The People in the Hotel who look after the Money are called a lot of things … Accountants … Financial Managers … but Hotel Accountants are never seen – are they invisible?
A Hotel Financial Manager does not just pay a few invoices and manage the petty cash … (carry on reading or watch the video)
… A Hotel Financial Manager’s job is simply concerned with helping achieve a lot of the Hotel’s business objectives.
Business objectives are the results your Hotel and its workers hope to achieve and maintain as you run and grow your Hotel.
But, what does the Hotel’s Financial Management Team actually do?
The following areas would be particularly important to a Hotel Financial Team – perhaps this is their job?
Achieving Hotel Profitability Making sure that the amount of your sales stays ahead of the costs of doing business within your Hotel?
Improving Hotel Productivity Providing all of the resources Hotel workers need to remain as productive as possible.
Always Maintaining the Cash Flow so the Hotel can prepare to pay for long-term projects and the costs of operating the Hotel on a daily basis.
Managing Growth Successfully in the Hotel based on historical data and future projections. Is the Hotel to grow or not next year?
Managing Change Suitably in the Hotel. Ensuring that any smaller or more significant changes that are planned for can be paid for?
Undertaking Competitor Analysis What are other Hotels doing? How is what you are doing compared to the other Hotels? What improvements should be made?
And of course – Helping others around the Hotel with planning, product development, promotion, pricing and much more.
No wonder you do not see that much of your Hotel Financial Manager …. Probably they are just too busy?
Or maybe they are in-fact just invisible?
Let me tell you a secret – Your Hotel could not operate without their Hotel Financial Management Team.Take them a cup of Tea.