The finance team plays a crucial role in the success of any hotel business. From managing financial transactions to ensuring compliance with tax regulations, the finance team provides valuable insights and supports informed decision-making.

In today's digital age, hotel finance teams can leverage modern, hospitality-specific cloud accounting software to streamline operations, improve accuracy and efficiency, and empower the team to make more than just informed and timely decisions.

In this article, we will explore the important functions of a hotel's finance team as well as the benefits of adopting dedicated accounting software.

Read more: Financial Management in the Hospitality Industry: the Best Practices

Contents

Functions in the finance team of a hotel

1. Financial accounting: The backbone of hotel finance

2. Cost accounting: Enhancing transparency and resource utilisation

 3. Tax accounting: Simplifying Compliance

4. Auditing: Ensuring accuracy and minimising risks

5. Managerial accounting: Empowering informed decision-making

Blog Topics: Hospitality solutions, Financial Accounting Management Software, Infor SunSystems

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Blog Topics: Cloud Computing, Infor SunSystems, Digital Transformation

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Blog Topics: Enterprise Performance Management (EPM)

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Blog Topics: Financial consolidation, planning and reporting, Financial Accounting Management Software

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Blog Topics: Planning and Budgeting, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM), Financial Accounting Management Software

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Read more: 5 Most Common Budgeting Approaches and Their Pros & Cons

Blog Topics: Hospitality solutions

Financial management lays the very foundation of a successful business. Likewise, the most successful hotels rely on fundamental financial management principles to manage their property profitably.

Blog Topics: Hospitality solutions, Financial Accounting Management Software, Infor SunSystems

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Blog Topics: Talent Management

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Blog Topics: Talent Management