LO1: Investigate how to manage finance and record transactions to minimise costs responsibly within the hospitality sector

 

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Managing financial costs within the hospitality industry is quite a tough job. Managers who look after the costs and accounts should look into this issue and figure out how the hospitality costs can be reduced. There are a few methods through which the hospitality costs can be reduced or controlled.

Methods to reduce hospitality costs

Utilize training and scheduling to optimize labor costs

Up to 50% costs within the hospitality industry are gone in employees’ salaries and their daily wages. This has to be your first target when reducing hospitality costs. You got to look into what your labors and employees are demanding and if you fail to do so, you will have unhappy employees and guests which will negatively impact your hotel’s reputation.

You can also arrange employee development trainings where you can teach them how to perform duties efficiently. This will help when an employee is on leave, you will not have to look for another employee for his/her replacement, and instead any other of your staff members can perform the same duty. This will reduce hiring costs.

Reduce utility expenses

Reducing utility expenses is one of the most effective ways of lowering the hospitality costs. For this, you got to track your energy consumption, and once you have the exact figure, you can have a control over your energy consumption. Some of the best energy efficient products you can use are

• Energy-efficient bulbs and installing occupancy sensors to ensure they turn off when gusts leave the room
• Proper HVAC systems
• Use sol.ar heaters for pools

Rethink your software needs

usage of software can increase your amount because software costs license and maintenance fees. The software you use depends on the property you possess. More than that, you will need a professional who can look after and manage these software. To reduce the software cost, you can buy a software suite that provides several functionalities in a single suite.