Finance Manager – roles and responsibilities
Finance Manager – roles and responsibilities
Money matters are crucial and to be dealt with great care. It is the finances that help the owner to calibrate the profits and losses of the business. So, when it comes to managing the finance part of the hotel is a bigger responsibility. From the many titles that are catered by the hospitality industry, there is a career option for finance management too.
So who takes care of the finance department?
The finance manager is the person responsible for the finances of the restaurant. Responsibility of being a finance manager makes you manage all the financial transactions either alone or with some assistance, depending upon the size of the restaurant or hotel.
Explain the responsibilities of the Finance Manager
Finance Manager as you know is the head of finances and the core responsibilities for the individual are:
- Organizing, managing, planning, and executing all the financial plans and goals of the restaurant
- If there is a separate account department, then managing the accounting staff
- Managing cash inflows
- Budget estimations
- Tracking and recording accounts
- Complying with the government rules and regulations
- Paying out all the required bills and payments
Is there any reporting authority?
The person next in charge is the General Manager to whom the finance manager reports.
The financial manager manages who all?
It all depends on the size of the hotel or restaurant the financial manager might have a good group of peers reporting to him or might be the lone controller of the finances and accounts. In case there is a group that requires to report to the Finance Manager then they might consist of: Accounting staff, Purchasing manager, Storeroom, Auditor, Credit Manager, Head Cashier.
Is formal education required?
Unlike other titles or designations in the hospitality industry, which do not require formal education, to attain the Finance Manager you need to be qualified. The required qualifications are to have a degree in accounting or finance with a good amount of experience in the hospitality industry. It is not the equal position experience, a previous experience of being an Assistant Finance Manager can also help in acquiring Finance Manager position.
What could be the working conditions or hours of working for the Finance Manager?
Any position in the hospitality industry comes with heavy-duty or higher responsibility. This position of being a Finance Manager especially is tagged with more duties. But, the positive side of this job is that the manager can maintain normal business hours, and have to only extend hours on special occasions.
So, now that you have a clear understanding about the key role played by a Finance Manager, if you are one of those who are aspiring to be a manager then you need to acquire the requisite education and experience too.
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