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Basic Hotel and Restaurant Accounting: What You Should Know

November 2, 2022

 

Key Takeaways:

  • Basic hotel and restaurant accounting is part of the growing yet demanding industry of hospitality.
  • There are various essential roles involved in basic hotel and restaurant accounting.
  • While exciting, there are also potential challenges to excerpt in the field of basic hotel and restaurant accounting.

 

Eager to earn a certificate in Basic Hotel and Restaurant Accounting? Here are a few key notes you need to know about this exciting micro-credential course!

It’s Part of a  Growing Yet Demanding Industry

According to Statista, the Canadian accommodation industry fell from $16.79 billion (CAD) in 2019 to $8.87 billion (CAD) in 2020. This steep decline can be attributed to the COVID-19 pandemic’s impact on the country and the rest of the world.

Fortunately, the same research body reported that these numbers would improve in 2022. Thanks to Canada’s $22.3-billion (CAD) full-service restaurant industry, Canadian hospitality is expected to improve steadily in the coming years.

Based on these forecasts, the hospitality industry has grown more demanding than ever. It’s only necessary for employers to cherry-pick applicants based on skills and experience.

A micro-credential course in Basic Hotel and Restaurant Accounting is one way to validate your skills. Plus, it introduces students to a wide array of opportunities for potential employment.

It’s a Host of Numerous Essential Roles

Hotel and restaurant accounting comprises many functions, particularly in the financial department. All these activities serve as moving parts to keep the organization within a set budget.

One of the most essential aspects of these roles is financial reporting. This task is usually carried out every month to provide insights into the current and future financial health of the business.

Payroll processing is another major portion of hotel and restaurant accounting. As the name implies, it deals with the management of wages according to employees’ attendance sheets.

There are a lot more roles involved such as budget management and financial auditing. All these roles represent the core responsibilities involved in hotel and restaurant accounting.

It Poses an Array of Potential Challenges

As a complex field, hotel and restaurant accounting isn’t bulletproof against challenges. In fact, it may even be more vulnerable to these issues due to a mixture of human error and technical difficulties.

On a daily basis, those in accounting may end up spending too much time creating invoices. This, of course, robs other tasks of valuable time to process.

Even in this technology era, there’s still room for manual auditing, and most businesses require this. Due to this, there’s a possibility of messing up the tallies, which may either result in a deficit or a surplus in the total. 

In general, you need to be able to anticipate these challenges and find ways to overcome them. It’s not something you can fully avoid, but small preparation is necessary, at least.

Apart from taking a hospitality management course, you can also advance your career through micro-credential courses. Eton College boasts a wide catalog of micro-credential programs, including Basic Hotel and Restaurant Accounting.

Contact us and learn more about this offer!

Sources:

Lock, S. (2021, March 3). Topic: Hospitality industry in Canada. Statista. https://www.statista.com/topics/2862/hotels-in-canada/#dossierKeyfigures

 

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