A beautiful hotel with a pool and a great location! You can’t wait to go on your next vacation at a beautiful resort like this, but it is so expensive! Where does all of that money go and who accounts for all of it? How can the hospitality industry be sure the money is going to the right placed? How can a hotel know that an employee isn’t skimming some money off the top? This is where Hospitality accountants come into play.
First let’s figure out exactly what “hospitality” means. Merriam Webster’s Dictionary defines hospitality as, “generous and friendly treatment of visitors and guests or hospitable treatment.” So the hospitality industry is an industry that caters to this exact type of need. The industry includes a broad category of fields within the service industry and includes lodging, food and drink service, event planning, theme parks, transportation, cruise line, traveling and additional fields within the tourism industry. Obviously, this is a long list of different fields, but they all have one thing in common – each of these fields wants to make the customer happy and feel at home.
After you pay for your room, or your cruise, for example, the money you pay goes onto the hotels books. Here things become a bit complicated and this is why there need to be special hospitality accountants that specialize in the type of income streams and expenses that are unique to the hospitality field. Businesses in the hospitality fields hire these accountants to parse the numbers in their books. These accountants are quick to be able to spot whether all the numbers look legitimate, or if it looks like the books have been “cooked” – meaning there appears to be some fraudulent activity going on behind the scenes. There are many different individuals and firms that specialize in this particular field and a quick search of the internet will quickly turn up some good suggestions. If you’re looking for an accountant that specializes in the hospitality field talk to people who own hotels, or to the corporate office of some larger corporations. They will surely be able to point you in the right direction.