Hospitality Finance Workshop & Master Class
Start:August 8, 2020
End:August 8, 2020
Hospitality Industry finance is a complex process that works very hard to generate management information continuously.
To be able to do this there are various processes and co-ordination from various departments. Learn All aspects of hospitality Finance in this Workshop.
Growth in Hotel finance career requires Specialised Technical skills apart from general Accounting and finance fundamentals.
Usually, a path to become a Chief accountant after graduating from the university may take anywhere from 2 years to 5 years depending on individual competence, skills, knowledge, and desire. A typical Journey may include
- Working at Junior levels in Payables, receivables, General Accounting department of the hotel to gain a basic understanding of the hotel operation process.
- Growth to Supervisor takes about 1-3 years (sometimes many more) depending on hotel training plans, individual interest, and learning abilities. At Supervisory levels, individuals learn to manage small teams, become accountable for tasks of the team, and manage a process.
- From here individuals may take anywhere between 2-3 years (Sometimes much more) and are required to study to gain knowledge to be able to handle
- Monthly Financial Statements (as per USALI)
- Management Payments, receivables, approval processes
- Create Management Reports
- Overall leadership for the accounting department, hiring, promotions, team management.
Associates have options either to learn from experience and wait till positions become vacant or learn through additional resources such as this master class on how to become a chief accountant and create opportunities for themselves.
What we will cover in this Workshop.
- Fundamentals of Accounting Principals
- Setting up the Financial System for Hospitality
- Understanding how different department works and impact financial statements
- Income Audit Department
- Cost Control Process
- Credit and AR department
- Accounts Payables
- Fixed Asset Controls
- Hotel Operations department
- Monthly Financial Statement closing process
- Leadership and Soft Managerial skills Required
- managing teams,
- performance evaluation,
- Decision-Making skills
- USALI Standards and Reports
- Management Reports
- Data Analysis