Welcome to another of our Coffee Time chats. In this discussion we are joined by:
🔹 Neil Grammer of Strategic Solution Partners, one of our Expert Partners
In this discussion we look at the critical importance of ensuring the hotel revenue you have generated actually makes it to the bank.
We explore how the pandemic and current staffing shortages have highlighted financial control and process problems that can lead to significant risks
We dig into a number of common risks present right now, ways to resolve these by implementing an internal control framework and how to continually improve through the utilisation of an internal control questionnaire.
Hope you enjoy the discussion👍
Subscribe to our weekly newsletter and stay up to date
👏 If you value what we do, please consider becoming a ‘Friend of Revenue Hub’, (https://bit.ly/3K88Jeh)
🎥 We discuss a number of areas so we have broken the video down into a timeline:
- (01:10) Guest welcome and introduction
- (02:43) Topic Intro
- (03:51) Challenges currently being faced
- (06:04) Has pandemic highlighted control and process problems
- (10:00) Internal control framework and risk based analysis
- (15:18) Common risk areas including cash, credit card, housekeeping discrepancy, and house accounts
- (26:35) Less staff new staff challenge
- (29:18) Internal control questionnaire and benefits of an ICQ
- (35:12) Tone at the top
- (36:25) Summary
- (39:53) Subscribe and more videos
👀 WATCH NEXT (A few of our other videos)
💢 Independent Hotels Can Blaze a Trail to the Commercial Strategy Role
💢 Hotel Forecasting in The New Normal – Has Anything Changed?
💢 Is Revenue Strategy Just a Pipedream for Most Hotels?
💢 The Marriage of Revenue Management and Marketing
💢 Why the Way Hotels Forecast is Wrong and Outdated
👣 HOW TO FOLLOW US
YouTube: Subscribe Link
🎙LISTEN TO OUR PODCAST