The hospitality industry is full of curiously named job titles, a few of which we’ll explore in our current series about career opportunities in hospitality. For example, who is a Financial Manager? Today we’re figuring out how the role of a Financial Manager works: who he is and what he does in an average hotel.

What does a Financial Manager do?

A Financial Manager is a hotel’s head honcho when it comes to money. He plans how to spend it, save it, and increase it. The Financial Manager basically controls the finances of the hotel or hospitality property.

Financial Manager responsibilities

The Financial Manager is responsible for: •    Planning, organising, managing and executing the finances and financial goals of the hotel •    Managing the accounting department •    Forecasting budgets •    Managing cash flow •    Working with investments •    Keeping accurate records of hotel accounts •    Compliance with government regulations (like tax) •    Maintaining relationships with relevant banks and insurance companies and many other duties.

Who does the Financial Manager report to?

The Financial Manager reports to the General Manager.

Who reports to the Financial Manager?

The accounting staff, which may include: •    Purchasing manager •    Food and beverage controller •    Storeroom manager •    Assistant controller •    Auditor •    Credit manager •    Accounts receivable manager •    Accounts payable manager •    Night auditor •    Paymaster •    Head cashier

Qualifications

A Financial Manager should have an accounting or finance qualification and plenty of hospitality industry experience in a position such as Assistant Financial Manager.

Skills

A Financial Manager must: •    Be great with numbers •    Be proficient in planning, organising and executing financial tasks and projects •    Pay attention to detail •    Communicate and coordinate well

Working conditions

A Financial Manager usually works “normal” business hours but will sometimes be required to work after hours when need be.

Earning potential

A Financial Manager’s salary can range up to R30 000/month.

Job opportunities

All hospitality properties, whether a small B&B or a 500-room hotel need someone to manage the money that comes in and goes out. For this reason Financial Manager jobs are available in most countries and at various types of hotels.

Wrap up

A Financial Manager is the money mastermind of a hotel. He’s responsible for the successful management of the hotel’s finances. His intelligent forecasting, planning, budgeting and spending make sure the hotel runs at a profit. This is a high-level position with a healthy salary. Is it something you’d aspire to? Pop in next week for more info on awesome careers in the hospitality industry!