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Delivering Legal and Risk Management Solutions to Lodging Development & Management Executives

February 2018
 
 
Hospitality Financial Leadership – Creating a Hotel Accounting Policy Manual – The Dos and Don’ts
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"I know it is a big challenge to get a policy manual together for a hotel or hotel company. The big brands have resources to get the job done but the smaller brands and management companies do not have the same bandwidth. It is a project that always gets kicked down the calendar to another month or quarter. Check out another article I have written on why creating a hotel accounting policy manual is so challenging: Hospitality Financial Leadership – Creating Hotel Financial Policies.

Confusing details that surround policies often get in the way of completing a policy manual. My client on this assignment was confused about some of those details at the start of our project. Making the task more difficult by piling on more information is a common mistake and, in this case, it is an error we want to avoid.

Quite often hotel financial executives and managers confuse accounting policy with procedures. I explained this to my client and it took a little time to get him on the same page as me. Once we broke through this barrier it was much smoother sailing. Policies and procedures are very different and mixing the two together is not a productive exercise. I think a little explanation is required here."

 
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