Full Costing For The Hospitality Industry

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
Requirements
A basic understanding of hotel operations is preferred
Description
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.
Overview
Section 1: Introduction
Lecture 1 Introduction
Section 2: Costing methods
Lecture 2 What costing method
Lecture 3 Why a costing method
Lecture 4 Variable costing
Lecture 5 Full costing
Section 3: Direct costs
Lecture 6 Direct costs
Lecture 7 Direct labor costs
Lecture 8 Other direct costs
Section 4: Overhead costs
Lecture 9 Variable overhead costs
Lecture 10 Fixed overhead costs
Section 5: Allocation of costs
Lecture 11 Allocation to products
Lecture 12 Products for the hotel
Lecture 13 Allocation keys
Section 6: A one product hotel example
Lecture 14 A one product hotel example
Section 7: A multiple product hotel example
Lecture 15 A multiple product hotel example
Section 8: A full scale hotel example
Lecture 16 A full scale hotel example
Lecture 17 Which profit centers are profitable
Lecture 18 The cost of a hotel product
Section 9: Decision making
Lecture 19 Decision making
Lecture 20 Implementing full costing
Section 10: Documents
Lecture 21 Example with tables
Hotel managers,Business owners,Hotel owners,Managers,Beginner managers, hotel managers,Accountants


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