Does Your Hospitality Accounting Experts Pass The Test? 7 Things You Can Improve On Today

• 26 09 2024

Quality is never an accident; it is always the result of high intention, sincere effort, intelligent direction, and skillful execution; it represents the wise choice of many alternatives." - Willa A. Foster.

As the competition heats up in the hospitality industry, having top-notch hospitality accounting experts has become essential for businesses to stay ahead of the curve. However, not all accountancy firms claiming to offer hospitality accounting services actually have the required industry expertise. It's time to critically evaluate if your current hospitality accounting experts truly have what it takes to be called specialist hospitality accountants.

In this blog post, we will discuss 7 key areas you need to assess to determine whether your hospitality accounting experts have the depth of industry knowledge and experience to handle your specialised needs professionally. We will also provide tips on how you can help them improve their hospitality accounting skills and services.

1. Check Their Industry Qualifications and Certifications

A specialist hospitality accountant should have relevant postgraduate qualifications and certifications that demonstrate their expertise in the unique accounting needs of hospitality businesses. Look for qualifications like the CHA ( Certified Hotel Administrator) from the American Hotel & Lodging Educational Institute or the CRME (Certificate in Revenue Management and E-Business for Hotels) from Cornell University.

Specialised continuing education programs and certifications like these ensure your accountant stays up-to-date with the latest industry trends, technology, and regulatory changes that directly impact your business. They also signal the accountant's commitment to advancing their hospitality accounting skills.

2. Gauge Their Depth of Hospitality Industry Knowledge

A specialist hospitality accountant needs in-depth knowledge not just of hospitality accounting but also of how the entire hospitality industry works, and that includes the following points:

• Do they understand concepts like Average Daily Rate, Revenue per Available Room, Occupancy percentage, channel management, demand forecasting, food and beverage cost control, etc., that are crucial for hospitality businesses?
• Ask probing questions to assess how conversant they are with the nuances of your specific business segment like hotels, restaurants, spas etc.
• Discuss industry trends, best practices and strategies with them.
• A specialist should be able to provide useful insights and recommendations tailored to your operations.
• Don't hesitate to suggest industry books, seminars or mentorship they can benefit from to deepen their hospitality expertise.
• You can also invite them for tours of your property to experience operations first-hand.

3. Evaluate Their Hospitality Client Roster

The depth and breadth of experience working with other hospitality businesses is another indicator of specialisation. A specialist hospitality accountant should have worked with multiple established brands, independents, and segments across different ownership models over several years.

Ask your accountant to provide details of current and past hospitality clients, including their profiles, scale of operations, roles performed, and duration of engagement. What have been their biggest hospitality projects? Do they have references you could contact?

4. Analyse Their Hospitality Industry Network

Active involvement in industry associations is crucial for accountants with the best hospitality management solutions to stay connected with peers, exchange best practices, and gain insights on emerging trends. Do they participate in local chapters of renowned groups like the global HFTP, state restaurant associations, etc.?

Membership of specialist groups focused on segments like spas, golf facilities or niche hotels demonstrates specialisation. Extensive professional connections within the industry facilitate exchange of up-to-date know-how and peer recommendations beneficial for clients.

5. Inspect Their Hospitality Accounting Software Knowledge

Hospitality businesses leverage specialised property management and accounting software to effectively manage operations. It's vital for accountants to have proficiency with these systems to retrieve required data, utilise integrated analytics, generate custom reports efficiently, and provide hands-on training and support to clients.

Consider sponsoring software certification training programs for your accountant to expand their familiarity with tools critical for hospitality businesses. This is an investment that will pay off through enhanced deliverables leveraging integrated data and analytics.

6. Examine Hospitality Specialisation In Service Delivery

Specialised hospitality accounting services and customised solutions tailored to hospitality operations demonstrate industry expertise. Ask for details on their specific hospitality service offerings like budgeting and forecasting, inventory management support, statutory compliance, payroll practices, cost control reviews etc.

How do they structure client engagements and deliverables for hospitality businesses differently than generic firms? Do procedures leverage specialised industry knowledge, technology, and best practices?

7. Evaluate Hospitality Mindset And Approach

Beyond technical skills, a hospitality mindset is equally important for accountants serving this people-centric industry. Do they understand hospitality culture, embrace service excellence, and pay attention to minute operational details?

Assess how customer-centric, flexible and responsive they are in addressing your business needs. Hospitality demands responsiveness beyond traditional 9-5. Request for client testimonials and feedback to gauge soft skills.

A specialist hospitality accountant should have the right attitude and enthusiasm for hospitality. Areas needing improvement here could be addressed via training programs focused on hospitality work culture and etiquettes.

Wrap Up:

Checking your accountant based on the following seven areas will determine if they are suitable to manage the needs of your expanding hospitality company. If there are, such gaps can be offset to enhance their significance simply.

Experts in hospitality accounting for Solution4Caterers are highly experienced and certified to offer your business the much-needed boost. We aren't just compliance professionals; we are your allies for maximising your profit with a customised and analytics-backed approach.

Would you like us to look over your current accountant and make recommendations we have? Of course, we would be willing to offer you a complimentary consultation and get back to you as soon as possible. Call us today to find out how your business can benefit from partnering with us.