Fundamentals of revenue controls and Income Audit | you must master in 2020

revenue controls and income audit course

Hotel / Restaurant Revenue & Collections are highly susceptible to frauds, Mis-use due to inherent risks, cash, a high number of turnover. Efficient hotel industry management practices usually involve a process of Revenue controls and income audits to prevent leakage of revenue & cash. Such a process is described as a revenue audit or Income Audit process and executed by the finance department in hotels.

The main objective of the income audit department is to record, analyze, and protect revenue leakages. The income audit department is responsible to maintain sufficient control systems and checks & balances on the entire operational process to ensure completeness.

In this online course, we discussing are various risks inherent in operational processes and what are counter checks to detect, prevent revenue leakages.

The class will continuously be updated based on the feedback of students and their questions and more topics will be added in future,

If you are a revenue auditor, chief accountant, finance manager (from non-hospitality background), operation manager of rooms or F&B. This class will enable you to understand the importance of various revenue controls and income audit measures and how to comply with them to protect revenue of your hotel.

What you’ll learn in this course on Revenue controls and income audit

  • Understand Reporting & Recording Requirements in Hotels
  • Spot Checks and Verification needed to ensure completeness and accuracy
  • We will not learn how to make a report
  • Understand the Risks Involved in Hotel Industry Revenue Cycle and how analysis of various reports help mitigation

Are there any course requirements or prerequisites?

  • Basic Understanding of Hotel Operations
  • Usual Daily Process of Income Audit
  • Basic Terminology Required

Who this course on Revenue controls and Income audit is for:

  • Revenue Auditors
  • Chief Accountant / Finance Managers
  • Operations managers
  • Small Hotel Owners

Check out the Introduction video here 

Introduction

1
Overview of Income Audit Functions
2
Qualities of Income Auditor
3
Fundamental Terms Explained
4
Room Segmentation and why its important

Recording And reporting Requirements

1
Trial Balance
2
Sample format of Daily Revenue Reports

Control Aspects

1
Revenue Control Aspects
2
Rate Variance Report and Room Discrepancy Report
3
Rebates and Collection Controls
4
Other Reports Explained Credit Card Batch,Comp Report, Entertainment Summary
5
Spot Checks

Income Audit Meeting

1
Income Audit Memo for issuing findings and Meeting for Controls
2
Assignment for Revenue Control and Income audit Course

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Enrolled: 2 students
Duration: 3 Hours
Lectures: 12
Video: 2 Hours
Level: Beginner

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Fundamentals of revenue controls and Income Audit | you must master in 2020
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$40 $5.99