This document discusses the finance and accounting department in the hotel industry. It covers the key topics of finance and accounting, the importance of the department for transaction processing, cash flow management, and payment methods. It also describes the roles and responsibilities of the accounting and finance functions, including posting transactions, preparing financial statements, budgeting, and providing financial information to stakeholders. Finally, it outlines the typical organizational structure within the department and its interdepartmental relationships.
3. 3
Learning Outcomes
• Students are able to
differentiate between
finance and accounting in
hotel industry
• Students are able to
explain each job position
and job task in finance and
accounting department.
4. 4
The Importance of Finance and
Accounting Dept.
• Transaction – Sell and Buy
• In and out cash flow
• Purchasing and Payment
• Wages and Salaries
5. 5
Payment Methods in Hotel
• Cash
• Credit cards
• Transfer
• Voucher
• Traveller Cheque
• Guarantee Letter (for Corporate Account)
7. 7
Scope of Work in
Finance and Accounting Department
Accounting
• Posting daily transaction
into journal
• Prepare financial statement
– balance sheet and
profit/loss statement
• Interpret financial condition
which will be analysed by
Finance
Finance
• Plan the maximum used of company
assets
• Plan capital bugdet and cash budget
• Dividend payment
• Distribute finance information to
stakeholders.
8. 8
Finance/Accounting Department
Structure
Finance Director,
Controller
General Cashier
FO Cashier
F&B Cashier
Checker
Payroll Clerk
Cost Controller
Account Payable
Account Receivable
Purchaser
Receiving Clerk
Timekeeper
Accountant
Night Auditor
9. 9
Interdepartmental of Accounting n
Finance Dept
Human
Resources
Finance
Marketing
Housekeeping
Sales Engineering
F&B Service
Kitchen
Rooms
Accounting
10. 10
Conclusion
• In many The finance and accounting
department combines staff functions and line
functions, or those functions directly
responsible for servicing guests.
• The existance is important to afford the hotel
corporation an independent verification of the
financial and operating results of the hotel.