Hospitality Career Advice

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What Skills Should a Hotel Financial Executive Have?

Commonly recognized hotel financial and technical skills and knowledge are:

  • Auditing
  • Capital Budgeting
  • Cash Management
  • Computers
  • Financial Accounting Standards
  • Internal Controls
  • Personnel
  • Risk Management
  • Statistics
  • Taxes

But Financial Executives must not only know the numbers, but also lead and supervise several key employees (from 1 to more 30 depending on the organization structure and size).

Hotel financial executives are also expected to possess and practice skills and knowledge beyond these technical skills:

  • Dependability
  • Credibility
  • Responsibility
  • Accountability
  • Self-Confidence
  • Decisiveness
  • Loyalty
  • Desire
  • Courage
  • Empathy
  • Tenacity
  • Anticipation

In many cases, these skills can be more important than being a technical or knowledge expert.

Responsibilities and authorities also play a central part into hotel financial executive role. If more than 90% of them have responsibilities such as general accounting, receivables and payable, there can be  a lot more area to be ready with:

  • Beverage Controls
  • Cash Management
  • Cashiers
  • Computers
  • Food Control
  • General Accounting
  • Income Auditors
  • Internal Auditors
  • Investments
  • Night Auditors
  • Payables
  • Payroll
  • Purchasing
  • Receivables
  • Receiving
  • Risk Management
  • Storage/Inventory
  • Tax Return

Summary

Recent data indicate that the majority of hotel financial executive leaders have bachelor’s degree and majored in accounting. An increasing number of are certified and have ten to 15 years in the lodging industry accounting.

The skill set of financial executives includes both technical and leadership. The technical set includes technology, cash management, internal control and statistics and the most important leadership skills they are expected to possess are trusting subordinates, developing a vision, dependability, credibility, responsibility and accountability.

Financial executives usually have authority to sign checks, extend credits and approve purchases. In lesser cases, they can invest funds, may set or change prices and borrow funds.

Their responsibilities range from managing receivables, payables, payroll, general accounting, night and income auditors, cash, risk management and investments.

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