🏨 Bruce Jordan, the Michael Jordan of hotels, discusses the importance of income audits to protect hotel revenue.
💰 Income audits are essential to ensure that revenue is accurately tracked and to prevent losses due to mistakes or theft.
📊 Bruce has managed over $1 billion in assets and $300 million in revenue, making him a credible source in the hospitality industry.
🔍 Key reports to review during an income audit include:
🚨 The main reasons for conducting revenue audits are:
📋 The Guest Ledger shows current guests, their balances, and any outstanding charges that need to be posted.
💳 The Advanced Deposit Ledger tracks payments made in advance for rooms or events, ensuring they are recorded correctly once services are rendered.
📝 The Credit Checklist monitors credit card authorizations to ensure sufficient funds are available for guest charges.
📅 The Hotel Journal Detail provides a daily summary of all transactions, helping to identify any duplicate charges or errors.
❌ The No-Show Report tracks guests who fail to arrive, ensuring that revenue is recorded for guaranteed reservations.
📉 The Rate Variance Report identifies unauthorized rate adjustments made by front desk staff, which can lead to significant revenue loss.
💵 Implementing a strong cash handling policy is crucial to prevent theft and ensure accurate cash transactions.
🌟 Finally, maintaining relationships with top guests is vital for ongoing revenue, as these guests contribute significantly to hotel income.
🙌 Thank you for joining this session on income audits. For any questions, feel free to reach out!