Hotel Financial Statements and Menu Pricing

The hotel sector is a vital part of the broader service economy as it caters to consumers that require overnight lodging. However, hotels need to ensure profitability. This course delves into the hotel industry and explores key revenue tools such as profit and loss statements, revenue management, expense control reports and menu pricing at restaurants. Do you want to control expenses and maximise profit? So why wait? Start learning today.

What You Will Learn In This Free Course

Introduction and Fundamentals

In this module, you will be introduced to hotel operations and cost structure. You will learn about hotel financial reports and Profit & Loss statements, as prescribed by the Uniform System of Accounting for Lodging Industries. Also, you will be introduced to fundamentals of accounting concepts like accruals, allocation of expenses and prepayments.

Key Revenue Terms Used in Hospitality

In this module, you will be introduced to the key revenue terms used in hospitality. You will learn about the key quantity and value drivers of rooms division revenue and its segmentation. Also, you will be introduced to the key quantity plus value drivers of food and beverage division revenue and its segmentation.

Standard Templates and Analysis Fundamentals Steps

In this module, you will be introduced to the standard templates of hotel profit & loss statements, as prescribed by USALI. You will learn about the Grand Profit & Loss Statement and the secondary ones. Also, you will be introduced to the three types of revenue analysis, like horizontal, vertical and ratio analysis.

Revenue Management Analysis Reports

In this module, you will be introduced to the reports of revenue management analysis. You will learn about revenue by business, guest nationality, and benchmark reports. Also, you will be introduced to the booking lead period and lead pace reports. The upselling & upgrades reports are presented too moreover, you will learn about menu engineering.

Expenses and Expense Control Reports

In this module, you will be introduced to expenses and expense control reports. You will learn about the segregation of labour costs. Also, you will be introduced to the service charge and other components. The nature of expenses, productivity reports and zero-base manning are presented too moreover, you will learn about cost management ideas.

Overall Profit & Loss Analysis

In this module, you will be introduced to the overall profit & loss analysis steps. You will learn about steps 1 and 2 of overall profit & loss analysis. Also, you will be introduced to step 3 of the analysis for the rooms division, and the food & beverage division.

Setting Menu Prices for Restaurant Using Data

In this module, you will be introduced to setting the menu prices for restaurants using data. You will learn about the reasons for pricing the menu, and the qualitative and quantitative factors. Also, you will be introduced to the key concepts and a menu template about menu costing. A template to see if you need to raise prices is presented too.

Course assessment