Job Description, Duties, Interview Questions and Salary for Finance Manager in hotels
As a Hotel Accounts Manager or Finance Manager, your role is crucial in ensuring the financial stability and success of the hotel. You will be responsible for managing the hotel’s finances, including budgeting, forecasting, and financial analysis. You will also oversee the hotel’s accounting department, ensuring that all financial transactions are recorded accurately and efficiently.
In addition to managing the hotel’s finances, you will also be responsible for developing and implementing financial strategies to help the hotel grow and thrive. This could include identifying new revenue streams, reducing costs, and improving financial processes and procedures.
To be successful as a Hotel Accounts Manager or Finance Manager, you will need to have a strong background in finance and accounting, as well as excellent leadership and communication skills. You will also need to be highly organized and detail-oriented, with the ability to manage multiple tasks and projects simultaneously.
Overall, this is an exciting and challenging role that requires a unique combination of financial expertise and business acumen. If you are up to the challenge, a career as a Hotel Accounts Manager or Finance Manager could be the perfect fit for you.
Additionally, should provide the Owners, General Manager, and other management with accurate, timely, and relevant financial data. Additionally responsible for managing the audit function in the hotel to deliver outstanding guest service and financial profitability.
FINANCE MANAGER DUTIES AND RESPONSIBILITIES:
- Ensure that the guests have the best possible experience by troubleshooting and resolving all billing-related disputes.
- Represents the finance department on the daily department heads meeting with the general manager.
- Manage all phases of Accounts Payable, Receivable, and department budget.
- Calculate and distribute wages and salaries.
- Prepare regular reports and summaries of accounting activities.
- Prepare financial statements and debtors’ listings.
- Verify recorded transactions and report irregularities to management.
- Providing direction to the night audit team to ensure proper revenue reporting.
- Reviewing all ledger details guest ledger, city ledger, and deposit ledgers to validate proper payment and revenue posting.
- If any imbalance or difference is found on the ledger then coordinate with the PMS team to resolve the same.
- Review the postings, payments, revenue, and guest balance reports daily.
- Ensure correct taxation is applied on all billing software like Property Management Systems (PMS), Point of Sale (POS), and SPA software.
- Ensure that all statutory details (PAN, TAX NO, Company Registration no. etc.) are displayed on the guest invoices and bills.
- Bills A/R accounts daily and sends the same to guests along with the supporting bills and statements.
- Follow up on any accounts within 3 days to ensure the customer has received the invoice and does not have any questions.
- Review the Accounts Receivable (A/R) aging reports daily.
- Follow up 30 days after the initial billing if payment has not been received.
- Check customer’s credit ratings and Flag accounts as ‘Blacklisted’ for long outstanding or defaulter accounts.
- Enters invoices into the accounts payable system weekly after verifying a purchase order was received from the ordering department head and obtaining the General Manager’s approval.
- Forecasting cash payments and anticipating challenges arising from limited cash flow.
- Ensuring that cash flows are adequate to allow business units to operate effectively.
- Maintain banking relationships and negotiated loans and merchant services for business units.
- Maintains files of all contracts, insurance policies, tax reports, expenses, payroll, etc.
- Maintaining and transferring money between bank accounts as required.
- Performing numerical analysis of data and formulating conclusions and/or solutions.
- Approving all Travel Agent commissions and releasing payments after verification.
- Preparing financial reports and submissions to relevant government entities.
- Ensures all new hire paperwork, benefits, performance appraisals, disciplinary action forms, and other pertinent personnel documents are filed appropriately and maintained by the company HR practices.
- Monitors and contains all property inventories to ensure proper levels without causing burdens on property cash flows.
- Preparing and presenting financial reports for meetings and investors.
- Working with executives and business heads to prepare budgets and track profit/loss performance by business unit.
- Providing direction and training to the hotel operational team in areas related to finance, financial reports, internal controls, labor management, payroll, etc.
- Effectively manage the accounting team through respectful communication, clear expectations, relevant training, productive coaching, regular meetings, and appropriate performance management.
- Recommend and maintain a system of policies and procedures that impose an adequate level of control over Finance Department activities.
POSITION TITLE: Finance Manager / Accounts Manager
REPORTS TO: General Manager / Financial Controller
Strong verbal and written communication skills with strong accounting software experience. Proficiency with MS Office (Excel / Word) and experience with PMS like Opera, Room Master, Protel, Visual One, Delphi, Sun Finance, Oracle Finance, SAP, etc.
CA (Chartered Accountant) or Bachelor’s Degree in Finance or Graduate in Accounting.
5 to 6 years of demonstrated accounting experience, preferably in a hospitality or food and beverage environment, and quality with a background that includes forecasting and budgeting.
Interview Questions for a Hotel Accounts Manager or Finance Manager:
When interviewing candidates for a Hotel Accounts Manager or Finance Manager position, it’s important to assess their financial acumen, accounting skills, and experience in hotel finance management. Here are some interview questions you might consider, along with potential duties for the role:
- Can you describe your experience as a Hotel Accounts Manager or Finance Manager, including your familiarity with hotel financial operations?
- Look for candidates with relevant experience in hotel finance and accounting.
- How do you approach financial planning, budgeting, and forecasting in a hotel setting?
- Assess their strategic financial planning skills.
- What accounting software are you proficient in, and how do you ensure accurate and organized financial records for the hotel?
- Evaluate their technical skills and familiarity with financial software.
Cost Control and Analysis:
- How do you monitor and control costs within a hotel’s financial framework, and can you provide examples of cost-saving initiatives you’ve implemented in the past?
- Assess their ability to optimize financial performance.
- What steps do you take to analyze financial data and provide meaningful insights to hotel management for decision-making?
- Evaluate their analytical and reporting skills.
- How do you contribute to revenue management strategies, and what measures do you take to enhance the hotel’s profitability?
- Assess their understanding of revenue management principles.
Audit and Compliance:
- How do you ensure compliance with accounting standards and regulatory requirements in the hotel industry?
- Evaluate their knowledge of financial regulations and internal controls.
- Have you been involved in external or internal audits for a hotel, and how do you prepare for such audits?
- Assess their audit preparation and management skills.
- How do you collaborate with other departments, such as operations and sales, to align financial goals with overall hotel objectives?
- Evaluate their ability to work cross-functionally.
Duties of a Hotel Accounts Manager / Finance Manager:
- Financial Reporting:
- Prepare and analyze financial reports for the hotel’s management team.
- Ensure accurate and timely financial statements.
- Budgeting and Forecasting:
- Develop and manage the hotel’s annual budget.
- Conduct financial forecasting and variance analysis.
- Cost Control:
- Implement cost control measures to optimize expenses.
- Analyze operational costs and identify areas for improvement.
- Revenue Management:
- Contribute to revenue management strategies to maximize profitability.
- Monitor revenue streams and identify opportunities for growth.
- Audit and Compliance:
- Ensure compliance with accounting standards and regulatory requirements.
- Coordinate internal and external audits as needed.
- Financial Planning:
- Collaborate with hotel management to develop financial plans aligned with organizational goals.
- Provide financial insights to support decision-making.
- Team Leadership:
- Lead the finance team and provide guidance to junior staff.
- Foster a collaborative and results-oriented team culture.
- Financial Analysis:
- Conduct in-depth financial analysis to support strategic initiatives.
- Identify trends and opportunities for improvement.
- Technology Integration:
- Leverage is a method of financing whereby more debt (liabilities) is used than equity (owners invest... financial management software and technology for efficient and accurate record-keeping.
- Stay updated on industry-relevant financial technology.
Salary Information For Hotel Accounts Managers or Finance Managers:
Salaries for Hotel Accounts Managers or Finance Managers can vary based on factors such as location, hotel size, and level of experience. As of January 2024, the average annual salary for Finance Managers in the United States ranged from $70,000 to $120,000 or more, depending on the specific circumstances.
However, salaries can vary, and it’s advisable to check the latest salary data from reliable sources for the most current information. Keep in mind that specific industries or regions may have different salary ranges, so research is based on the relevant context.