If you want to see your hotel’s financial health and make sure you aren’t missing out on anything, you should look at your cash flow statement first. This will tell you whether you have enough money to meet your needs and if you are on track. If you haven’t yet mastered the art of creating a balanced budget, you should…
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…