotel business. It enables managers and owners to take informed decisions and successfully plan for better future. From a mere number crunching process, it has become much more than that now: It’s an exercise in interpretation and decision making that uses powerful tools like variance analysis and budgeting which enhances cash…
A hotel can be a profitable business, but only if the hotelier has knowledge of hotel accounting. That way, they will have control over their hotel’s finances and be able to make it more profitable. By using hotel accounting software or hotel bookkeeping software, hoteliers will benefit from some great benefits that come along with these programs. 1) Record Revenue…
Hotel accounting and hotel bookkeeping are different will all types of hotels and companies, but for the sake of this article we will focus on a traditional large-scale hotel. Hotel bookkeeping primarily entails recording everyday transactions such as taking reservations at the front desk or food and drink orders from guests; these transactions then need to be posted into the…
Do you ever wonder how to add value to your business? Handling your books adroitly could help you there! If you’re a hotelier, you aspire for streamlined Hotel Bookkeeping so your operations run smoothly and your finances can be managed well. Starting from managing your expenses to creating journal entries, bookkeeping only ends when you map the info to the…