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The hospitality industry is a major employment frontier, especially for someone who wants to become an hotel accountant. There are over 10 million people working in nearly one million hotels in the US. The majority work as attendants while others perform managerial duties.
Hotel accountants enjoy a lot of respect and admiration in the hospitality industry. This is because of the important role they play to ensure a hotel runs without financial issues. They handle all the accounting-related tasks for a hotel. This involves monitoring every financial transaction and ensuring that all incoming and outgoing money is handled and documented properly. They discover any discrepancies, investigate them and report to the management as to why they occurred.
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Accounting managers are responsible for preparing and presenting monthly reports along with comparisons to help forecast the company’s earnings. This requires them to analyze profits and losses and come up with a comprehensive balance sheet to capture all the transactions done in that month. They also calculate and document wages and salaries given to the workers. Depending on the hotel, an accountant may work closely with the managers and other stakeholders to answer financial questions as they arise.
How Much Does a Hotel Accountant Earn?
The amount of money hotel accountants earn depends on their level of experience and the company they are working for. Some hotels pay their accountants up to $100,000 per year while others pay as low as $38,000. However, hotel accountants earn more than general accountants. According to Glassdoor, hotel accountants earn an average salary of $61,000 per year. This translates to $24 per hour, which is slightly higher than the median salary for working Americans.
Job Outlook for Hotel Accountants
The hospitality industry is huge, and jobs are growing despite the ever-changing world economy, security and political environment. According to the US Bureau of Labor Statistics, the industry is expected to accommodate more than 300,000 entrants in the next 10 years. This translates to 8 percent job growth rate. This is considered as fast as the average rate and presents a lot of opportunities for accountant graduates who want to enter this industry. These opportunities will be available anywhere in the world. Thousands of Americans are currently working in multinational hotels located in Brazil, China, Thailand, Singapore and other emerging markets abroad.
How to Become an Accountant In a Hotel
You will need at least a bachelor’s degree in accounting to get a well-paying job. A degree in economics and finance will also do. You can apply for an associate’s degree to pave way for an entry-level accounting position if you don’t want to spend four years doing a graduate degree. There are many online platforms that offer both associate and four-year degree programs. Online degrees are very flexible and convenient. You don’t have to wait for the spring semesters to start or commute to classes on a daily basis.
Apart from education, you need to have good computing skills and a strong understanding of basic and accounting math. You should also be good with time management, communicate well and make wise financial decisions.
The items discussed above clearly show how working in a hotel as an accountant is a rewarding career. You not only have the chance to earn a good salary, but you also get a good platform to improve your career. Being a hotel accountant also gives you the opportunity to travel across the world, especially if you are working for multinational companies.