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'!
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.
Continue reading, watching, or listening and I’ll share the qualifications hotel accounting and finance employees should have…
⇒ TO WATCH, READ OR LISTEN TO THIS EPISODE ON KEYSTONE HOSPITALITY PROPERTY DEVELOPMENT:
https://keystonehpd.com/numbers-that-matter-qualifications-for-hotel-accounting-and-finance-employees-350
Take advantage of our courses
https://courses.keystonehospitalitydevelopment.com/
Get your copy of the “How to Improve Your Hospitality Properties Success” e-book?
https://keystonehpd.com/how-to-improve-your-hospitality-propertys-success
Get Your INNsider Tips
https://KeystoneHPD.com/INNsider-Tips
Join one of your private groups
https://keystonehpd.com/private-groups
Say hi on social
Facebook: https://www.facebook.com/KeystoneHPD
Twitter: https://twitter.com/KeystoneHPD
LinkedIn: https://www.linkedin.com/company/keystone-hospitality-development
Listen to The Hospitality Property School PODCAST here
https://www.keystonehpd.com/hospitality-property-school-podcasts
YouTube
https://youtu.be/7utly6Lt7s0
A Division of Keystone Hospitality Property Development
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.
Continue reading, watching, or listening and I’ll share the qualifications hotel accounting and finance employees should have…
⇒ TO WATCH, READ OR LISTEN TO THIS EPISODE ON KEYSTONE HOSPITALITY PROPERTY DEVELOPMENT:
https://keystonehpd.com/numbers-that-matter-qualifications-for-hotel-accounting-and-finance-employees-350
Take advantage of our courses
https://courses.keystonehospitalitydevelopment.com/
Get your copy of the “How to Improve Your Hospitality Properties Success” e-book?
https://keystonehpd.com/how-to-improve-your-hospitality-propertys-success
Get Your INNsider Tips
https://KeystoneHPD.com/INNsider-Tips
Join one of your private groups
https://keystonehpd.com/private-groups
Say hi on social
Facebook: https://www.facebook.com/KeystoneHPD
Twitter: https://twitter.com/KeystoneHPD
LinkedIn: https://www.linkedin.com/company/keystone-hospitality-development
Listen to The Hospitality Property School PODCAST here
https://www.keystonehpd.com/hospitality-property-school-podcasts
YouTube
https://youtu.be/7utly6Lt7s0
A Division of Keystone Hospitality Property Development
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Want to make sure your hotel's financesare as sharp as a well ironed suit.
It's time to hire the money maestroswho can turn your financial woes into
wows. Welcome to another edition ofHospitality Property School. I am your instructor,
(00:25):
Jerry McPherson. If you haven't subscribedyet, do it now and make
sure to hit the little bills soyou'll be informed when I upload a new
video. You won't want to missanything I designed especially for you. The
hotel industry is at top business withlots of competition. To stay ahead and
(00:45):
make sure you're making money, hotelsneed employees that know their way around numbers.
In this episode, I'll be talkingabout the qualifications you should look for
in a hotel accounting and finance employee. Can you reading, watching or listening
and I'll share the qualifications hotel accountingand finance employees should have. Right after
(01:08):
word from our sponsor, Attention allcurrent and aspiring hotel, resort in bed
and breakfast and holiday rental owners andmanagers. Are you ready to take your
hospitality property business to the next level? Look no further The Guide to Owning
and Operating a hospitality property successfully Onlinecourse is here to help you succeed.
(01:34):
This course is packed with valuable informationand insider tips from industry experts, covering
everything from marketing strategies and customer serviceto financial management and staff training. Whether
you are a seasoned professional or juststarting out, this course is perfect for
(01:55):
anyone looking to grow their business andenhance their skills. You will learn how
to create a memorable guest experience andkeep your guests coming back for more.
What are you waiting for? Enrolltoday and start reaping the benefits of a
successful hospitality property business. For thebreak, I said, I would share
(02:15):
the qualifications hotel accounting and finance employeesshould have. First thing first, education
is key. A bachelor's degree inaccounting, finance, or a related field
is a good starting point. Somehotels might even require a master's degree for
some higher positions. With an accountingdegree, an employee will have learned all
(02:38):
about financial accounting, tax accounting,auditing, and cost accounting. On the
other hand, a financial degree willgive you knowledge in financial management, investment
analysis, and financial planning. Gettingcertified is also a big plus. There
are some well respected certifications and accountingand the financial field. For example,
(03:01):
becoming A Certified Public Accountant or aCPA is widely recognized and often required for
hotel jobs. If you are aimingfor more senior rules, a Certified Management
Accountant or CMA certification might be needed. Other certifications that could come in handing
include Certified Internal Auditor or CIA,and Chartered Financial Analysts or CFA. Experience
(03:30):
counts too. If you've worked inthe hospitality industry before, it's a big
advantage. It gives you a goodunderstanding of the industry and its unique financial
challenges and regulations, but potential employeesshouldn't worry if they haven't worked in a
hotel specifically. Experience in banking,insurance, or consulting can also be useful,
(03:53):
especially if you've had experience with financialanalysis, reporting, and accounting.
When it comes to skills, thereare a few things that should be focused
on. Technical skills are essential,like being comfortable with financial software such as
accounting programs, enterprise resource planting software, and Microsoft Excel. It's also great
(04:16):
if you're familiar with hotel specific softwarelike property management systems and revenue management systems.
Communication skills are a must. You'llbe working with hotel staff, management
and vendors. So being able toexplain financial matters clearly and interact with others
(04:36):
effectively is crucial. And don't forgetabout written communication skills as well. You'll
need to prepare accurate financial reports anddocumentations. Are these making sense so far?
Let me know in the comments.Analytical and problem solving skills are also
important. Being able to dive intofinancial data, spot trends and make accurate
(05:00):
forecasts is a valuable skill set,and when issues arise, the employees should
be able to identify them and comeup with solutions. Basically, having strong
critical thinking skills will help navigate thoughrisks and opportunities that come your way.
Attention to detail is a must havetrade for our hotel accounting and finance employees.
(05:25):
They'll be handling a lot of transactionsand even the smallest mistake can have
serious financial consequences, so double checkingeverything and keeping an eye out for errors
is vital if you're a member ofthe Hospitality Property School group. As a
bonus, I'm going to share thequalifications of a hotel accounting and finance manager.
(05:47):
In conclusion, both hotel accounting financeemployees and managers should possess the combination
of education certifications, experience, technicalskills, community skills, analytical and problem
solving skills, and attention to detail. These qualifications are vital for ensuring the
(06:08):
financial stability and growth of a hotel. By prioritizing the hiring and developing of
qualified professionals in these roles, hotelscan 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 itsaccounting and financial team, so investing in
(06:31):
their qualifications is a wise decision.Do you have any guidelines for hiring accounting
and financial employees. Let me knowin the comments. We cover more on
all aspects of operating a hospitality propertyin the guide to Owning and Operating a
Hospitality Property successfully course Take Advantage andtake Advantage today. You can find more
(06:57):
information at Keystone HPDE dot com slashof course. As always, you're going
to have access to this episode foras long as you'd like, but to
see all the bonuses you would haveaccess to it as a member of the
Hospitality Property School Group. Check outthe short video in this episode post show
notes. In our next episode,I'll be talking about the qualifications of a
(07:21):
hotel security employee. That's it fortoday's episode. Until next time, have
a fun day. If you haven'tdone so yet, sign up for Insider
Tips, give us away on socialand join one of our groups, and
make sure you get your free copyof the How to Improve your Hospitality Property
Success. You can find all ofthe links
Want to make sure your hotel's financesare as sharp as a well ironed suit.
It's time to hire the money maestroswho can turn your financial woes into
wows. Welcome to another edition ofHospitality Property School. I am your instructor,
(00:25):
Jerry McPherson. If you haven't subscribedyet, do it now and make
sure to hit the little bills soyou'll be informed when I upload a new
video. You won't want to missanything I designed especially for you. The
hotel industry is at top business withlots of competition. To stay ahead and
(00:45):
make sure you're making money, hotelsneed employees that know their way around numbers.
In this episode, I'll be talkingabout the qualifications you should look for
in a hotel accounting and finance employee. Can you reading, watching or listening
and I'll share the qualifications hotel accountingand finance employees should have. Right after
(01:08):
word from our sponsor, Attention allcurrent and aspiring hotel, resort in bed
and breakfast and holiday rental owners andmanagers. Are you ready to take your
hospitality property business to the next level? Look no further The Guide to Owning
and Operating a hospitality property successfully Onlinecourse is here to help you succeed.
(01:34):
This course is packed with valuable informationand insider tips from industry experts, covering
everything from marketing strategies and customer serviceto financial management and staff training. Whether
you are a seasoned professional or juststarting out, this course is perfect for
(01:55):
anyone looking to grow their business andenhance their skills. You will learn how
to create a memorable guest experience andkeep your guests coming back for more.
What are you waiting for? Enrolltoday and start reaping the benefits of a
successful hospitality property business. For thebreak, I said, I would share
(02:15):
the qualifications hotel accounting and finance employeesshould have. First thing first, education
is key. A bachelor's degree inaccounting, finance, or a related field
is a good starting point. Somehotels might even require a master's degree for
some higher positions. With an accountingdegree, an employee will have learned all
(02:38):
about financial accounting, tax accounting,auditing, and cost accounting. On the
other hand, a financial degree willgive you knowledge in financial management, investment
analysis, and financial planning. Gettingcertified is also a big plus. There
are some well respected certifications and accountingand the financial field. For example,
(03:01):
becoming A Certified Public Accountant or aCPA is widely recognized and often required for
hotel jobs. If you are aimingfor more senior rules, a Certified Management
Accountant or CMA certification might be needed. Other certifications that could come in handing
include Certified Internal Auditor or CIA,and Chartered Financial Analysts or CFA. Experience
(03:30):
counts too. If you've worked inthe hospitality industry before, it's a big
advantage. It gives you a goodunderstanding of the industry and its unique financial
challenges and regulations, but potential employeesshouldn't worry if they haven't worked in a
hotel specifically. Experience in banking,insurance, or consulting can also be useful,
(03:53):
especially if you've had experience with financialanalysis, reporting, and accounting.
When it comes to skills, thereare a few things that should be focused
on. Technical skills are essential,like being comfortable with financial software such as
accounting programs, enterprise resource planting software, and Microsoft Excel. It's also great
(04:16):
if you're familiar with hotel specific softwarelike property management systems and revenue management systems.
Communication skills are a must. You'llbe working with hotel staff, management
and vendors. So being able toexplain financial matters clearly and interact with others
(04:36):
effectively is crucial. And don't forgetabout written communication skills as well. You'll
need to prepare accurate financial reports anddocumentations. Are these making sense so far?
Let me know in the comments.Analytical and problem solving skills are also
important. Being able to dive intofinancial data, spot trends and make accurate
(05:00):
forecasts is a valuable skill set,and when issues arise, the employees should
be able to identify them and comeup with solutions. Basically, having strong
critical thinking skills will help navigate thoughrisks and opportunities that come your way.
Attention to detail is a must havetrade for our hotel accounting and finance employees.
(05:25):
They'll be handling a lot of transactionsand even the smallest mistake can have
serious financial consequences, so double checkingeverything and keeping an eye out for errors
is vital if you're a member ofthe Hospitality Property School group. As a
bonus, I'm going to share thequalifications of a hotel accounting and finance manager.
(05:47):
In conclusion, both hotel accounting financeemployees and managers should possess the combination
of education certifications, experience, technicalskills, community skills, analytical and problem
solving skills, and attention to detail. These qualifications are vital for ensuring the
(06:08):
financial stability and growth of a hotel. By prioritizing the hiring and developing of
qualified professionals in these roles, hotelscan 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 itsaccounting and financial team, so investing in
(06:31):
their qualifications is a wise decision.Do you have any guidelines for hiring accounting
and financial employees. Let me knowin the comments. We cover more on
all aspects of operating a hospitality propertyin the guide to Owning and Operating a
Hospitality Property successfully course Take Advantage andtake Advantage today. You can find more
(06:57):
information at Keystone HPDE dot com slashof course. As always, you're going
to have access to this episode foras long as you'd like, but to
see all the bonuses you would haveaccess to it as a member of the
Hospitality Property School Group. Check outthe short video in this episode post show
notes. In our next episode,I'll be talking about the qualifications of a
(07:21):
hotel security employee. That's it fortoday's episode. Until next time, have
a fun day. If you haven'tdone so yet, sign up for Insider
Tips, give us away on socialand join one of our groups, and
make sure you get your free copyof the How to Improve your Hospitality Property
Success. You can find all ofthe links
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