The second session of the Industry Interaction Programme for the academic year 2018-19 was held on 29th September 2018 at 11.00 am. The Resource person for the programme was Ms Blossom Rebello, Finance Executive at Royal Orchid, Pedda,Varca Salcete- Goa. The session was attended by the students of M.Com Part I and II and the M.Com faculty.
The Programme began with Asst. Prof. Mr. Frazer Taylor introducing the resource person.
Ms. Rebello actively interacted with the students on the topic ‘Overview of Hospitality Industry and Hotel Accounting’. She discussed in greater detail the various segments of the hospitality industry i.e. Food & Beverages, Travel and Tourism, Lodging and recreation. The resource person also spoke about the global issues and challenges in the hospitality industry.
On a broader level, the departments of a hotel can be classified as the front office and back office. It can be further categorized into various individual departments such as Finance, Purchase, Sales, Food & Beverage production, Reservation, Kitchen stewarding etc. Apart from this the resource person also mentioned that the hotel industry offers several job opportunities and highlighted certain departments that would ideally suit the M.Com graduates.
The resource person gave insights on the internal operations of a few departments i.e. Human Resource department, Purchase department and Accounts department. She discussed about the recruitment process, performance appraisal, rewards & recognition and various other activities conducted for the employees such as sports, movie screening, games etc. She also elaborated about the purchase cycle, purchasing process and the principles of purchasing.
The finance department comprises of two major sections i.e. Accounts receivables and Accounts payables. The hotel may follow centralized or decentralized system of ‘On Property Accounting’. The tasks of the Accountants are clearly defined into three major branches of Accounting i.e. Financial Accounting, Cost Accounting and Management Accounting.
The revenue generating activities of a hotel consists of the following:-
1) Room revenue comprises 60% of the total revenue
2) F & B revenue comprises 30% of the total revenue
3) Minor operating department revenue comprises 10% of the total revenue
Hotels prepare the budget monthly or annually. The budget is specified well in advance for each and every department. All the efforts are made by the departmental heads to keep the cost below the budgeted limit. In the end, the forecasted budget is compared with the actual results and the reasons for deviation are identified.
Ms. Rebello’s presentation concluded with an interactive session with the students.
The Programme ended with a vote of thanks proposed by Ms. Royline Sequeira, student of M.Com Part II.
