Hospitality Industry

The possibilities of the future are always an interesting thought, such as imagining where you will be in the next five years – or, in this article’s case, pondering what jobs in the hospitality industry will look like in the future.

Given the circumstances of today’s hospitality industry, numerous possibilities can affect job roles within it. An example of this is the integration of technology, such as the increasing use of advancements like artificial intelligence (AI) and mobile apps across all segments of the hospitality business.

While such developments may initially be viewed positively, it’s crucial to know that they have the potential to affect the existence of various roles within the hospitality sector. Thus, understanding the challenges and learning how to overcome them becomes important. Today, our article will cover the future of hospitality jobs; starting from the challenges, the required soft skills for tomorrow’s hospitality careers, and even a list of promising future jobs in the industry!

Intro to Hospitality Jobs

Intro to Hospitality Jobs.

When it comes to varied career options, the hospitality industry is your best bet! Jobs in this industry are not exclusively limited to working in hotels or resorts; the truth is, careers within the hospitality industry cover vast areas, ranging from bars, restaurants, events, cruise lines, to even theme parks.

The hospitality industry’s diverse fields and services thus result in a broad range of career options, making the industry one of the popular choices for job seekers to pursue jobs there. However, it is also a fact that the hospitality industry is a dynamic one – and this also applies to jobs within the industry.

Amidst the modern era of the hospitality industry, lots of its jobs and workers are currently facing challenges that test their relevance. So, what are those challenges? Read more in the next section below!

Current (and Future) Challenges for Hospitality Jobs

Personalized technologies, one of the current and future challenges for hospitality jobs.

The more the hospitality industry transforms, the more challenges its jobs have to face! However, as one challenge ends, it also marks the start of other trials that should be adapted to or overcome, as they could shape the direction of future hospitality jobs. Up next, we have listed a few challenges that should be kept an eye on:

• Qualified staff shortages
• Skills gap
• Personalized technologies
• Attrition and retaining employees
• Overlapping job descriptions

Apart from raising awareness to face these challenges of job roles in the hospitality industry, hospitality workers should always remember to enhance their skills to keep up with this changing industry. You might want to know what kind of skills one should be equipped with for the future of the hospitality industry. Fear not, as we have prepared them for you!

Top In-Demand Hospitality Soft Skills in the Future

We know that, aside from the significance of specific skills like finance and marketing, soft skills are also key to successful careers in the hospitality industry. What do you think are the essential soft skills that one should master to thrive in future jobs in this industry? Find the answers in the list below!

1. Customer Service

Customer service skills.

The nature of hospitality businesses focuses on providing services for customers, making customer service one of the highly valued skills required for any job role within the industry ever since a long time ago, and, of course, for the future! Having exceptional customer skills means that you understand the customers’ needs and deliver a positive experience for them.

2. Networking

An illustration of networking skills.

For hospitality workers, networking skills are essential to cultivate strong, loyal customer relationships. Building a loyal customer relationship with effective networking not only leads to the said customer repurchasing the business’s service but also enhances the employee’s career in the long run!

3. Communication

Communication skills.

Working in the hospitality industry means one will get involved with people of a variety of backgrounds, whether they are co-workers or customers. This is why excellent communication skills will always be needed! Speaking of which, the higher someone’s position in a hospitality business, the more important communication skills become!

4. Foreign Languages

An illustration of foreign language skills.

Remember, the hospitality industry is vast, dynamic, and diverse, which means its customers come from different backgrounds, cultures, and languages too! Mastering one or more foreign languages would obviously be a useful asset to add to a hospitality worker’s arsenal and prepare them for the future challenges of the hospitality industry.

5. Multitasking

Multitasking skills.

Multitasking skills always come in handy for hospitality employees. As a bustling industry, it’s important for workers to handle different tasks simultaneously while completing each assigned task. Surely, having this skill is also a way for employees to showcase their qualities to employers!

6. Organizational

An illustration of organizational skills.

Alongside multitasking skills, organizational skills are necessary to maintain an employee’s workflow and accomplish their daily tasks efficiently. Additionally, this particular skill set will help you effectively manage your time as well.

7. Cultural Awareness

An illustration of cultural awareness.

Then again, hospitality is a diverse industry that is comprised of people from diverse backgrounds, which is why cultural awareness ability is crucial to building a successful career and strong relationships with customers in this sector. By cultivating cultural awareness skills in hospitality workers, customers will feel comfortable and at home with the hospitality services, resulting in positive customer experiences!

Most Sought-After Hospitality Jobs of Today and Tomorrow

As the hospitality industry continues to evolve, its job roles are following right behind. While many of them are extensions or transformations of existing hospitality jobs, there are also some that are relatively new in the industry. Here, you will get to see the in-demand hospitality jobs as of current, and possibly in the future – each based on a specific hospitality area!

Digitalization

An illustration of digitalization.

It’s obvious just how much digitalization affects the growth of today’s hospitality industry. The significance of digitalization has led to the birth of various jobs; some of them are currently in demand and expected to gain more popularity in the future, such as:

• Digital Marketing
• Website & App Development
• Social Media Management
• Data Analytics

Health & Wellness

Health & wellness activities.

Health and wellness activities in the hospitality industry are gaining more recognition after the pandemic. As such, many hospitality businesses are offering job opportunities related to this area. Some of the trending health and wellness jobs with bright prospects in the future include:

• Recreation & Activities
• Spa Manager
• Wellness Tourism Marketing
• Organic Food and Beverage Management

Food and Beverage

Food and beverage employees in a hotel.

The food and beverage field has always been an essential part of the hospitality industry, and it might be the biggest contributor to career options in the industry as well! Recently, these hospitality food and beverage jobs are on the rise and are predicted to see even more future demand:

• Pastry & Bakery
• Culinary Arts Chef
• Bar Managers
• Restaurant Managers

Artificial Intelligence

An illustration of artificial intelligence.

Artificial intelligence (AI) automation in various aspects of the hospitality industry is increasing lately. While the use of AI is said to replace many hospitality jobs in the future, it also opens up new opportunities for job seekers. Here are some of the recent in-demand ones with bigger potential in the future:

• Automation Programmers
• Technology Integration Specialists
• Process Optimization Managers
• Customer Experience Designers

Wrapping Up

The future is a mystery, but one thing is for sure: making the most of what we have today to prepare for tomorrow! The same principle applies to hospitality jobs and employees. By learning about potential challenges in the future, many hospitality job roles have transformed to adapt to and overcome those challenges — thus, opening doors to new opportunities!

With numerous jobs in the current hospitality industry offering promising prospects for the future, hospitality workers should take note of continuously enhancing their capabilities with a variety of skill sets, especially soft skills, which will always play a crucial role in shaping the future of the hospitality industry.

One of the easiest ways to acquire and refine soft skills for hospitality jobs is through practical work experiences, such as internships and management training. These programs are well-suited for young talents taking their first steps in the hospitality industry, and you can find both at RMC Asia!

Our hospitality internship and management training programs take place in prestigious hotels and resorts across Asia’s captivating destinations. They are designed to provide participants with real work simulations, educational cultural exchanges, and, of course, the skill sets and knowledge necessary for our participants to become valuable assets in the hospitality industry.

Ready to embrace the challenges of working in the future hospitality industry? Prove it by joining our talented participants and embarking on your own successful hospitality career now!

Recommended: The Insider’s Guide to Hotel Budgeting

A hotel’s financial area has always been one with its own intricacies. There are numerous financial aspects crucial to ensuring smooth hotel business operations, and one of them includes budgeting!

While just “budgeting” might already sound familiar, hotel budgeting is a more specific thing than that. Budgeting for hotels is an essential, accurate plan created by hotels to prepare and roadmap the potential revenue for the year ahead — and, of course, an important influencing factor to the success of the hotel business!

Our article here will introduce you to basic, yet crucial things one should know about hotel budgeting: starting from the definition, the importance, how budgeting works, and even provide you with tips on better budgeting for hotels!

What to Know About Hotel Budgeting

Hotel Budgeting Definition

Hotel budgeting definition.

There are many words to define what hotel budgeting is, but let’s keep it simple: hotel budgeting is the hotel’s plan for generating and allocating revenue for the upcoming year to achieve its objectives. Budgeting shows hotels the potential revenue they are going to earn and is regarded as a roadmap for the hotel’s financial performance in the year ahead, as well as one of the keys to a successful hotel business.

Who Should Participate in Hotel Budgeting and How It Works

Who should participate in hotel budgeting and how it works.

We already know that a hotel is comprised of various departments. When it comes to budgeting, the managers of those hotel departments participate by creating their own budgeting plans, as each of them has different expenses. This is where the role of the hotel finance department begins; they are responsible for consolidating the department budgets to create a proper overall hotel budgeting plan!

The Importance of Hotel Budgeting

The importance of hotel budgeting.

Do you think every hotel needs budgeting? The answer is yes! Whether it is a small or independent hotel, having a budgeting plan is essential for any hotel to ensure that the financial results are well-aligned with its business objectives. Moreover, budgeting can also help hotels compete in the highly competitive hospitality industry!

Timing for Hotel Budgeting

Timing for hotel budgeting.

Budgeting for hotels doesn’t happen anytime the hotel pleases. In fact, budgeting has its own timing. Typically, the hotel budgeting season starts around the end of August, followed by presentations to the management in the following month. During the budgeting period, it’s important for hotels to consider factors like booking trends, increasing room rates, or even inflation, as such factors might heavily influence the accuracy of the hotel’s budget plan.

For Hotel Budgeting, Research is Required

Research is required for hotel budgeting.

As stated previously, there are numerous factors that can affect the accuracy of the budget, which hotels should take into account. This is the reason why research is required; by gathering necessary market data and information, it gives the finance department a clear idea of what the future hotel revenue may look like when they make forecasts for the key variables in the budgeting plan.

There are so many details to know about budgeting for hotels! Given the importance of these details to the hotel budgeting process, it is crucial for hotels to ensure that the budgeting process runs seamlessly. As such, we have covered several valuable tips to achieve a better and more successful hotel budgeting, which we will share with you here!

7 Worthy Tips for Better Hotel Budgeting

One thing to always be kept in mind is to avoid rushing the budget planning process. Such carelessness might lead to inaccurate hotel budgeting, which will influence the hotel’s future revenue. Surely, there are also ways to dodge such mistakes — some of which you can find in the next section below!

1. Analyze Historical Data

Analyze historical data.

For an accurate calculation of a hotel budget, one of the best ways is to analyze historical data in the hotel’s finance area. Hotels usually will have predictable expenses and changes that occur at the same times every year, such as how food expenses increase significantly every Christmas period. This kind of data is helpful and provides vital information!

2. Create a Demand Calendar

Create a demand calendar.

A demand calendar is made up of the data of customers’ demands, such as demands for hotel rooms and other hotel services, which are compiled throughout the year. With a demand calendar, hotels can use the document to make plans for their hotel budget, an example is how to maximize revenue during the high-demand season.

3. Track Staff Performance

Track staff performance.

Creating and optimizing a budget for hotels comes with understanding the workforce first! By keeping track and having a good perception of the staff’s performance, it will be easier to comprehend the correlation between salary and productivity, thus helping to maximize employees’ value and plan a better budget.

4. Compare Year-to-Date Hotel Revenue

Compare year-to-date hotel revenue.

Another tip for accurate hotel budgeting is to identify the amount of revenue the hotel has earned year-to-date. Compare this year’s number to the hotel’s revenue at the same time last year, making it easier to forecast and plan the budget for the upcoming year!

5. Take Incentives into Account

Take incentives into account.

It’s crucial for hotels to track all costs spent on hotel operations, including the financial incentives for employees. Keeping accurate track of incentives helps to seamlessly allocate them to employees or departments, avoid miscalculations, and, eventually, convert unpaid incentives into additional budget for the hotel.

6. Utilize Hotel Digital Technology

Utilize hotel digital technology.

Although hotel technology won’t be able to fully replace the role of hospitality professionals, using the help of tech in hotel budgeting can reduce costs and optimize the budgeting process. There are lots of budgeting software for hotels to use, such as Actabl!

7. Review Profit and Loss Statement

Review profit and loss statement.

Lastly, reviewing the profit and loss (P&L) statement helps hotels determine their performance year-over-year based on average profits and losses. This also gives hotels a clearer picture of their financial success and, in addition, helps forecast the upcoming financial performance and budgeting.

Wrapping Up

Budgeting, either the planning or management part, is a complex area of the hotel’s finance. So, let us give applause first to every hotel’s finance department for handling this task! Aside from its intricacies, hotel budgeting is an equally essential aspect of the hotel’s business, as accurate and proper hotel budgeting will lead hotels to generate more revenue and excel in competition against competitors.

Understanding hotel budgeting does not only affect the success rate of the hotel’s business. In fact, individuals who master the art of hotel budgeting will undoubtedly be led to bright, successful finance careers in the hospitality industry, and be labeled as valuable talents!

So, does the idea of working in hospitality finance interest you? If yes, then you should not miss the chance to gain advanced access to a finance career in the hospitality industry, which you can easily get with us at RMC Asia!

Our internship and management training programs provide participants with practical work experience in various hotel departments, ranging from finance, food & beverages, front office, and more – all taking place in prestigious, international-scale hotels and resorts across Asia’s fascinating destinations.

Get a head start on your successful hospitality career by joining our programs and participants now!

Recommended: Hospitality Finance: Hotel Revenue Management Edition

One of the objectives of hotels as a business is to generate revenue. However, earning it is not as simple as it may sound! In fact, a proper financial strategy is needed for hotels to be able to obtain revenue – and what’s a better way to achieve it aside from implementing hotel revenue management?

Revenue management is a financial strategy used by many businesses in the hospitality industry nowadays. It boosts sales and revenue – both in the short and long run – by using data and analytics to obtain the maximum amount of overall possible revenue!

This time, our article will take you deeper into the topic of revenue management in hotels; what it means, its history, its objectives and importance, even covering the key strategies and top software for hotel revenue management!

About Hotel Revenue Management

The Definition

The definition of hotel revenue management.

For starters, hotel revenue management is defined as the strategic pricing and distribution of all the hotel’s facilities – such as rooms and amenities – to the right customer market. It involves both analytics and performance data to predict customers’ behavior, and this data is then used to formulate appropriate pricing and distribution strategies.

The History

The origin of hotel revenue management.

Interestingly, the concept of revenue management was inspired by inventory management and price optimization in the aviation industry! Hotels in the past did not consider the importance of new market segments, nor did they apprehend whether the prices they offered were ideal. And, it wasn’t until the late 1980s that hotels began to implement revenue management strategies in their businesses.

The Goal

The objective of hotel revenue management.

What about the goal of implementing hotel revenue management? Well, its ultimate objective is to serve the right facility for the right customer at the right time and place. Once this goal is achieved, hotels are more likely to maximize their revenue, as well as their profit.

The Importance

The importance of hotel revenue management.

Revenue management is considered important for several reasons. First, it provides reliable data to make calculated decisions, leading to revenue boosts and maximum profitability. Moreover, revenue management has the ability to generate data about potential services that hotels can benefit from. Another crucial aspect of hotel revenue management is how it is able to improve financial forecasting, drive down costs, and even help hotels advance over competitors!

Key Strategies of Revenue Management for Hotels

Key strategies of revenue management for hotels.

Truth be told, there are no strategies that can guarantee a 100% successful revenue management in hotels. But, these strategies have proven to be reliable and have contributed to great hotel revenue management performance. See below for the key strategies of revenue management for hotels!

• Accurate Data Collection and Analysis: An accurate data collection and analysis leads to effective decisions for greater hotel revenue management!
• Market Segmentation: By segmenting their customer market, hotels can personalize their services for specific segments and boost occupancy rates.
• Dynamic Pricing: A real-time, algorithmic approach to calculate room prices, dynamic pricing is a method that takes advantage of big data to factor consumer behavior and the hotel’s current room supply to generate optimal prices for potential guests.

Aside from proper strategies, effective hotel revenue management is also influenced by the use of revenue management metrics, some of which are commonly used and listed up next!

Examples of Hotel Revenue Management Metrics

Hotel revenue management metrics.

Finance departments in hotels use various revenue management metrics that are useful for gauging revenue progress! However, every metric has its own strengths and limitations, which is why a proper revenue management strategy is needed to use the right metrics and make the right decisions. Below, we present a few examples of hotel revenue management metrics:

1. Revenue Per Available Room (RevPAR)

How to calculate it: Room Revenue / Total Rooms Available

This metric is commonly used to measure the hotel’s overall revenue performance. It allows the finance team to assess and maximize the hotel’s revenue relative to last year, as well as do budgeting and forecasting.

2. Average Daily Rate (ADR)

How to calculate it: Room Revenue / Rooms Sold

ADR gives insight to the hotel’s finance department regarding the customer’s willingness to pay for a single room through specific channels and at specific rates!

3. Occupancy Rate (OCC)

How to calculate it: Number of Occupied Rooms / Total Rooms Available

Meanwhile, OCC is a hotel revenue management metric commonly used to calculate the success of securing bookings, which is later utilized to determine the hotel’s future pricing strategies.

4. Gross Operating Profit Per Available Room (GOPPAR)

How to calculate it: Gross Operating Profit (GOP) / Total Number of Available Room Nights

The GOPPAR metric serves to evaluate the broader performance of the hotel’s revenue beyond bookings, and changes in GOPPAR must be evaluated alongside changes in RevPAR, OCC, and ADR metrics as well.

5. Total Revenue Per Available Room (TRevPAR)

How to calculate it: Total Revenue / Total Available Room Nights

Finally, TRevPAR functions to gauge the hotel’s overall financial performance. Since TRevPAR counts all of the hotel’s revenue streams and expenses, it helps determine the most valuable customer segment for the hotel.

Top Hotel Revenue Management Software in 2023

IDeaS, one of the top revenue management software for hotels.

Of course, the implementation of revenue management in hotels comes seamlessly with the use of revenue management technology. Here, we have compiled a list of the best hotel revenue management software this year, which you can find in the next line!

• Gamechanger by Duetto: A cloud-based predictive analytics platform with an open pricing methodology that maximizes booking revenues and profits!
• IDeaS Revenue Solutions: IDeaS drives optimal revenue results across all segments through scientific pricing and rate availability decisions.
• RoomPriceGenie: An easy-to-use and completely transparent software that will save users time checking rates against competitors!
• Atomize: This software focuses on increasing revenues and operational efficiency using price optimization, making it a fit for hoteliers that want to do more with less.
• BEONx: BEONx brings revenue management to a new level with a highly adaptive AI-driven algorithm, providing users with accurate pricing recommendations anytime!

Wrapping Up

Such a great impact is left by revenue management on a hotel’s financial operations! With the use of proper revenue management strategies, hotels can attract more customer markets, maximize revenue performance, and, in turn, profitability.

Being a crucial aspect of the hotel’s finance department and the overall hotel business, revenue management is one of the most sought-after skills in the hospitality industry as well. Mastering it will undoubtedly lead one to achieve a higher level of career in hospitality finance. Moreover, the opportunity to learn revenue management is widely available in the industry!

For starters, one of the best ways to master hotel revenue management is by joining hospitality finance internships or management training programs; both of which you can easily access with us at RMC Asia.

Our programs are far from ordinary. As a participant, you not only get the opportunity to learn from and work with seasoned experts but also experience a unique, unforgettable cultural exchange in your program placement, thanks to our partnerships with prestigious hotels and resorts in various destinations across Asia!

There are more to our internship and management training opportunities available for you here! Why wait? Find your dream internship and join our successful participants now!

Recommended: Fintech: The Brilliant Innovation for the Hospitality Industry

It’s not unusual that almost everything has been imbued with technology in this digitized era. This includes the finance sector, leading to the birth of the term “fintech”—a combination of financial and technology.

In the current hospitality industry, fintech plays an incredibly important role for many businesses. The innovation of fintech has transformed the industry, making it more advanced and benefiting both businesses and customers alike.

Our article today will take you to explore and understand ways fintech influences and transforms the hospitality industry, starting from its definition, crucial roles, to its advanced innovations that take the hospitality industry to a whole new level!

Understanding the Basics of Fintech

Understanding fintech.

Let’s start with a simple question: What is fintech? Fintech (financial technology) is a term that encompasses technologies created to automate traditional financial systems for businesses and customers. Fintech includes a wide range of technologies, ranging from mobile apps for payments to complex blockchain networks.

So, how does fintech work? To simplify, fintech streamlines financial transactions for businesses and customers, making them more accessible and affordable. For instance, Venmo or Cash App—both examples of fintech products—allow users to send funds directly to their desired accounts at any time of the day, which is highly efficient.

Over the years, fintech has become a growing trend in various industries, including the hospitality industry. Many hospitality businesses have now integrated fintech into their day-to-day operations, resulting in a modernized hospitality industry. In the next section, we have compiled the roles that fintech plays in transforming the industry, which you can read about below!

How Fintech Transforms the Hospitality Industry

Fintech plays an important role for both customers and businesses in the hospitality industry! Here are a few ways how fintech becomes a difference-maker that transforms and takes the industry to a new level.

1. Fintech Modernizes Payment Methods

Fintech modernizes payment methods.

We might be stuck with hasslesome cash payments forever if fintech didn’t exist. Thanks to fintech, the payment process in the hospitality industry has become seamless, allowing customers to pay for their purchases easily using modern methods such as online payment channels in mobile apps. Less hassle, more frictionless travel!

2. Fintech Improves Customer Loyalty

Fintech improves customer loyalty.

It takes a lot for a hospitality business to achieve customer loyalty, let alone retain them. Using fintech will help to gain and improve customer loyalty. One way that can be tried is implementing convertible loyalty points as a payment option; this is more likely to make customers return and repurchase businesses’ services due to their economic benefits!

3. Fintech Reduces Operational Costs

Fintech reduces operational costs.

There are more operational costs that a hospitality business should pay every day. Adopting fintech software as a digital finance solution will reduce businesses’ operational costs and save more time, as it allows businesses to control payments better, secure payment flow, and even avoid fraud!

4. Fintech Attracts and Retains Employees

Fintech results in more engaged workforces.

Employees are the lifeblood of a hospitality business; making sure they are satisfied leads to better customer service and guest experience. The good thing is, fintech benefits can also be perceived by employees in this matter. For instance, the use of fintech software that gives employees instant access to their wages at the end of each shift will lead to a more engaged workforce, as well as great customer service and guest experience!

5. Fintech Manages Risks and Boosts Customer Confidence

Fintech manages risks and boosts customer confidence.

Furthermore, fintech does not exclusively cater to modernized payment preferences; the use of fintech is also able to manage risks and boost customer confidence in purchasing hospitality services. An example is the protection for flights, hotels, or car rentals purchases through policies like refunds for cancellations, which can be found in many hospitality booking apps!

On a scale of 1 to 10, how important do you think fintech’s role to the hospitality industry is? Well, it is safe to say that its existence is one that is paramount to the current hospitality industry. What we will see next is the essential implementation of fintech in the hospitality industry, all of which we have covered just for you!

Fintech Products in the Hospitality Industry

Did you know that some fintech products that we use are also common in the hospitality industry? If you’re interested, you might want to proceed below for some examples of fintech implementations in the hospitality industry.

1. Digital Wallet

Digital wallet.

This fintech product securely stores payment information and passwords in the cloud system. It is a financial transaction application that can be accessed on any connected device, primarily mobile devices. With a digital wallet, you no longer need to carry your cards and cash around!

2. Conversational Commerce

Conversational commerce.

Hospitality businesses can easily interact with their customers using conversational commerce! Conversational commerce enables customers to make reservations, receive personalized recommendations, request support services, and even purchase products through a payment link within the messaging apps used for conversational commerce platforms.

3. Buy Now, Pay Later (BNPL)

Buy now, pay later.

Establishing BNPL as one of the alternative payment methods allows customers to set up a flexible and short-term financing plan. BNPL also makes it easier for hospitality businesses to upsell more expensive packages, as merchants will receive more money per customer with BNPL compared to other payment methods!

4. Open Banking

Open Banking.

Open Banking allows users to securely transfer money between accounts and authorize online payments directly from a banking app or website. Compared to regular transfers, transactions using Open Banking happen within seconds! This offers advantages to both hospitality businesses and customers, as transactions with Open Banking provide a much more seamless experience.

5. Hospitality Finance Software

Hospitality finance software.

Hospitality finance software offers numerous benefits to hospitality businesses. A good hospitality finance software enables businesses to effectively manage their day-to-day finance and accounting functions, including budgeting, forecasting, financial reporting, and cash flow management. Some of the best hospitality finance software options this year include FreshBooks, NetSuite ERP, and more!

Wrapping Up

The combination of finance and technology has proven to be crucial and beneficial to the hospitality industry. Fintech caters to both hospitality customers and businesses, ensuring that every financial aspect between both parties runs seamlessly.

There are many fintech products that we use in our everyday lives that are also common in the current hospitality industry, ranging from digital wallets to hospitality finance software. These innovations are taking the hospitality industry to a whole new level, and it is important for businesses and customers to keep up with them!

If you want to stay ahead of the curve in this regard, we recommend you an exciting way to do it: by joining a hospitality finance internship! At RMC Asia, we offer a variety of internship opportunities beyond finance, thanks to our partnerships with prestigious hotels and resorts across Asia.

Our programs provide participants with the skills, knowledge, and practices they need to become valuable hospitality talents, while also immersing them in unique cultural exchange experiences taking place in Asia’s enticing destinations!

This is your call! Unlock your potential with our internship programs and join our successful participants here.

Recommended: Exploring the Realm of the Finance and Accounting Department in Hotels

What comes to mind when you hear about finance and accounting? Most people would answer with ‘money’ or anything related to it. Although not entirely wrong, there are deeper aspects to the finance and accounting field than just monetary matters, especially in the hospitality industry.

In hotels, finance and accounting is one of the core departments with the main task of recording and maintaining financial records and monitoring the performance of the hotel’s business. Without this department, it would be difficult for a hotel to achieve sustainable, let alone successful, business.

Today’s blog article will take you to explore the realm of the finance and accounting department in hotels, starting from its importance and roles, to promising career paths in the field, and recommended financial and accounting software for you to learn!

The Functions of Finance and Accounting Department in Hotels

As stated earlier, the finance and accounting department in hotels is responsible for handling financial records and monitoring the hotel’s financial performance. This function is further specified into five different functions, all of which will be detailed below!

1. Financial Accounting

Financial accounting.

The first function of the hotel’s finance and accounting department is financial accounting! It involves recording and reporting financial transactions such as revenue, expenses, and profit. Such data is necessary for decision-making and maintaining the operational state of the hotel!

2. Cost Accounting

Cost accounting.

We know just how important it is for any business, including hotels, to know its expenses. Hence, the finance and accounting department performs the cost accounting function to record and report those expenses. This helps in understanding what has been purchased, who purchased it, and why it was purchased.

3. Tax Accounting

Tax accounting.

As a business, it is mandatory for a hotel to fulfill its tax obligations. The finance and accounting department has a tax accounting function, which includes recording taxes and filing tax payments to the authorities.

4. Auditing

Auditing.

Financial records and procedures in a hotel must be verified to avoid unusual activities or discrepancies. The function of the finance and accounting department that handles this matter is called auditing, which must be performed carefully and thoroughly!

5. Managerial Accounting

Managerial accounting.

Last but not least, the function of managerial accounting allows the finance and accounting department to make important financial management decisions for the hotel, ensuring that the business operations run seamlessly.

Now that we have learned about the five functions of the finance and accounting department in hotels, the next question is: who are the individuals specifically responsible for performing those functions? Well, you just need to scroll down to find the job positions in the finance and accounting department in hotels!

Finance and Accounting Jobs in Hotels

The importance of the finance and accounting department results in its job positions being regarded as strategic and promising, drawing many hospitality job seekers to pursue careers there. If you are one of those interested in working in this area, check out some of the finance and accounting jobs in hotels that we have listed below!

1. Director of Finance and Accounting

Director of finance and accounting.

As the top level of a hotel’s finance and accounting department hierarchy, the director of finance and accounting is responsible for overseeing the entire department and ensuring that every staff member performs their tasks correctly. In hotels, a director of finance and accounting usually reports to the general manager.

2. Purchasing Manager

Purchasing manager.

A purchasing manager works closely with external suppliers. Some of their tasks involve sourcing and purchasing new goods for the hotel, verifying the goods are of high quality, negotiating partnership deals with brands, and ensuring contracts between the hotel and external suppliers.

3. Cost Controller

Cost controller.

Just like its name, a cost controller’s task is to control the hotel’s cost. Specifically, they ensure the cost of purchased goods is correct, as per the contract and on par with market prices. Most cost controllers in hotels are mainly responsible for food and beverage supply costs, and they work closely with the purchasing manager.

4. Finance Controller

Finance controller.

Meanwhile, the finance controller controls the day-to-day operations of the hotel’s finance and accounting department. Some of the tasks involve preparing and managing the hotel’s financial budget, ensuring the hotel is in compliance with local tax laws, as well as tracking the hotel’s fixed assets.

5. Payroll

Payroll.

Payday must be one of every hotel staff’s favorite days! However, did you know what position is responsible for the payment of salaries and wages to hotel employees? The role belongs to payroll! Aside from that, payroll is also tasked with putting together individual payslips, calculating their taxes, and establishing the final payment amount.

6. Accounts Payable

Accounts payable.

An accounts payable’s job can be said to be a straightforward one; they pay hotel invoices due to other companies, such as but not limited to goods suppliers, service providers, or bills and taxes issued by the government.

7. Accounts Receivable

Accounts receivable.

The opposite of accounts payable is accounts receivable! Instead of paying the hotel’s invoices, this position’s main duty is to send invoices from the hotel to other companies and ensure they are paid accordingly.

Every finance and accounting job requires a sense of responsibility as well as great capability. That’s why it is important to continuously seek new knowledge or skills in this area. For instance, you can improve yourself by mastering the financial and accounting software used in hotels, which you can read about in the next section!

Hotel Finance and Accounting Software to Learn

Hotel finance and accounting software to learn.

Working in a hotel’s finance and accounting department involves the use of software technology too! As such, mastering one or more software would be an advantage that adds to your overall capabilities. Up next, we have compiled a few hotel finance and accounting software for you to learn!

• M3: Ranked first in the 2023 HotelTechAwards for Finance & Accounting Software category, M3 provides lots of features ranging from forecasting, budgeting, and even business intelligence.
• PVNG by Aptech: This software can handle both single and multi-property accounting easily! PVNG also has a simple menu structure which makes it suitable for learning.
• Inn-Flow: Inn-Flow is a complete back-office management system that is able to handle various functions such as the hotel’s accounting, labor management, procurement, and sales.
• IDeaS RevPlan: As a revenue forecasting and budgeting tool, this software helps hotels enhance productivity, increase profitability, and make smarter operational forecasts!
• Omniboost: Renowned for its all-in-one feature, Nimble Property streamlines the hotel’s financial accounting and minimizes the bookkeeping process for finance and accounting staff members!

Wrapping Up

The finance and accounting department deals with the monetary aspect of hotel operations, making its existence crucial. Such a significant role also makes finance and accounting deemed as a complex field with greater work responsibilities compared to other hotel departments. Even so, jobs in this area have always been popular career routes in the hospitality industry, with opportunities scattered widely!

If you are looking for a way to set sail on your finance and accounting career in the hospitality industry, there’s no need to look further because you can find it easily with us at RMC Asia! We are the provider of Cultural Exchange Programs in Asia, a combination of hands-on hospitality internships and cultural exchange experiences located in various enticing destinations across Asia.

Our programs give participants the knowledge and skill sets to become capable hospitality workers through internship placements in prestigious hotels and resorts across Asia. More than that, the cultural exchanges that participants will experience in the country of placement will surely help them become valuable hospitality assets in the future!

Your success starts now! Find your dream hospitality internship and join our outstanding participants here.

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