Full costing for the hospitality industry
Learn the basics of full costing and how it can benefit your business in the hospitality industry. Increase accuracy in cost pricing and maximize profits with a solid foundation in cost management. Perfect for hotel managers, business owners, and beginner managers.
What you’ll learn
- Full costing method
- Variable costing
- Absorption costing
- Defining profit centers
- Defining service centers
- Allocation of costs
- What direct costs are
- What variable and fixed overhead costs are
- Setting up allocation keys
- Defining the actual costs of profit centers
- Defining the actual costs of products and services
- Calculating the profitability of departments and profit centers
- Calculating the profitability of services
- Implement a more cost acurate costing system
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This course ‘Full Costing for the hospitality industry’ is based towards students who are somewhat new to hotel industry or small business owners who want to learn more cost management, budgetting and optimizing hotel revenue.
Cost management is an important strategy to apply to increase or maximize profits. While setting up a costing system is not an easy task, it is important to have such a system in place. In this course we will discuss some elements and how to incorporate these into a system to increase accuracy in cost pricing.
If you have little to no experience when it comes to cost management this course will help you understand what it is and how full costing contributes to your business. In this course we will try to break a complex strategy down into smaller more easy to understand parts, so you can start implementing these in your hotel. And even in other industries.
Together we will discuss all the basics of full costing and go over some of the steps needed to set up a simple system. By the end of this course you will have a solid foundation and basic understanding of, what full costing is, why it is important to have such a system in place and what elements are involved.
When you’ve finished this course you’ll understand what full costing is and how it might benefit your business. We will discuss profit centers, service centers and allocation keys. What is variable costing and how is it different from full costing. You will learn how to determine the profitability for each department and the actual cost price for services and products the hotel sells.
Who this course is for:
- Hotel managers
- Business owners
- Hotel owners
- Managers
- Beginner managers, hotel managers
- Accountants
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