SIP PROPOSAL

NAME: SANDEEP SAJJA IBS CAMPUS: BANGALORE

EMAIL ID: sandeep.sajja4@gmail.com

ENROLLMENT NO: 18BSP2640 MOBILE NO: 8985674750

I. SIP Proposed:
The SIP Proposed is Analysis of Financial and control functions in the hospitality sector at ITC
GRAND CHOLA, Chennai.

II. Description of SIP in brief:

To Analyze the various Financial Operations that are being carried in the hotel on a regular basis
and by this analyzing the financial position of hotel will be known by taking certain measures
likeloss controlling and revenue growth strategies.
During the SIP, the various Financial aspect which I will be personally covering are:
1. F & B Controls operations and audits.
2. Expenses Review.
3. Incomes Reconciliation.
4. Taxation policies – GST

III. Objective of SIP:

 To gain in dept knowledge in the understanding of the functions and controls of the
finance department.
 To work in various departments like receivables, payables, inventory and controls will be
analyzed and understood.
 The financial controls laid upon various departments in order to maintain the financial
position of theorganization would also be understood and the gaps (if any) would be
identified and analyzed as tohold a better control of the financial position of the
organization.
 To Audit all the checks and verify whether the valuesmentioned have propersupporting
document.
 The expenses incurred are as to be the policy that might be specified by
themanagement. Thus, the expenses will be verified and monitored whether they are as
per thepolicy for the respective expenses mentioned in the policy.
 The incomes are to be reconciliated with the respective statements, and thus
outstanding incomes to be cross checked with the due dates.

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IV. Methodology:

 The objective of the SIP is to review the accounting operations that is being
carried in the hotel. So, for the said purpose, the accounting operations will be
reviewed in such a way toidentify that there is no leakage in the control that is
being established by the hotel.

 The whole finance department is interlinked with all sub departments i.e., f&b
controls, receivables, payables, credit department.

 In respect of Inventory and control, daily checks receiving and audit of those
with the data getting from respective software tools.
Physical Inventory verification of F & B and audit on those items like expiry date.
Discounts segregation from the checks of different outlets and checking
respective discount vouchers are attached or not.
A & G discount, which mean complementary for the guests will be recorded with
respective entries like admin and general expenses.
And welcome procedure transactions will be done under inventory control
department only.
And banquets matrix preparation based on banquet events orders, which is most
revenue generation part in hotel.
 In respect of credit department, checking of transactions done with guest’s
credit cards and if any credit taken for future purpose based on memberships.
And following up of guests for any due payments based on due dates.

 In respect of Payables department, whether timely payments are done to

creditors will be verified for reputation.
Payrolls to the employees will maintained and TDS deductions will be processed.
And if any license renewals will have to be done for respective outlets.

 In respect of receivables department, reconciliation of receipts with respective

statements.
And city ledger or BTC transactions will be done by the guests, which mean bill to
the company, whether amount received from company or not will be verified.

 In respect of Taxation department, monthly filling of GST returns and cross

checking of gst rates in checks.
And preparation of TDS returns for the employees.
And final audits in the year end of all books and accounts and final statement of
affairs and respective reports like annual report will be prepared.

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 V. Schedule:

 Inventory and controls – Audit of Stores Inventory, Checks, Banquet and

Discounts and complementary transactions will be donewithin the month of
March up to March 23.
 Credit process that exist in the hotel will be gone through from March 25 - April
13.
 Receivables and Payable related transactions will go through from April 15 - May
11.
 Taxation process and GST related transactions from May 11 - May 20

VI. Limitations of study:

As for the limitation in the study is concerned:

1) There is limited access of information/ Data that is being granted to me by the hotel
guidelines.
2) The hospitality operation that are being carried on is being restricted to me as the
companyguide insisted it is confidential information which cannot be shared to me by
the hotel.

VII. References:

The source from where the information will be collected for the preparation of
my Reportare:

 For the first few days all these are learnt and get to know from the
employees and company guide.
 And day to day transactions and exposure gave me to know all respective
information.

Faculty Guide Name:R.Harish

Company Guide Name:Umesh Kumar
Date: 11/03/2019
Signature of the student:Sandeep Sajja

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