Want to make sure your hotel’s finances are as sharp as a well-ironed suit?
It’s time to hire the money maestros who can turn your financial woes into ‘WOWs’!
Welcome to another edition of Hospitality Property School
I am your instructor, Gerry MacPherson
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The hotel industry is a tough business, with lots of competition. To stay ahead and make sure you’re making money, hotels need employees who know their way around numbers. In this episode, I’ll be talking about the qualifications you should look for in a hotel accounting and finance employee.
First things first, education is key. A bachelor’s degree in accounting, finance, or a related field is a good starting point. Some hotels might even require a master’s degree for higher positions. With an accounting degree, an employee will have learned all about financial accounting, tax accounting, auditing, and cost accounting. On the other hand, a finance degree will give you knowledge in financial management, investment analysis, and financial planning.
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Getting certified is also a big plus. There are some well-respected certifications in the accounting and finance field. For example, becoming a Certified Public Accountant (CPA) is widely recognized and often required for hotel jobs. A Certified Management Accountant (CMA) certification might be needed if you’re aiming for more senior roles. Other certifications that could come in handy include Certified Internal Auditor (CIA) and Chartered Financial Analyst (CFA).
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Experience counts too. If you’ve worked in the hospitality industry before, that’s a big advantage. It gives you a good understanding of the industry and its unique financial challenges and regulations. But potential employees shouldn’t worry if they haven’t worked in a hotel specifically. Experience in banking, insurance, or consulting can also be useful, especially if you’ve had experience with financial analysis, reporting, and accounting.
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When it comes to skills, there are a few you should focus on. Technical skills are essential, like being comfortable with financial software such as accounting programs, enterprise resource planning (ERP) software, and good ol’ Microsoft Excel. It’s also great if you’re familiar with hotel-specific software like property management systems (PMS) and revenue management systems (RMS).
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Communication skills are a must. You’ll be working with hotel staff, management, and vendors, so being able to explain financial matters clearly and interact with others effectively is crucial. And don’t forget about written communication skills as well. You’ll need to prepare accurate financial reports and documentation.
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Analytical and problem-solving skills are also important. Being able to dive into financial data, spot trends, and make accurate forecasts is a valuable skill set. And when issues arise, a financial employee should be able to identify them and come up with solutions. Basically, having strong critical thinking skills will help you navigate the risks and opportunities that come your way.
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Attention to detail is a must-have trait for hotel accounting and finance employees. They’ll be handling lots of transactions, and even the smallest mistake can have serious financial consequences. So, double-checking everything and keeping an eye out for errors is vital.
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If you are a member of the Hospitality Property School Group, as a bonus, I will share the qualifications of a hotel accounting and finance manager.
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In conclusion
Both hotel accounting and finance employees and hotel accounting and finance Managers should possess a combination of education, certifications, experience, technical skills, communication skills, analytical and problem-solving skills, and attention to detail. These qualifications are vital for ensuring the financial stability and growth of a hotel. By prioritizing the hiring and development of qualified professionals in these roles, hotels can gain a competitive edge and position themselves for long-term success in the industry. Remember, the financial health of a hotel depends on the expertise of its accounting and finance team, so investing in their qualifications is a wise decision.
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Do you have guidelines for hiring hotel accounting and finance employees?
Let me know in the comments.
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Check out all we have to offer to help you succeed
https://courses.keystonehospitalitydevelopment.com/
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You will have access to this episode for as long as you would like, but if you would like to see all the bonuses you would have access to as a member of the Hospitality Property School Group, have a look at the short video in this episode post-show notes.
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In our next episode, I will be talking about The Qualifications of a Hotel Security Employee.
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That’s it for today’s episode,
Until next time, have a fun day.
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If you haven’t done so yet, make sure to sign up for the INNsider Tips, say hi on social and join one of our groups. And make sure you get your free copy of the “How to Improve Your Hospitality Properties Success” e-book.
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You can find all the links in the show notes.
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⇒ TO READ OR LISTEN TO THIS EPISODE ON KEYSTONE HOSPITALITY PROPERTY DEVELOPMENT:
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“The Guide to Owning & Operating a Hospitality Property – Successfully” course.
https://KeystoneHPD.com/Course
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Did you get your copy of the “How to Improve Your Hospitality Properties Success” ebook?
KeystoneHPD.com/How-to-Improve-Your-Hospitality-Properties-Success
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Get Your INNsider Tips
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Join one of your private groups
https://keystonehpd.com/private-groups
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Say hi on social
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Twitter: https://twitter.com/KeystoneHPD
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LinkedIn: https://www.linkedin.com/company/keystone-hospitality-development
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Listen to The Hospitality Property School PODCAST here
keystonehpd.com/hospitality-property-school-podcasts
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