Accounting Manager

Industry:
Hospitality
Last Updated:
July 18, 2023

Job Description Overview

An Accounting Manager job description in the Hospitality industry involves overseeing financial operations and ensuring compliance with accounting principles and regulations. The Accounting Manager is responsible for preparing and analyzing financial statements, conducting internal audits, and managing budgets. They work closely with other departments to ensure accuracy of financial data and provide guidance on financial matters. Additionally, the Accounting Manager may be involved in forecasting, tax planning, and risk management. This position requires strong analytical skills, attention to detail, and the ability to communicate effectively. A Bachelor's degree in Accounting or Finance is typically required, and experience in the Hospitality industry is preferred. The Accounting Manager plays a crucial role in the success of a Hospitality business by providing accurate financial information and ensuring financial stability.

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Job Duties and Responsibilities

  • Supervise accounting staff and ensure accuracy and timeliness of financial reporting
  • Prepare and manage budgets, financial statements, and cash flow projections
  • Ensure compliance with accounting principles, standards, and regulations
  • Facilitate communication between accounting department and other departments
  • Develop and implement accounting policies and procedures
  • Monitor and analyze financial performance and identify areas for improvement
  • Collaborate with external auditors and tax professionals
  • Maintain relationships with banks and other financial institutions
  • Assist with strategic planning and decision-making by providing financial insights and advice.

Experience and Education Requirements

To become an Accounting Manager in the Hospitality industry, you typically need a four-year college degree in accounting or a related field. But, some employers may consider an associate degree or high school diploma. Experience really matters, and you'll need a minimum of five years of experience as an Accountant or Auditor - plus an additional two years in a supervisory or management role. You should have a strong background in financial reporting, bookkeeping, and accounting software. It's essential to be detail-oriented, analytical, and able to collaborate with other departments to maintain accurate financial records. Good communication skills and the ability to lead a team are also in-demand.

Salary Range

An Accounting Manager in the Hospitality industry can expect a salary range from $60,000 to $95,000 per year in the United States. According to Glassdoor, the average base pay for an Accounting Manager in the Hospitality industry is $75,000 per year. Factors such as location, company size, and years of experience can affect the salary range.

In Canada, an Accounting Manager in the Hospitality industry can expect a salary range from CAD 53,000 to CAD 97,000 per year, according to Payscale. Meanwhile, in the United Kingdom, an Accounting Manager in the Hospitality industry can expect a salary range from £36,000 to £55,000 per year, as reported by Reed.

Sources:

  • Glassdoor: www.glassdoor.com/Salaries/accounting-manager-hospitality-salary-SRCH_KO0,28.htm
  • Payscale: www.payscale.com/research/CA/Job=Accounting_Manager/Salary/3c7d22d0/Hospitality
  • Reed: www.reed.co.uk/salary/accounting-manager-hospitality-jobs

Career Outlook

As the hospitality industry continues to expand, the demand for Accounting Managers in hotels, restaurants, and other hospitality businesses is likely to grow. This is according to the Bureau of Labor Statistics, which projects a 10% increase in job opportunities for Accounting Managers in the US between 2016 and 2026. As the economy continues to improve, hotels and other hospitality companies are investing more in technology, expanding internationally, and exploring new business models, which will require their Accounting Managers to stay informed and up-to-date with new regulations and accounting practices. Therefore, Accounting Managers who have strong financial, organizational, and communication skills will be highly sought after in this industry over the next five years.

Frequently Asked Questions (FAQ)

Q: What does an Accounting Manager do in the hospitality industry?

A: An Accounting Manager oversees the financial operations of a hotel or restaurant, manages accounting staff, maintains financial records, and prepares financial reports.

Q: What qualifications do I need to become an Accounting Manager in the hospitality industry?

A: A Bachelor's degree in Accounting, Finance, or Business is usually required, along with several years of experience in accounting or financial management. Knowledge of the hospitality industry is also helpful.

Q: What tasks does an Accounting Manager typically perform on a daily basis?

A: An Accounting Manager is responsible for preparing and reviewing financial statements, analyzing financial data, managing budgets, overseeing accounts payable and receivable, and ensuring compliance with financial regulations.

Q: How does an Accounting Manager work with other departments in a hotel or restaurant?

A: An Accounting Manager works closely with other departments, such as front office, housekeeping, and food and beverage, to ensure a smooth financial operation. They may also have to communicate with vendors, banks, and other financial institutions.

Q: What career opportunities are available to Accounting Managers in the hospitality industry?

A: An Accounting Manager can advance to higher positions, such as Director of Finance or Chief Financial Officer, or move into other areas of hospitality management, such as hotel or restaurant operations.


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