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The importance of accounting to the hospitality industry

Culinary Arts · Food and Nutrition Management ...
Culinary Arts · Food and Nutrition Management ...

Hospitality is the world’s largest service industry.

The tourism and hospitality industry is an exciting, vibrant and rapidly growing sector of economies around the world.

This expanding industry has a demand for highly skilled, people-oriented graduates with good service orientation and managerial techniques. Although the hospitality industry involves long hours and shift work, it can also be rewarding.

One can go into the planning and development of tourism destinations, or into growing environmentally friendly tourism and travel, or in devising solid business strategies. 

One can also take advantage of opportunities in hospitality and go into the food and beverage industry, accommodations, sales, leisure management, tour operations, or the airline industry.

Accounting operations in today’s hotels and restaurants require specialized knowledge and skills and an understanding of the interrelationship of business principles and accounting.

Revenue management tactics and strategies need to be developed for the relationship between accurate forecasting and sound financial decision making.

Therefore it is essential that one select an accounting firm that specializes is this sector. Their services should be according to the Uniform System of Accounts for the Lodging Industry (USALI) and according to Generally Accepted Accounting Principles (GAAP).

An important factor to look for in selecting the right accounting firm is one that enhances their services by providing Virtual Accounting/Cloud Based Accounting The benefit will be that client can access their financial statements anywhere on any computer.

A proper accounting system is essential to any business whether big or small in order to manage its daily functions and keep the businesses running successfully.

For any successful business, the main obligation is to maximize profits, minimize any loss and at the same time maintain its position as a responsible entity within the society

Behind every successful business is a sound financial model. This simple theory holds true in any business, whether it is retail, manufacturing, or high tech. It most certainly is true in the hospitality business.

By employing basic accounting principles, hotel owners and managers have the information they need to optimize performance in every operational area, from inventory and payroll to sales and marketing. They can reduce expenses, be prepared to accommodate guests during peak business times, and scale back operations during slow periods. Rather than relying on intuition and reacting to events, successful owners have the financial facts readily available to proactively make the right decisions at the right time.

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